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Daily Range for the past 6 days: 9.25 to 30.5 Average Daily Range: 16.625
VPCs: Top 1212.5 (Resistance) Low 1186.25 (Support)
Previous Day's Value Area: VAH 1189.25 VAL 1182.75 POC 1186.25
Previous Day's Initial Balance: 1181.75 - 1188.5 (6.75 range)
Previous Day's OHLC: 1185.5 1192 1177.75 1190.25 (14.25 range)
What will I be looking this morning:
1. Fade the extremes - when price moves close to VPCs/Value Area and there's a rejection, I will use Perry's 4R set-up and look for an entry
2. Log the Open Price and determine the Opening Swing (price action high and low for the 1st and 2nd 30-minute brackets)
3. Note the Close Price for the Initial Balance in relation to the Open to estimate which side the market will be going
It's my first time to have all these mapping out in front of me (I do have them scattered on my notebook) and find it very useful .. smile ..
Reminder for Myself:
1. One trade daily (1 or 2-contract trade for Sim (so that I can practise more on how to exit) and only ONE-contract trade for real as a start)
2. It's okay if I miss a trade .. there are always profitable trade opportunities waiting for me!
I thought I had a good start as I did my pre-market homework. Well, N's business stuff has stressed out until 10:00 am before focussing on my trading activities.
Made 2 attempts to go long and orders were not filled (per enclosed). Now I am waiting for it to test 1204/1204.25. If any rejection, I may do a quick short.
1. I "traded" my plan .. haha .. Only looked for "Fade the Extremes" trades. I missed 2 good longs (would have only made ONE trade of course) and did a quick short.
2. Preserve Precious Capital: Did a 1-contract trade as it's technically a counter-trend trade even I was following my rules and plan. I would certainly have room to play with the 2nd contract IF it's a 2-contract trade LOL! NO IF!!
What did I do differently this morning?
1. I was NOT watching the Gomi chart all the time. Instead, only checked the buying/selling pressure when it's getting close to my entry points.
2. I have a new profile chart based on Weighted Volume TPO. A quick glimpse tells me where the heavily traded areas are. It's very simple and pleasing to my eyes.
3. I relied on the Pre-market homework for the first hour, then use today's IB and value area, Open and Close for the 30-minute brackets, and VPCs for trade opportunities.
4. Focussed primarily on ES charts ONLY.
How's my Emotion?
1. Very calm throughout regardless of the early hiccup/stress caused by UKNOWHO!!
In short, I'm quite happy with today's trading session!! Believe you'll be happy for me too .. smile ..
Beth (FYI: I did not touch my trading PCs last night from 9:00 pm onwards. I did a 15-minute aerobic session as well ..)
Yes Perry .. Not sure why they chose not to fill me. They did touch my order. My guess: I was on a long queue. That happened and it's first-come-first-serve!
Since I first tried at 1197.75, then moved to 1198 .. I did not want to chase. Same for the second long attempt .. Well, at least I got 4 ticks from my quick short. It took a while for it to fill me too.
N took me out for lunch (our favorite Thai restaurant). Then we had a crispy photography session (used to be our regular activities) .. As long as I could hide his "Buddha belly", I'm authorized to post LOL! Smile ..
Continue enjoying your day and I will resume studying .. haha ..
I created an Excel (quick draft) to capture the reference points. Will use the enclosed homework to spot good trades today. Again, my major trade set-up "Fade the Extremes". I will follow the rules and trade my plan!
Let's hope the first profitable trade will show up before 10:30 am. Plan to finish before 11:00 am (or earlier) as I am making a surprise birthday cake for Nelson tomorrow (an organic mango cheesecake). He will be out for a lead around 10:00 am and I have about 2-3 hours .. Now will find a secret spot to hide the cream cheese (for it to warm up in 2 hours) .. smile ..
I have too many things in my petite head (lots of funny dreams throughout the whole night) and do not manage my trade(s) properly this morning.
First, I did not realize the rectangular ellipse (previous day's Value Area) on the MP chart has shifted. I will double-check it in the future. Missed to short it promptly when it broke through the Value Area Low.
Second, I was too anxious to get in a trade and jumped to a Long within minutes (even it aligned with the "Rejection" rule) when everything else was Red! It was very STUPID!! Post-trade Thought: I always have the option to take the day off when I'm not fit!!
Third, I should be DONE after the first trade (winning or losing). Yet I had every intention to do a second one (I logged my long attempt) even it's not filled. Then I STOPPED. Should the trade be filled and happened to be another losing one, would I continue a third .. fourth ...?!! It's NOT good because mentally I am not prepared to stop IF the first trade is a losing one (esp when it's NOT a big loser)! Again, pride is the enemy .. sigh ..
Emotion-wise: Quite calm throughout the whole trade. No fear .. No panic ..
Weekly Result: -$20 for the week (remember my BIG mistake on Wed which cost me $310). It's a small price for what I've learned this week .. haha ..
Well, I have the weekend to review and re-group. I am going to PERFORM BETTER I promise!
Continue enjoying your Friday + a Relaxing weekend.
