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Hindsight Thoughts
My price action reading was ok today. I realized early that this was going to be a TR day and that the range likely would be rather narrow. So this was a limit order market with max target = 2R.
Missed trades:
I entered a buy limit order at 15.35 (GMT +1) at 2427,0 but wasn't filled.
I entered a sell limit order at 18:00 (GMT +1) at 2433,25 but wasn't filled. (That would have been a BE trade if filled.)
Reason for taking the trade:
- 2 legs up, leg1 = leg2
- Resistance (high of TR, Weekly VWAP)
- HoD
- HH (= 2nd entry)
Comment: OK limit order entry. A 6 point target may have been somewhat optimistic on a TR day, but the low of the bear spike of yesterday was a likely target.
Reason for taking the trade:
- 2 legs down,
- Support
- LoD
Comment: Not OK limit order entry. Entry order was at support but it was to high since it was above the MM target (leg1 = leg2). Besides there was no 2nd entry. This could have been a bear BO into the lower TR. I should have waited for the reversal bar or the HL.
Hindsight Thoughts
The second trade was an unnecesary losing trade and I think I did this misstake because I was watching a webinar on FIO while I did enter the order. I find it difficult to focus entirely on trading since the market is slow, so I usually turn on the radio 30 min after opening. This is of course not ideal but I feel that I need to do something else besides watching the screen. One alternative would be to journal the price action after each bar as Al Brooks does, just for the reason to practice price action reading. A good thing is that I consider limit order enries since this was mainly a limit order market.
Higher TF charts and ON Daily chart: PB after successful BO of major TR. A H1 PB was triggered over night. Bull channel. MM target at 2460 on weekly chart.
120 min. chart (ETH): Bull channel and sideways TL break. Possible H2 PB. Overnight has traded up into the higher TR.
30 min. chart (ETH): TR. Overnight has traded up into the higher TR.
Overnight: Overnight has has made a new high on relative low volume.
Scenarios (blue), S/R-levels (pink) and Targets (green)
Hindsight Thoughts
Today was a TR day and I saw no entry opportunities during the first 2,5 hours. The only entry I considered today was the wedge bottom at 16.35 (GMT +1), but it was a little to high above my support level and there was no 2nd entry.
30 min. chart (ETH): 5 day TR. It's Friday so the open of week may be a magnet all day.
Overnight:Overnight made a bull spike on relative high volume (after news from UK Election). A MM is unlikely since we have been in a TR all week and it's Friday.
Scenarios (blue), S/R-levels (pink) and Targets (green)
Reasons for takning the trade:
- LH MTR
- MM target hit (based on overnight bull spike)
- ADR target hit
- Big wedge top (30 min RTH chart)
- signal bar (LH + 2 bar reversal)
- signal bar at HoD on 30 min ETH chart (bear reversal bar)
Comment: OK entry plan. Risk was somewhat higher than my usual 2 points but the RR-Ratio was ok. I did enter after the first HL on the 5 min chart since I saw the bear reversal on the 30 min chart, but the 2nd HL on the 5 min chart two bars later would have been a better entry with less risk. The trade was unattended after entry. Target was the open of week and I didn't expect a bear trend day.
Higher TF charts and ON Daily chart: PB after successful BO of major TR. Bull channel. Friday was a big outside doji bar so this is ether a H2 PB or TR. MM target at 2460 on weekly chart.
120 min. chart (ETH): Bull channel and TL break. Friday bear trend missed the bull spike low from June 1st by 3 points so bulls may still be strong.
30 min. chart (ETH): HL MTR or L1 PB. BO PB at low of 5 day TR.
Overnight:Overnight has traded within in Fridays range in a bear channel on relative normal volume.
Scenarios (blue), S/R-levels (pink) and Targets (green)
Reasons for taking the trade:
- DB bull flag
- H2 (=2nd entry)
- support
- HL MTR
- signal bar (=weak reversal bar)
Comment: Not ok entry. Signal bar had a bear body so this was FT after bear opening reversal, so market was likely AIS. A high probabilty MTR after Fridays strong bear trend would requier a stronger HL or LL and strong bull reversal bar.
Hindsight Thoughts
My main misstake today was not to remember that a MTR has to be perfect to reverse a strong trend that has lasted for one ore more days (as opposed to an intraday minor trend reversal).
