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YM day trading with price action - My Journey

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YM day trading with price action - My Journey

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  #111 (permalink)
Experience: Beginner
Platform: CMC Markets, Phillips Capital
Trading: Forex, Stocks
mrBean888's Avatar
Posts: 176 since Mar 2012
Thanks: 220 given, 139 received

Was the setup familiar? Yes

Was the context supportive? Yes
Price was moving up but was in a wedge shape. It was also near a resistance level. In the zoomed out view, price was ranging and was near the top of the trading range. Just above the ema, price formed a bear reversal bar followed by a bear bar. This could be a 3 bar bear reversal.

Order: Stop sell order
RR: less than 1
Result: 3 pips
Price hit the target on the entry bar and formed a single bar bear spike.

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  #112 (permalink)
Portland, USA
Experience: Intermediate
Platform: Ninjatrader
Trading: ZS
YertleTurtle's Avatar
Posts: 211 since May 2011
Thanks: 42 given, 356 received

A couple of thoughts - you can go broke scalping forex. Spreads are too high to be scalping 3 to 10 ticks. Also - there are only three kinds of trades, reversals, breakouts and pullbacks. If you know what kind of market you are in you can usually eliminate 2 out of the 3 types of trades. All the pattern recognition in the world won't make you any money if you don't know what type of market you are in.

Lastly - have you done any testing on any of these setups? If you actually want to have confidence when you trade you need to do some back testing. Find 30-50 examples of a descending triangle on the time frame and instrument you trade. Figure out how often they are successful, where the best point for entry is, where your stop should go etc. Armed with knowledge fear starts to dissolve.

Really lastly - David Weis likes to use the analogy of fishing when discussing trade location. If you are fishing in a lake you want to stick around the edge of the lake, not fish in the middle if you want to catch fish. It's the same with trading. Currently most of your entries are in the middle of the lake. It feels safe because you have some confirmation behind you but inherently the middle is where whipsawing happens. You might consider a better balance between price risk and information risk. If you get in earlier you risk is reduced, your stop can go above meaningful structure and your reward will be greater trading the same moves.

And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom

- Anais Nin
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  #113 (permalink)
West Java
Posts: 145 since Apr 2014
Thanks: 143 given, 123 received

[YertleTurtle ] A couple of thoughts - you can go broke scalping forex. Spreads are too high to be scalping 3 to 10 ticks.[/]

Not accurate, you can get very good spread + comms + slippage, with UK or Aussie brokers, my average EU spread is 0.1 pip, often can be seen at -0.3 during London trading hours, comms $5.50/RT/lot, slippage (non news trade) 0.1, ... much cheaper than 6E.

[YertleTurtle ] If you get in earlier you risk is reduced, your stop can go above meaningful structure and your reward will be greater trading the same moves.[/]

Agreed, but everything is a trade off, there is no perfect solution, if you can get earlier entry with small stop then your trade is more prone to a losing streak.

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  #114 (permalink)
New York
Experience: Intermediate
Platform: TOS
Trading: Emini ES
Posts: 19 since Jul 2017
Thanks: 11 given, 3 received

This is so helpful, THANKS!!!
mrBean888 View Post

The trade is a range fade setup

PA and Risk analysis

There are many overlapping bars with noticable tails and the bars are grinding downwards gradually. A bear channel can be drawn. As price is moving both ways within the weak bear channel, I look for opportunities to enter at both the high and low of the channel. I noticed a 3 bar reversal at the channel low and decided to enter based on 3 reasons:

1) Bear channel overshoot
2) 2 failed attempts to push price down. Bulls pushed price back up, forming lower tails
3) Price at lower channel line

The risk was within limits also.
Risk: 12 ticks Target: 11 ticks


I entered on an OCO stop buy order.

I experienced a roller coaster of emotions during the trade. Initially, price went up and I felt good. Price came to just 1 tick off the target and it stalled. It fell off a bit and went up again to 1 tick off the target. This repeated a few times. By this time, I was feeling anxious and was debating if I should drag the target limit lower.
I remembered my exit rules and left it alone. Price then fell back and reached the entry price. It fell again and went to the opposite situation, just 1 tick off the protective stop level. By this time, I was very frustrated and regretted not shifting the target limit down a bit. I went off the computer to get a drink.
Price then went back up again to the entry price. By this time, I just wanted to get out of the trade after going from feeling good to anxiety to frustration and regret and hope again.

Trade Management

I did not shift the target limit downwards as price came to within 1 tick of the limit. However, after seeing price come so close to both the target and the stop, I exited at market as price went back up to around break even. My emotions took control and I wanted to get out of a stressful situation without much rational thought.


I exited at the market around the entry price
Result: 4 ticks

On Review, pre-entry, price and risk analysis is good. I followed my rules. There was a good setup and more than 2 reasons to support the entry. The risk amount was also within limits. The entry was ok as well.
Emotion and trade management is no good and needs improvement. This is the 2nd time in a row where I exited prematurely only to see price hit the target. I have to stay firmer in following my exit rules.

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July 6, 2018

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