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YM day trading with price action - My Journey
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YM day trading with price action - My Journey

  #91 (permalink)
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21 mar 14 - bull channel

Was the setup familiar? Somewhat

Price was in a bull channel with 2 sided trading. It reached the top of the bull channel, fell a bit and formed a TTR a little below the channel high. This could be a lower high within the channel and with 2 sided action so far, there could be a bear breakout of the TTR. The TTR also had a small double top within it. I looked for an opportunity to short.

Was the signal bar good? Yes

It was a bear bar.

Was the entry timely? Yes

I placed a sell stop order under the low of the TTR and it got hit when price broke down

Was RR > 1? Initially yes

The stop was placed at the high of the TTR and the target was placed at the middle of the big bull channel, at a support level based on a prior low

Was trade management good? Not really

I let the trade do its thing and did not manually exit. However, i tinkered with the target. I shifted it up a bit and let the RR become less than 1. I shifted the target because price had a breakout pullback after the TTR bear breakout. I was worried about price not being able to go down much and shifted the target up a bit. Another reason was that i feared seeing potential profits disappear in case the target was too far away.

In the end, price hit the target and went down further. Result is 5 pips.

Were my thoughts clear and emotions calm? Mixed

My emotions were stable when analysing price action and when placing the order. While in the trade, i started to lose confidence in the trade and my fear and stress started to increase, which led to me shifting the target higher.

Attached Thumbnails
YM day trading with price action - My Journey-fall-bull-channel2.png   YM day trading with price action - My Journey-tickets2.png  
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  #92 (permalink)
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24 mar 14 - micro bull channel

Was the setup familiar? No

Although the setup was not familiar, this trade was not a gamble. I had read about micro channels in Brook's book and decided to trade this for the first time. The risk was small too. Price had a bear spike and channel move. There were 2 pushes down in the channel before price moved up to the top of the channel and steadily broke out of the bear channel. There were lots of bull bars up and the lows and highs were trending higher. A micro bull channel above the ema can be drawn. When price touched the channel low and moved up, i looked for a long.

Was the signal bar good? No

The signal bar was a bear doji with an upper tail. However, it was near the channel low and remained above the ema.

Was the entry timely? Yes

I entered using a buy market order. The stop was placed 1 pip below the entry bar low and the target was placed at the micro trend line high.

Was RR >= 1? Yes

Risk and reward are 4 pips.

Did I manage the trade well? Yes

Once in the trade with the stop and target set, i left the chart and let the trade do its thing. I did not interfere with the trade.
Result is 3 pips.

Were my thoughts clear and emotions calm? Yes

Attached Thumbnails
YM day trading with price action - My Journey-2014-03-24_micro-bull-channel.png   YM day trading with price action - My Journey-2014-03-24_tickets.png  
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25 mar 14 - bear channel


Was the setup familiar? Somewhat

Price had 2 occurances of spike downs then a final flag before price started to correct upwards. A bear channel or wedge shape can be drawn. The correction was bullish and there was little sign of bearishness even at the channel top. I expected a bull breakout and it occured. However, I didnt enter because a resistance level was nearby. I waited to see if there would be a pullback or if the breakout would fail. Price formed 3 bearish bars which ended up back in the channel. It looked like the breakout had failed. A pullback followed. A small bull doji bar with its high off the ema followed by a bear bar was a signal that a second leg down could follow. I looked for a short.

Was the signal bar good? Yes

It was a bear bar after a bull doji bar with its high off the ema. It could also be a 3 bar reversal.

Was the entry timely? Yes

I placed a stop sell order at the prior low and got in at the intended price. The target was placed slightly above the prior low near the channel low and the stop was placed near the channel top.

Was RR >= 1? No

Intially, it was less than 1. The risk was 8 pips while the reward was 4 pips. While in the trade, I decided to lower the risk by shifting it to 1 pip above the signal bar high.

Did I manage the trade well? Yes

I entered the trade with the stop and target levels and did not interfere with the trade. I let the trade play itself out.
Result is 4 pips.

