July 10, 2023 Monday.

Long bias based on stats.

I missed the first leg up after RTH open as woke up late. (worked over the weekend).

However, I was lucky to have a deep pullback and went long 4432. Added @ 4434.

Got out @ 4446. Full exit and didn't scale out.

Total + 26 points.

Bit of a bummer as I was hoping for a 30 pts ATR but we ended up having a narrow range day. However, I know I shouldn't be complaining as I can only only take what the market is offering.

My short bias did NOT work out today.

Short 4450 and then scaled in @ 54. However, when we made new HOD after EU close, my thesis was wrong.

Scaled out @ 54 again and full exit 66.

Total -ve 16 points.

Another good execution day.

Stats were neutral and hence I'm allowed to do whatever the hell I wanted to do.

Decided to trade against the trend. Hence, timing is important and targets have to be realistic.

Short 4518. Waited for the price to rollover and then pounced. perfect entry. Target 4498.5 and reached in 10 mins. Phew.

Result +ve 20 pts

Set another limit order @ 4516 for the rebound but missed by a tick. Could have grabbed another 15 but No regrets. Just learning to optimize my entries and exits.

My stats were mildly bearish today.

Very similar scenario as yesterday. Gap up and then price rolled over.

Once again, I got in at a good location @ 4531 but trade didn't work out.

I was able to get out breakeven as a new high of the day HOD meant my thesis was wrong.

If I am trading full time, which I'm not at the moment, I would have considered reversing my bias to Long. A market which refuses to go south usually goes up north. LOD was 21. What's the HOD? 51.
ATR = 30 pts. Perfect.

Stats bearish today.

Short @ 4555 but let that fish slip away after we made a new high.

Short again from 4552. Holding on to it.

Price action looks good with lower low but Fridays are usually tricky. Limit order set at 4532 for 20 pts gain. New HOD means I'm wrong.

Result +ve 20 points.

Short worked beautifully. Decent entry @ 52 and perfect exit @32 . Almost the low the day.

'Trading is simple but not easy'. Thanks @FT71

Very satisfying week.

My daily goals are simple.

1. Identify the main directional move early.
2. Aim to grab 70% of daily ATR.
3. If I'm wrong, exit gracefully.

I was pleased to achieve my goals 3 out of 5 days. Breakeven 2/5.

No trade yet.

No gap @ RTH open today and hence the edge is minimal. Bears are likely to come out as winners today but I need to pick my location carefully.

My expected range is 54 to 24 i.e 30 points today. i.e Lower Low and lower high at the daily timeframe. Currently price is hovering @ 45. Momentum is bullish. Hence, I'm on waiting mode to initiate my short. If we test friday high @ 60, my thesis is wrong and will be long on pullbacks.

Thank you for the detailed info about your trading strategy! Just for clarification, on what timeframe are you watching for the EMA 5/13 crossover?

HumbleTrader 

EMA crossover (5/13)