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I started analysing this monthly returning day too late and am not ready to trade it yet. I have been trying to rush it, but will just be patient and next month it should be good to go.
This week I had 2 trades in this journal, 55 points loss.
Monday I cancelled the 2nd trade, because I didn't know what to do when the 1st trade hit the SL. I can think of arguments why to (not) take the 2nd trade after a loss. Last Monday the statistics for the first and the second trade were based on the same trading days, I realized just now. It would have given 14 points.
Tuesday I got confused, but should have sticked to the thresholds that I predefined, and have taken the trade. Actually both would have given points, but the one that fitted the setup would have given 46 points.
Two missed opportunities, but next time I'm better prepared. The goal is to execute following the rules, not to start thinking when it's showtime.
Today the IB is (very) short, there is no gap and at 9:30 price is inside prior day HL range.
There are 2 setups, one short, one long, both starting at 9:30. The long trade matches its parameters, and the short trade would be activated if price at 9:30 is below 15574. As price was hanging around that point just until minutes before 9:30, I am not taking the trade.
edit: actually at 9:30 IB was not very short anymore
Today the IB is long, there is no gap and at 9:30 price is inside prior day HL range.
There are conflicting rules, one of the most important is where price is at 9:30, inside or above prior day HL. This is the difference between a short trade and a long trade. Price is moving around that point at 9:30, so I won’t take the trade.
Today the IB is short, there is no gap and at 9:30 price is below prior day HL range (> low 15552). Very high IB volume.
Similar situation like yesterday. There are conflicting rules, the most important is where price is at 9:30, inside or below prior day HL. This is the difference between a short trade and a long trade. Price is moving around that point at 9:30, so I won’t take the trade...
Today the IB is 5 points short, there is an up gap which closed during IB, and at 9:30 price is just a few points above prior day HL range.
There was a great setup for a long IB, but in the end the IB became short.
Also for a short IB there is a nice setup (Long trade 10:30-11:30), but I made a rule, that the IB should have a minimum length (depending on a 40 day average), which is 7 points for today. Even though price dropped some more points seconds after 9:30, I'm going to stick to the rules.