Were my thoughts clear and emotions calm? Yes

Attached Thumbnails
YM day trading with price action - My Journey-2014-03-25_bear-channel.png   YM day trading with price action - My Journey-2014-03-25_tickets.png  
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28 mar 14 - wedge

Was the setup familiar? Somewhat

Price was in an upmove and above the ema. The upmove looked bullish. However, it was approaching a major resistance line and price became a cluster of bars below the resistance level and above the ema. A wedge shape can also be drawn. When the chart was zoomed out, price direction was more bearish. I looked for resistance to hold and for price to fall below the wedge and the ema.

Was the signal bar good? Yes

It was a bear bar which closed on its low and was below the wedge and ema. It came after a sucession of bear bars down.

Was the entry timely? Yes

I placed a stop sell order with the entry 1 pip below the low of the cluster. The target was place at a prior pivot high as support and the stop was placed at a small pivot high within the cluster and the wedge.

Was RR >= 1? Yes

Both risk and reward were 12 pips.

Did I manage the trade well? Mixed

I did not manually exit the trade and let it run its course. On the other hand, I meddled with the target price by raising it. In the end, the reward was reduced to 8 pips.
Result is 8 pips.

Were my thoughts clear and emotions calm? Mixed

My thoughts and emotions were clear and stable when analysing the chart and entering the order. When in the trade, i did not feel confident about the trade reaching the target and felt a bit of anxiety. I reduced the target to 10, 9 and finally, 8 pips. All the while, the risk remained at 12 pips.

Attached Thumbnails
YM day trading with price action - My Journey-2014-03-28_wedge.png   YM day trading with price action - My Journey-2014-03-28_tickets.png  
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monthly trade review - march 2014

number of trades: 8

trades which are familiar setups: 88%
The setups I took are channel, wedge, pullback, buy climax

entries which have good signal bars: 88%

trades which are timely: 88%

trades which have RR >= 1: 50%

trades which are managed well: 50%
My mismanaged trades are manually exiting because price formed a TTR and did not move in either direction, manually exiting when price was nearing the stop and more commonly, reducing the target level because of lack of confidence and stress.

number of wins: 62%
average win: 5.2
average loss: -7
net pips: 23

From my review, the areas I need to work are to improve the RR of my trades and to manage them well. For the upcoming month, I aim to improve the RR of my entries. They should be at least 1 or more before the entry and during the trade itself. If the RR is clearly less than 1, I should stay on the sidelines instead of entering.

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21 apr 14 - descending triangle

Was the setup familiar? Yes

Price was in a bear channel with lower highs and lows. There was a failed bear breakout below a support line and price moved back up to the ema to form a lower high and a bearish L1. Price followed with a bull bar up below the ema but had no follow through and a bear inside bar formed next. With lower highs at the support level and price remaining below the ema, I looked for a possible descending triangle short.

Was the signal bar good? Yes

The signal bar was a bear inside bar which could led to a L2 entry.

Was the order correctly entered? No

I had just increased the number of units traded to micro lots. Previously, it was just 100 units. However, I did not adjust my mind to expect an increase in stop/target values. Hence, when i set the stop and target, i was surprised at the increased stop/target values. I thought i was risking too much and shifted the stop much tighter. (3+ pips). I only knew of my mistake after the trade.

Was the order sent in a timely manner? Yes

I set a stop sell order. The stop was placed at the prior bar high and the target was placed at the second support level.

Was RR >= 1? Yes

RR is 1.

Did I leave the stop and target levels alone and let the trade do its thing? Yes

I left the computer after the trade was entered. I did not interfere and micro manage the trade.
Result is -3.7 pips. Price hit the stop which was placed incorrectly and too tightly. Eventually price broke downwards from the descending triangle and would have hit the target.

