Trade #1) Short ES after pullback in downtrend. Full target reached. +3.00 pts.

Trade #2) Short NQ in downtrend and at RZ of prior downmove, but price had tested lows enough times and was finished moving down for the time being. Flattened position and reversed long. -1.50 pts.

Trade #3) Reversed long NQ as price was breaking above ema's. Out at next possible resistance area (swing high) with full profit target. +4.00 pts.

[img]https://nexusfi.com/v/yx8x6u.png[/img]

[img]https://nexusfi.com/v/cxrevs.png[/img]

[img]https://nexusfi.com/v/ewdq7d.png[/img]

[img]https://nexusfi.com/v/esc9uv.png[/img]

I haven't been comfortable with the charts I've been using lately because I haven't felt like I can see price clearly enough to be able to operate in a consistent way.

So I made significant changes to my charts yesterday after the close (and late into the night). I'm sure I'll still have to tweak them as I go along, but I have them pretty well set up. I can already see that I'm going to be able to do a much better job now of creating rules and putting together a solid trading plan.

The main thing I want to do is to consistently use a set of charts that work for me so I can get experienced with them.

Today I got whipped around a bit on my new charts, but what is far different than previous days is that I was much more willing to take trades. I had a much better idea before taking a trade what my intent was. I was wrong a few times (trading in a range that I didn't recognize soon enough), but I wasn't trading with the mentality that my first trade of the day was just lucky and I might not be so lucky on my next trade.

This mentality is obvious in my previous charts/posts. On most of those days I only have 1 or 2 trades, and it wasn't because of discipline. It was because I had no confidence that I could repeat the winning trade that I was getting at the beginning of most sessions.

I was happy with the chart setup today. Now I have to use them consistently so I can get the experience necessary in order to use them effectively.

Today's trading:

I only had 2 losing trades (in a row) out of 6, but they were relatively large, and while I was taking those losses I knew I wasn't trading appropriately. I had a little too much tunnel vision and didn't realize that price was in a tight range at the time.

Another thing to note for today is that on both of my ES trades I modified my target during the trade. The modifications were not bad necessarily (on the first trade I realized that there was a naked close from Friday, so I took profits there, and on the second, I used a tight trailing stop when price reached yesterday's low), but in both cases price went on to reach my original targets. I'll be keeping an eye on this to see if it's a recurring theme.

Overall a decent day and I'm pleased with the way that I entered most of my trades and how the charts “felt” to me.


[img]https://nexusfi.com/v/9wv9ju.png[/img]

[img]https://nexusfi.com/v/whgura.png[/img]

[img]https://nexusfi.com/v/ned73a.png[/img]

A day like today shows me where I need to make changes...

[img]https://nexusfi.com/v/fwfuwa.png[/img]

I guess trying things is about the only way I can learn, although sometimes it can be difficult and embarrassing. I have a high regard for so many here who are willing to show what they're doing and make their mistakes “in front of everyone.” Yesterday was one of those days for me. But it was only because I tried things yesterday “in public,” that I realized I need to rethink how I'm trading in relation to what my objectives are.

I'm fiercely independent so I'm always trying to “do my own thing” and not do what others are doing. But I stubbornly recognize that there are times when I need to reel that in a bit (especially when what I'm doing isn't working so hot!) and accept that learning from what others are doing can be of benefit to me. That, in fact, should be one of the main reasons I'm here on nexusfi.com (formerly BMT), otherwise what am I doing here?

Yesterday it was obvious that my targets were far too ambitious, whereas on previous days I was just taking profits at the next S/R level and doing relatively well. So I've begun the process of changing my approach to a shorter timeframe view of things. I've also been going through @tderrick's (AJ's) journal (still only halfway through) and not only am I impressed with some of the insights he's gained by putting in the screen time, but I've been enlightened by some of the things I've realized by seeing what he's been doing. He's the personification of what this forum is all about - thanks AJ.

Moving forward I'll be implementing a good portion of his concepts along with the things that I've learned for myself.

This morning's first hour range is in, so I'm posting my charts for today so far. I don't have a specific set of rules/setups yet; I'm just making observations and some trades. It will take some time to put a plan together, but that's what I'm working on now; that's why I'm here...

[img]https://nexusfi.com/v/9pev9w.png[/img]

For me today was all about Price Action. And watching only one market.

