Initial Balance: 1111.50 - 1104.50 (7 points) Value Area as at 10:35 am: 1110.50 - 1108.00 - 1106.00 (4.5 points)
Price opened @1108.25
Today's High and Low as at 10:35 am: 1111.50 and 1103.50
VPOCs: Top 1128.50 (1110.25 was touched) and Bottom 1091.00 Overnight High and Low: 1115.75 and 1107.00
We had an Inside Bar after the magenta reversal one. It took some time for its breaking down and got in with 1-tick slippage. Unfortunately, it started going back up immediately. I couldn't swallow a 45-tick SL cushion and had a predetermined 20-tick one instead. Got hit within 1.5 minutes. If one chose to hang on a little longer, he/she might be able to get out around 12-tick loss.
Well, I looked at the trade again upon its closing. It had enough room for the downside. Before it's getting filled, price did try to go up and failed. The only thing against it was the CCIs started hooking up. Having said that, one does not need to consider all these except placing a pair of OCO 1 tick above and below the Inside Bar.
Emotion-wise: Funny enough I did not feel much .. no racing heart .. even no numbed fingers .. the trade started with slippage and went straight the other side. I did talk to myself that the set up has been 90% profitable and there will be losing ones occasionally. I better accept it and I did. During its rally, I was hoping that others would have better luck esp those who had a fullstop in place. Might be the experienced one would have found reasons not to enter.
So for the morning .. one Inside Bar .. -20 ticks. Will resume trading after lunch.
I notice trade opportunities "quite often" happened around 12:00 noon or 1:00 pm (immediately after lunch break) so far .. not a big sample pool ..
We had an Inside Bar at 1:00 pm with a preceding Outside Bar. Instead of a Buy Stop at 76.96, I was thinking it had to break 76.98 too. It did and I quickly placed a Buy order at 76.96 (mistake here) .. not filled .. just 1 tick shy from my entry .. and it went up without me!! Lesson learned.
Then there's a magenta reversal bar after the Inside Bar. I sim-traded this set up based on its meeting the following criteria:
1. After a big move (51 ticks from the recent HL)
2. Long-wick tail
3. High volume compared to the previous ones
It's a 2-contract trade with the first PT 8 got hit while the second one closed with 1 tick.
We're getting very close to the Beige Book news and no more Inside Bar opportunity.
The CCI chart is my secondary chart. Use it (mostly the CCI indicators plus the occasional green/red dots) for signal alignment and early exit when a trade is not working. I overlaid the original set up with WoodiesCCI because
1. I like the panel (when it's not frozen per enclosed) with info on the previous bar (High, Low and Close) and current bar (High, Low and Current) .. all at a glance
2. the additional colors (when they differ) on the zero, 100/-100 and 200/-200 lines help (Based on the webinar I watched, I have a better understanding on the trend direction and strength)
3. I also like the yellow vertical bar confirming the trend change
My focus has not been on their mutual alignment and no plan to use it alone at this point. Yes, it's crowded and my eyes are trained to look at the selected ones only. It works for me now .. Will review it as time goes by ..
If you are interested in a fibonacci webinar by Carolyn Boroden she is having one on Aug 7. It is 3 hours and covers fibs on the price as well as the time axis. She uses CCI and the 34 EMA. Its $39.00. Here is a link. I will post it somewhere on the forum as well. I'm not related in any way and don't benefit.
First Trade: All indicators aligned with a Short + CCIs crossed below 0/-100 encouraged an early entry. (One might have a target at 1105 or 1105.25 and make an extra 1-2 ticks. I would if it's a 2-contract one.)
Second Trade: Same as the first one (CCIs crossed below -100/-200) + an additional red dot on the CCI chart.
Third Trade based on Price Action: I had a pair of OCO above its recent LH and below its recent LL minutes before one of them got triggered. To play safe for the Sell Stop, it's 2 ticks below 1102.25 (avoid 1102.00). Got in 1 tick favor.
You can tell no or minimal heat in general.
Why not taking at least a real one? Even ES is an old friend, I worried that I might make a wrong decision (like a revenge trade) since I have a "big" loser in the morning. I don't mind more practice .. it's easier than before. Remember the days when I bla-bla-bla about a 6-8 ticks SL?? I'm now more comfy with its risk/reward ratio .. my CL training ...
Compare to CL, ES is slower though I witnessed its drop like a rock a few times. I will not rule out placing 1-2 ES trades when I'm done with CL .. not more than one instrument at the same time and that's the rule!!
I'm officially done for today. I do well and will do better in the coming days .. smile ..