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This trade was taken too late. I need to focus entirely or cease to trade when that's not possible.
I entered it in a weak trade location and then just wasn't able to manage it properly.
It is far easier for me to stay in a trade when I know I did everything I should do.
Otherwise emotions take control.
I didn't manage to get in on the initial move up so I waited for a pullback to join.
There was nice low volume area, which looked like a good local support level.
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trade11info
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I could use wider stops in these cases (but that's always obvious in hindsight).
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Here I could take profit at +32 ticks, but instead I waited for a place to add to long position.
It ended at breakeven and went further down.
After that I noticed that I stopped analysing price action in line with my decision making process.
Frustration and FOMO kicked in after I missed quite good signal later on, so I decided to end the day before I start
making costly mistakes.
Yesterday I broke some of the rules I made for myself. I took 9 trades and when I take more than 4 it's usually detrimental to my PnL.
I didn't have patience to wait for good setups nor the confidence to execute early on a trend downside.
I took trades without going through my entire checklist. I somehow managed not to lose too much on losing trades, but still...
It will be a long post. You have been warned
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Then I was waiting for a little pullback to add to position.
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Then I mismanaged the trade by setting stop loss too low. It caused uncertainty and effectively I closed the trade too soon.
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Going long on a trend down is never a good idea. Fortunately I closed that one soon enough.
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Shorting the very low is also not the best idea.
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trade16info
I was looking for a further continuation of the move downside and if was a little
bit more patient I would find it.
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I was on tilt so the next 2 trades shouldn't be taken at all.
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trade18info
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Anyway I noticed that responsive buyers came in after my last trade was stopped out
on upbar with noticeably higher volume. I started to look for long signals.
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Still I wasn't sure how far the retracement will go. Uncertainty led me to quit last and next trade early on.
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trade21info
After the price action and volume pushing the price up, I had more confidence in the last trade.
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I closed the trade where I assumed the potential resistance will be. When I saw a reaction at that level
I exited the trade. It went higher but that's life I guess.
What was good is that I was able to re-focus and bring back decision making process to a level
sufficent to profit from the upmove at the end of the day.
There was also a couple of moments when I felt that I should go short, but I missed the opportunity on the pullback.
All the elements was there to assess higher probabilty of continuation to the downside, but I couldn't pull the trigger
at the right time.
What needs work is reacting earlier when tilt kicks in and stay away from the trading platform untill I can
think properly again.
Hi, right now I'm trading on Tradovate, but that's TopStep Trading Combine futures account.
In the past I traded CFDs on polish brokerage house - BOŚ (bossa.pl). Now I prefer OANDA TMS Brokers as I make some swing trades in CFDs once in a while.
Here are my trades from Friday 23.12.2022 (Christmas holidays got one day longer this year).
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I should remind myself as often as possible not to take trades in the opposite direction
until market confirms it. Every time I do that I don't have confidence to stay in it.
I just wanted to say that you don't say much in this journal, but I enjoy your comments and your descriptions of your trading and your issues very much.
The one or two sentences you write pretty much hit the target, and often are about issues we all have.
Thanks for this journal. I hope that keeping it is helping you.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