My charts are a little cluttered at the end of the day today, but by making notes about things I was seeing I not only recorded it for review later, I made a deeper mental impression.

I'm a little worn out due to the anxiety of feeling like I have so much work to do in order to get into the proper place, but it was a good day of learning and of taking action by entering some of the “opportunities” that I was seeing. 3 trades, 3 wins, +7.00 pts in NQ.

Here are the 2nd and 3rd trades of the day:

[img]https://nexusfi.com/v/qpw5hm.png[/img]

Sim:

[img]https://nexusfi.com/v/dqd4r9.png[/img]

I like Jumping the creek..matches to me...and nice marking of trade locations with rectangle.

The first hour range is in.

After the extreme sideways action overnight (grey area on the charts), I planned to be very patient in waiting for a good first setup. However, price started moving right at the open so I was ready. As soon as the Opening Swing was in I marked the levels.

Trade #1 – 6Range chart: Long on the break of the high of the (red) bar that pierced OS High. Price was moving quickly so I left my full 3 point target in place. I was filled a tick below the pivot high.

Trade #2 – 6Range chart: I marked the levels when the 30M Opening Range was in. As I was doing that price broke above the 30M OR high. I thought I had missed the trade, but I placed a Limit order at the entry price anyway to see if it would come back – it did and I was filled. I wanted to be in this move if at all possible because the Naked Close and Naked POC from 07/11 were just above and a perfect target. Price moved up strongly and hit my full target before I could even think about changing it.

I've hit my daily profit target (6.00 pts in the NQ) per my current trading plan rules so I'm finished with my “real” live sim trades for today. I'll still watch and take practice trades if I see setups.

Good luck to everyone for the rest of the Friday the 13th session!

[img]https://nexusfi.com/v/cfrpcg.png[/img]

Sim:

[img]https://nexusfi.com/v/w5a35w.png[/img]

I took some practice trades after finishing at my daily profit target in my morning “real” live sim trading (practice trades all indicated by cyan rectangles on 6Range chart).

I tried a couple of shorts as price tried to break below the EMA's on the 6Range, but price was moving painfully slow and there was no power/momo behind the moves. Additionally, I was shorting right into the rising 20EMA on the 5M chart. I was stopped out twice trying to take the same trade.

Price began to rise after that, and after about 20 minutes had reached yesterday's ETH high, so I got ready for my standard (I guess) break of S/R entry. I was filled long but got stopped out right away on a quick pullback. I quickly set up to re-enter again. This time price moved nicely right to my full profit target.

I had to wait about 3 hours for the next (fifth) trade. In fact I ran some errands because price was moving so slowly and in a pretty tight range.

By 1:30 or so it was obvious on the 5M chart that price was really compressing upward and I got ready to enter my standard S/R break again. Price moved smoothly after my entry and quickly hit my full profit target.

That put me back at breakeven gross and down just commissions on the 4 practice trades.

Have a great weekend everyone.

[img]https://nexusfi.com/v/3veurw.png[/img]

Sim - Total trades include the two from this morning:

[img]https://nexusfi.com/v/jtrttf.png[/img]

I guess false starts are always to be expected - I'll probably have more. I'm resetting my Weekly Stats numbers because of this week's significant change in the way I'm trading; the previous numbers are irrelevant now. Avg W:L and E don't have sufficient numbers to calculate yet since I didn't have any losers over the 2 days of trading that the stats reflect.

Just a note: I've started a thread in the Psychology and Money Management area about my " Focus Meditation" exercise if you're interested in that kind of thing.

[img]https://nexusfi.com/v/btpnut.png[/img]

I'm not going to record today's trades in my log/spreadsheet because I wasn't trying to have a profitable day (although I did), I was just trying to take every trade that made some sense to me (what I actually should be doing anyway?), and get clearer about what I should and shouldn't be taking; getting clearer about my "setups." As a result I took far more trades than I would within the parameters of my trading plan.

Today was a range-bound day as many would have predicted after Friday's big move. I'm pleased that even on a choppy day like today I was able to be profitable. That is something I wouldn't have been able to do until recently.

[img]https://nexusfi.com/v/zup5vc.png[/img]

[img]https://nexusfi.com/v/cp5t3v.png[/img]

Sim:

[img]https://nexusfi.com/v/8qypnj.png[/img]