YM day trading with price action - My Journey - Trading Journals | futures io social day trading
futures io futures trading

YM day trading with price action - My Journey
Updated: Views / Replies:12,925 / 113
Created: by mrBean888 Attachments:114

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 100,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors Ė all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you donít need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Thread Tools Search this Thread

YM day trading with price action - My Journey

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

19 may 14 - wedge, sell, 3 pips

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.

Attached Thumbnails
YM day trading with price action - My Journey-2014-05-19_entry_exit.png   YM day trading with price action - My Journey-2014-05-19_zoomed-out.png  
Reply With Quote
  #112 (permalink)
Elite Member
Portland, USA
Futures Experience: Intermediate
Platform: Ninjatrader
Favorite Futures: ZS
YertleTurtle's Avatar
Posts: 210 since May 2011
Thanks: 41 given, 351 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

Last edited by YertleTurtle; June 3rd, 2014 at 12:07 AM.
Reply With Quote
  #113 (permalink)
Trading for Fun
West Java
Futures Experience: None
Platform: MotiveWave
Favorite Futures: AAPL, Bund, FX
Posts: 145 since Apr 2014
Thanks: 143 given, 122 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.

Last edited by Thxo; June 6th, 2014 at 12:31 PM.
Reply With Quote
  #114 (permalink)
Elite Member
New York
Futures Experience: Intermediate
Platform: TOS
Favorite Futures: Emini ES
Posts: 12 since Jul 2017
Thanks: 1 given, 0 received

This is so helpful, THANKS!!!
mrBean888 View Post
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

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.

Reply With Quote


futures io > > > YM day trading with price action - My Journey

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

Fundraiser: Feeding Families in Need (ends Dec 17)


Battlestations! Show us your trading desks w/GFF Brokers ($750 in Prizes)


An Afternoon With Morad Askar (aka FuturesTrader71)

Elite only

TBA w/Brett Steenbarger

Elite only

Traders Tax Advice w/Ryan Curran CPA

Elite only

Black Swan Events w/Adam Grimes

Elite only

Similar Threads
Thread Thread Starter Forum Replies Last Post
The 22 Days: A Price Action Trader shares his Journey iqgod Trading Journals 152 May 13th, 2014 09:29 AM
Price Action Trading Journal RambleDog Trading Journals 4 January 4th, 2012 01:34 AM
Scalping ES with price action trading Southbay Emini Index Futures Trading 42 September 11th, 2011 01:10 AM
Learning price action - how long, how many hours per day, how many pips Adamus Currency Futures 34 May 15th, 2011 02:49 PM
Trading Price Action cbratton The Elite Circle 14 November 17th, 2009 04:07 AM

2nd entry, ats, average, backtest, backtesting, breakout, breakouts, chart patterns, chat, day trade, day trading, doji, double bottom, double top, dow, ema, es, forex, futures, indicator, indicators, information, intra bar, journal, money management, new high, orders, patterns, pivots, price action, profitable, real time, resistance, revenge trading, reversals, reverse, review, reviews, reward, risk management, risk-reward, s/r, second entry, signal, stock market, stop loss, swing, switch, trade entry, trade management, trade plan, trading, trading plan, trend, trendline, trendlines, trends, win rate

All times are GMT -4. The time now is 05:33 PM. (this page content is cached, log in for real-time version)

Copyright © 2018 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432 WhatsApp Business, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2018-12-18 in 0.12 seconds with 15 queries on phoenix