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In my Humble opinion there are few thinking to go about it.
1) If it is possible to estimate what will the day be like high/low volatility range etc. Or Low volatility low range.
Each type of day have a different trading setup you are looking for. or not trade at all.
2) Not long ago a trader told me that she is trading only the first two hours of the day and than close the trading day to continue do other "stuff". Something you might want to consider maybe depends at what type of day we have.
3) Each day have a pattern of how it is going to look with high certainty find it.
Also some say they focus only on ES or Gold or... Some say they trade all instruments as along as there is action.
Find what is working for you.
4)Luck is important !!!
as a day trader you don't need to know in advance, what the day will be like, just wait for PA and then take your trades, thats it
put HOY LOY and COY from the RTH session on your chart and look for SA, BB (failed BOs) and breakout pullback (follow the big boys)
for a more granular approach also put the shallowest TLs from the prior day on your chart
also check out this blog Nine Transitions: Search results for trend day
I've started doing something similar but not to this extent could you explain your labeling system?
and HOY/LOY/COY ??I mark the ONH ONL 930 open and have the previous day market on chart ( 4500 tick )
As well as a daily chart open on the same screen to keep an eye out for any major lvls, but the way you have things marked on your chart is very interesting to me... my entire approach is PA based mixed with a few indicators for entries.
Are you using hard tp's or waiting for a signal to exit ? One of my biggest issues is im either getting some of the move .. normally the first part or if i miss that entry for some reason then i have to wait awhile for the next entry...
What im trying to work on is entering ( i trade two contracts ) letting first one hit a small t/p then just letting it run until it signals me out ( normally double bottom or failed brk out ect..)
HOY is high of yesterday, low and close all from the regular session (I like gaps :-))
I only use TLs, horizontal S/R like swings, entry prices from signal bars and H/L of entry bars
I also use measured moves of obvious trades taken, e.g. SA HOY, measure your actual risk and TP at multiples of that
here are some of the abbreviations (warning ;-), very comprehensive) https://workspaceupdates.googleblog.com/2023/04/new-community-features-for-google-chat-and-an-update-currents%20.html
I put some important levels from the daily on my 5min chart
TP is what I'm working on too, it's tough to swing, but e.g. Y there would have been a short at around HOY and trend termination just before the close of the day (50pt+)
(the cyan colored arrows are trend termination)
I've found that if i use hard t/p's im much more consistent and its less stressful, i just check to see if my last t/p is near a s/r lvl and if it i might move it +/- what i see fit.
But i do really like the idea of writing on the chart, i have my journal open but having alot of it on the chart is a good idea.
This is how i saw the day . took about 5 trades mainly what i call middle band breaks. Working on taking less trades and focusing on a few setups rather then shorting/buying every s/r lvl.
What gives you a BB or SA entry? pure PA?
How are you playing the gap? buying/selling in the opposite direction? .. yes the majority of gaps close but not all of them, curious to know how you play a gap.
