Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
News Before opening:
International Trade (neutral?)
Jobless Claims (negative?)
After opening:
No important news
Sentiment (GMT +1: 15:00 / EST: 9:00 AM)
Europe: neutral
Asia: neutral
Oil: down
Gold: down
Bonds: neutral
Sentiment is neutral
Higher TF charts and ON Daily chart:We are trading sideways in a TTR at the high of the major TR just below ATH. Monday, April 24th, made a big gap up and the gap low around 2358,25 is likely still a target.
120 min. chart (ETH): TR and broad bull channel. Market is trading sideways in the bull channel and near the high of the major TR.
30 min. chart (ETH): We are trading at the high of an upper TR.
Overnight:Overnight has traded in a bull channel to the high of the TR on relative low volume, and then pulled back to the 60 min EMA20. This may be the beginning of a reversal.
Type of Day:
- Daily bar: 6 days TTR.
- Higher TF context: Market is trading at the high of the major TR and in a broad bull channel. We may soon have a BO up towards ATH or a reversal down, back in the prior TR.
- ON has channeled up to the high of the TR, but may have started a reversal.
Scenarios (blue), S/R-levels (pink) and Targets (green)
Can you help answer these questions from other members on NexusFi?
Trade 1 (BoPb, short): +6,25 points
Reasons for taking the trade:
- Big L2 + DT bear flag
- Small bear wedge PB
- good signal bar
- 30 min ETH chart: MDT bear flag at 60 min EMA after strong bear spike
Trade Plan:
SL (above DT): 2 points
Target (support + MM of bear spike): 6,25 points
RR-Ratio: 3,1
Comment: OK entry plan, although it was the 30 min ETH chart that convinced me to enter this trade. The resistance at 60 min EMA20 and the big bear spike made this look like an attractive short.
Hindsight Thoughts
The opening reversal at 16:00 GMT+1 was at resistance and at the bull channel TL, but my rule is to wait for a 2nd entry. Maybe the 2nd entry is not as important during the first hour?
News Before opening:
Employment Situation (positive)
After opening:
No important news
Sentiment (GMT +1: 15:00 / EST: 9:00 AM)
Europe: neutral
Asia: neutral
Oil: neutral
Gold: neutral
Bonds: up
Sentiment is neutral
Higher TF charts and ON Daily chart:We are trading sideways in a TTR at the high of the major TR just below ATH. Monday, April 24th, made a big gap up and the gap low around 2358,25 is likely still a target.
120 min. chart (ETH): TR and broad bull channel. Market is trading sideways in the bull channel and at the high of the major TR.
30 min. chart (ETH): We are trading at the high of an upper TR.
Overnight:Overnight has traded up to the high of the TR on relative low volume.
Type of Day:
- Daily bar: 7 days TTR.
- Higher TF context: Market is trading at the high of the major TR and in a broad bull channel. We may soon have a BO up towards ATH or a reversal down, back in the prior TR.
- ON has traded higher to the high of the TR.
- Today is Friday and we may have a battle around the open of the weekly bar at 2381,50.
Scenarios (blue), S/R-levels (pink) and Targets (green)
Hindsight Thoughts
Small range, low volatility, TR-day until the last hour. I can't see any trade today that I should have taken according to my trading plan.
The day opened at the high of the major TR (at resistance = 2390,75) and I waited for a 2nd entry for a short, but it didn't happen. This was another example of an opportunity within the first 30 minutes after opening at S/R that didn't require a 2nd entry. I hope I will find some time during the weekend to backtest (over the last three month) the idea that it's ok to enter at S/R during the first 30 minutes without any 2nd entry.
Higher TF charts and ON Daily chart: Market has made a new ATH and a BO attempt out of the 7 day TTR. Today will decide wether the BO succeds or fails.
120 min. chart (ETH): We are trading at the high of the major TR and still trading sideways in a possible broad bull channel.
30 min. chart (ETH): Possible 3 day LH MTR at resistance.
Overnight:Overnight has traded within prior session range and is now trading at the Major TR high and above weekly VWAP + 2SD on relative low volume.
Type of Day:
Daily: Failed BO of 7 day TTR
30 min ETH: LH MTR at resistance and major TR high
Overnight: Above VWAP + 2 SD on low volume (= overbought)
I will try to enter short during the first 30 minutes.
Scenarios (blue), S/R-levels (pink) and Targets (green)
Trade 1 (SR-O, short): -2,5 points
Reasons for taking the trade:
- Short inital bias/major context (Failed BO on daily chart, LH MTR on HTF ETH chart)
- Wedge top on 30 min ETH
- Signal bar (MDT, 2 bar rev.) at resistance (high of major TR)
Trade Plan:
SL (above signal bar): 2,5 points
Target (60 min EMA20): 5,25 points
RR-Ratio: 2,1
Comment: OK entry according to my plan. (I've decided to try to be more aggressive during the first 30 minutes after opening and enter at S/R without waiting for confirmation. I call this setup S/R-O, S/R at Opening)
Trade 2 (BO, short): -2,0 points
Reasons for taking the trade:
- Short inital bias/major context (Failed BO on daily chart, LH MTR on HTF ETH chart)
- Wedge top on 30 min ETH
- BO
Trade Plan:
SL (1 tick off BO point): 2,0 points
Target (ADR): 5,75 points
RR-Ratio: 2,8
Comment: Entry not OK. The problem with this entry was that it's a short right into strong support on the 30 min ETH chart (weekly VWAP + 60 min EMA20). I overlooked the 30 min chart and only saw the strong BO on the 5 min and 1 min chart. I anticipated a strong bear BO from the wedge top at resistance and was waiting for a 2nd entry. The small LH on the 5 min chart seemed to small compared to the wedge on the 30 min chart, but when I saw the BO I became unsure. Although not a completely FOMO entry, this was a misstake.
Trade 3 (BoPb, short): +,1,75 points
Reasons for taking the trade:
- Short inital bias/major context (Failed BO on daily chart, LH MTR on HTF ETH chart)
- Wedge top on 30 min ETH
- DT bear flag at VWAP (=2nd entry)
Comment: Ok entry. Stopped out by the 3,75 point PB.
Hindsight Thoughts
Today I felt very unhappy about my trading. But when I look at my trades one day afterwards it isn't as bad as it felt. I had two losing trades but one of them (trade no 1) was according to plan. The second trade was a misstake, but it was not the kind of stupid FOMO misstake I used to do before. It was not ok, but I can see why it happened. The setup was based on two charts, the 30 min ETH chart and the 5 min RTH chart, but I did forget to check the 30 min chart when I did enter the trade, since I usually only trade setups based on the 5 min chart. This is something to learn from and to remember.
Sentiment (GMT +1: 15:00 / EST: 9:00 AM)
Europe: neutral
Asia: neutral
Oil: up
Gold: neutral
Bonds: neutral
Sentiment is neutral
Higher TF charts and ON Daily chart: The BO attempt of the 7 day TTR has failed and we are back in the prior range.
120 min. chart (ETH): We are trading just below the major TR high and we are likely back in the prior range. Yesterday may have triggered a LH MTR and May 5 bull trend low (around 2380) may be a target.
30 min. chart (ETH): TR. Possible LH MTR and possible big L2 PB.
Overnight:Overnight has made a new low on relative high volume.
Scenarios (blue), S/R-levels (pink) and Targets (green)
