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I'm in the early stages of learning price action and your journal fits nicely into my journey. I enjoy your chart analysis as well as your analysis of your analysis. Your ability to make strategic adjustments/targets (reducing size when losing, changing markets when overly volatile, goals based off of expectancy instead of profit, etc) are the makings of someone that has been or will be in the game for a while. Looking forward to more posts and getting a better grasp of price action along the way.
Took four trades in the EU session and went into the US RTH session with -1.75 pts.
Trade 1: Long near 5m Keltner channel (away from ema20) after selling tail. Bad entry, should wait for a 5m ema20 PB before going long (-3.00 pts)
Trade 2: Short for a mean reversion (MR) trade (to 5m ema20). Stopped, entry was too early (-2.75 pts)
Trade 3: Re-entry short. Also stopped (-2.50 pts)
Trade 4: Re-entry short after failed breakout (trapping longs). I should wait for a clear entry signal like this. Good entry & exit (6.50 pts)
Came in to the US RTH session with a loss of -1.75 pts from the EU session.
Took three trades:
Trade 5: Short 10s CPB for a test of the low. Entry was near 5m Keltner channel with buying on the prior bar so target was the low (test) (9.75 pts)
Trade 6: Long PB. Too far from 5m ema20. Wait for kind of consolidation pattern (5.75 pts)
Trade 7: Re-entry long. See comment trade 6 (2.00 pts)
Total for the day is +15.75 pts.
Not the best trades, still ending the day with a profit.
Trade 1: Long below 1m & 5m ema20. Bad entry (-5.25 pts)
Trade 2: Short 10s PB. Buying on the 5m. Bad entry (-2.25 pts)
Trade 3: Short MR. Bad entry (+3.25 pts)
Trade 4: Long PB. Stopped (-2.50 pts)
Trade 5: Short above 1m & 5m ema20. Bad entry (-5.25 pts)
Trade 6: First good with-trend entry on a PB. Early exit (+3.75 pts).
Trade 7. Short MR for another leg down. Bad entry (above 5m ema20). Should wait for a PB (-2.25 pts)
Trade 8: Bad scale-in (-0.25 pts)
Trade 9: Long on 5m PB. Bad entry (ranging) and late exit (-3.25 pts))
Trade 10: Short 10s PB. Closed too early. Not a good entry (-2.25 pts)
Trade 11: Re-entry. Closed too early (-0.50 pts)
Trade 12: Good entry on a 5m & 1m PB (to ema20) after failed breakup (supply coming in) trapping longs. These are the setups to wait for! (+9.25 pts)
Only 3 Winners and 9 Losses. Lots of small losses (too much trying) add up. Total for the EU session -7.50 pts.
I had an appointment and went out for lunch. Little did I know that this was just the beginning.
I was back late from my lunch appointment and missed the first hour after opening. But, I was back and what did I do? I jumped right in.
50 trades and -38.75 pts later I woke up. What happened?
There will be days ending with a loss (and maybe even weeks). One wants to forget the bad days as quickly as possible but these days really are an opportunity to learn and make progress. So from this point of view this day was very welcome (The Obstacle is the Way).
I did a lot of trades, 62 in total, but in my defense I can say I like to close losers very quick and then eventually re-enter. So sometimes I need 2-3 entries before catching a move. At one point the loss was -83.50 pts. I kept going (I am not a big fan of stopping at a predefined level) and at the end it was -38.75 pts.
I did not make exorbitant great losses and kept it limited to a max loss of 10 pts. The biggest loss was -10.75 pts. The biggest win was +30.75 pts. The lesson learned here is that a lot of "trying" leading to a lot of small losers add up so I need to be more selective.
Total loss for the day (EU & US session) is -46.25 pts (-$92.50).
The biggest win day till now was +23.50 pts ($47,00). It's not good practice to let a losing day become twice as much as the biggest win day. It is what it is. How you handle it is what's important.
A new day to be thankful for. Not thinking anymore about yesterday. One of the big advantages of day trading, every day is a new start. We just go on and try to do a little better than yesterday (which in this case won't be that difficult haha).
Had a buy-stp as well as a buy-lmt order in to go long on a PB. Both were triggered. It was lunchtime and I chickened out. Of course the market rallied (3.75 pts).
Trade 3: Long PB. Closed at Keltner channel and prior (ETH) swing high (+14.25 pts)
Trade 4: Short PB. Closed too early (-0.25 pts)
Trade 5: Short 5m PB (-2.75 pts)
Trade 6: Re-entry short (+4.50 pts)
Trade 7: Long PB. Trapped (-4.75 pts)
Trade 8: Short MR after failed breakout / trap (+7.75 pts)
Trade 9: Short BOPB. Closed early at swing low bc we were above 5m ema20 (+2.75 pts)
Trade 10: Long 5m PB. Closed at range high (10s) (+4.00 pts)
Trade 1: Short 5m ema20 PB. Too early (above 10s ema20). Wait for a breakdown pullback (-3.00 pts)
Trade 2: Re-entry short. Also too early, not a good entry in a range and into prior support (+7.25 pts)
Trade 3: Short 5m ema20 & 10s ema20 PB. This is the right entry to wait for. Closed too early near swing low (2.50 pts)
Trade 4: Short CPB. Closed, no follow through (3.25 pts)
Trade 5: Long BOF. Low probability bc counter-trend (5m) (-9.25 pts)
Trade 6: Short PB & failed BOF but late near Keltner channel. Impulse entry after wide bear bar. Not a good entry. Closed on buying at swing low (double bottom) (4.75 pts)
Trade 7: Long after unable to follow through to the downside. Wide stop below swing/range low. Took some heat.
Trade 8: Scale-in after test of low. Closed after sideways sideways action / no follow through. This often ends good but when not a big loss is inevitable. Better stay out of these consolidations bc they are difficult to trade. Better wait for direction and try to find a with-trend entry on a lower time frame (+3.25 +7.25 pts)
Trade 9: Long PB after bounce off of support. Entry is too early but I was afraid I would miss the move. Took some heat (again) but was pretty sure (that's dangerous) there was going to be at least a 2nd leg higher (+10.00 pts)
Trade 1: Long 5m PB. Entry was rather late. I felt I was on the right side (long) and we would see another move up. So I decided not to close the trade on the pullback to 5m ema20 but to sit it out and try to manage it.
Trade 2: Scale-in
Trade 3: Scale-in
Trade 4: Scale-in
Seeing the 5m wide bear bar closing below the 5m ema20 I wasn't so sure anymore we would see a new high. Now 4 contracts long I didn't want to take on more risk so closed the trade (-29.25 +20.50 +9.50 +5.00 = +5.75 pts). I don't think this is something I would like to repeat. Next time I better close and re-enter, something I normally do. Trade 1 had to be closed earlier on. Trade 2 and 4 were good entries like the BOF entry that came later.
Trade 5: Long 5m PB. Stopped (-10.50 pts)
Trade 6: Re-entry long
Trade 7: Scale-in. Closed 1x near Keltner channel and scratch the last one which was stupid bc I was with-trend and the PB was shallow against strong buying. The right thing to do was to place the stop below the swing low. I missed the rally (+11.50 & -0.75 pts)
Trade 8: Short MR after failed breakout triangle (-0.75 pts)
Trade 9: Re-entry short. Closed at swing low (+5.00 pts)