Were my thoughts clear and emotions calm? Yes

Attached Thumbnails
YM day trading with price action - My Journey-2014-04-21_desc-triangle.png   YM day trading with price action - My Journey-2014-04-21_tickets.png  
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22 apr 14 - bear spike

Was the setup familiar? No

Price was in a bull channel then had a pullback which broke the bull trend line and fell below the ema. While in a pullback, price started to cluster sideways forming similar lows and lower highs. It turned out to be a descending triangle when price formed a large bear spike down with 4x big bear bars. A bull inside pause bar formed. With such a strong down spike, i anticipated follow through and looked for a short.

Was the signal bar good? No

The prior bar was a bull inside bar

Was the order entered correctly? Yes

Was the order sent in a timely manner? Yes

I entered on a stop sell order. The stop was placed at the prior bar high and the target was placed at a lower support level.

Was RR >= 1? Yes

Did I leave the stop/target levels alone and let the trade do its thing? Yes
Result is -4 pips.

Were my thoughts clear and emotions calm? No

Earlier on, before price broke down to form the large bear breakout, I was entering a sell order but was too slow. Once price broke down, it fell quickly and I did not dare enter. Seeing price move down so much and missing out on the action made me regret not entering earlier. When price paused and formed a bull inside bar, I could not take it anymore and decided to risk an unfamiliar setup even though I knew that the risk of a pullback was high because price was far from the ema and there was a chance that it could move back up.
It turned out to be the wrong decision and i should have listened to my mind and stayed on the sidelines.

Attached Thumbnails
YM day trading with price action - My Journey-screen-shot-2014-04-22-11.57.59-pm.png   YM day trading with price action - My Journey-screen-shot-2014-04-22-11.58.50-pm.png  
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23-24 apr 14 - trading slump

I am taking a break from trading for the rest of the week. These 2 days were terrible and I was undisciplined, broke my rules and acted according to emotion.

Number of trades: 5
Wins: 0
Loses: 5
Net pips: -32.4

My takeaways are:
overtrading,
traded unfamiliar, unproven setups,
entered even though my mind said to stay on the sidelines,
did not journal the 5 trades


From now, i only look at the following setups:
- pullback to the ema
- triangles
- channels/wedges

I will also only take a trade a day and will focus on being conservative when entering trades

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29 apr 14 - bear channel

Was the setup familiar? somewhat

Price had a strong bear spike down from a descending triangle setup. There was then a pullback to the ema followed by a bear channel down. Price had a large bear bar which reached the channel low. 3 sideways bull bars tried to move up from the channel low but did not manage to go above the ema. I saw this as a sign of weakness. A bear bar followed and when price went below the prior low, i looked for a short.

Did I enter the order correctly? Yes

Was the order sent on time? No

I hesitated when price first went below the prior low. In fact, i was not even sure that i should enter. When I sent the order, price was already below the intended entry.

Was the RR >= 1? No

The stop was twice the size of the target.

Did i leave the stop and target levels alone and let the trade do its thing? Yes.
Result is 5 pips.

Were my emotions calm and thoughts clear? Yes

Attached Thumbnails
YM day trading with price action - My Journey-2014-04-29_entry.png   YM day trading with price action - My Journey-2014-04-29_exit.png  
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30 apr 14 - ascending triangle


Was the setup familiar? Yes

Price was in an uptrend with higher highs and lows above the ema. A double top formed but there was no bear follow through. Instead price formed higher lows with similar highs and stayed above the ema. I looked for a long, anticipating a bull breakout.

Did I enter the order correctly? Yes

Was the order sent on time? Yes

Was RR >= 1? No
It was a bit less than 1. The stop was placed below the most recent pivot low while the target was placed at a resistance level (not shown)

Did I leave the target/stop untouched and let the trade do its thing? Somewhat
I did not have the urge to meddle with the trade but there was no follow through in either direction. Price just moved in a TTR above the ema. As it was lunch time, bed time was coming and price was drifting, I decided to scratch the trade even though a bull follow through was more likely than a bear move down.
Result is 0 pips.

Were my emotions calm and thoughts clear? Yes

Attached Thumbnails
YM day trading with price action - My Journey-2014-04-30_entry.png   YM day trading with price action - My Journey-2014-04-30_exit.png  
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