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

  #81 (permalink)
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24 - 28 feb 2014 - weekly review

Trades: 6
Wins: 3
Loses: 3
Net pips: 3

What did I not do well:
-> Did not enter based on a good signal bar
-> Drew only trend lines of the overall larger trend and did not draw channel lines for more recent price action
-> Underestimated the presence of a strong resistance line and the overall larger trend line

What I did well:
-> Analysed price action calmly
-> Had more than 2 reasons for each entry
-> Was patient in waiting for setups
-> Made timely entries

What I aim to work on
-> Enter only if there is a good signal bar (second time i made this mistake)
-> Pay attention to overall and recent trend lines and channels
-> Don't enter long near a strong resistance line and overall longer bear trend line

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  #82 (permalink)
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mrBean888 View Post
Trades: 6
Wins: 3
Loses: 3
Net pips: 3

What did I not do well:
-> Did not enter based on a good signal bar
-> Drew only trend lines of the overall larger trend and did not draw channel lines for more recent price action
-> Underestimated the presence of a strong resistance line and the overall larger trend line

What I did well:
-> Analysed price action calmly
-> Had more than 2 reasons for each entry
-> Was patient in waiting for setups
-> Made timely entries

What I aim to work on
-> Enter only if there is a good signal bar (second time i made this mistake)
-> Pay attention to overall and recent trend lines and channels
-> Don't enter long near a strong resistance line and overall longer bear trend line

Yes, Yes, Yes. Buy at Support and Sell at Resistance. I try not to go long at a resistance level, until price breaks it and then it becomes support. (Reverse for shorts).

Also you should mark and note S/R levels (remember they are more zones then fine lines.)

Good job and analyzing your actions, the first step to change is recognizing the issue.

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  #83 (permalink)
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3 march 2014 - symmetrical triangle, descending triangle (2 trades)


I made 2 trades the previous session. The net result was -2 pips.

Trade 1
When the chart is zoomed out, price was having lower highs and higher lows. A symmetrical triangle can be drawn. When I saw the chart, price was at the support level of the triangle. A bull inside bar had formed and i placed a buy order at 1 pip above the bull inside bar high.

I entered using a stop buy order with the entry 1 pip above the signal bar high. The stop was placed at the prior triangle low and the target was placed at the triangle high. RR is 2.

My trade management was alright. I did not interfere with the trade and felt calm while in the trade even though it was a losing one. Result is -12 pips. Duration is 6 bars.

Trade 2
I looked at another zoomed out chart and saw that price was in a long trading range with the same lows and lower highs. A descending triangle could be forming. It was not a textbook looking descending triangle but clear resistance and support lines can be drawn. Price had a small breakout from the resistance line but fell back and closed below the resistance line. It was also a possible double top. A series of flat bear dojis followed. I looked for a possible fall back to the support level.

I entered using a stop sell order. The entry was 1 pip below the higher prior low. The stop was placed at the high of the lower pivot high. The target was placed at the support level. RR is 1.

Trade management was ok. Price was violatile during the entry bar and intially went against the trade. However, i held on because the price was not close to the stop yet. I also did not interfere with the trade. It was the right decision as price went down 2 bars later and hit the target.
Result is 10 pips.

Emotionally, on both trades, I was calm overall when analysing price action and managing the trade. However, after the second trade, i was tempted to put in another trade to at least end breakeven for the session. Actually, i put in a 3rd trade and it did go 2 pips in the green but i exited at BE. Reasons for exiting were that it was lunch time and trading was slow, my motivation for entry was primarily due to wanting to gain more pips even though the price action made sense and i was tired and should be going to bed soon.

On review, for the first trade, i did not look at the details clearly enough. When price hit the support level, there was a strong bull bar up followed by 3 bears bars down. This formed a lower high which i missed. After i entered long, price formed another lower high before breaking downwards.

I also thought about how to reduce risk. 1 to-do action is to set the stop at 1 pip beyond the signal bar except for flag or triangle breakouts. This applies especially to pullbacks and support/resistance trades. The second is to continue to monitor the trade and to exit the trade when it is losing and nearing the stop. My recent losses hit thier stops and i could have reduced the losses by manually exiting before the stop is hit.

Attached Thumbnails
YM day trading with price action - My Journey-triangle_zoom-out.png   YM day trading with price action - My Journey-trade1.png   YM day trading with price action - My Journey-descending-triangle_zoom-out.png   YM day trading with price action - My Journey-trade2.png  
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  #84 (permalink)
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5 mar 2014 - bear wedge

I did not do well this trading session. Instead of taking 1 trade and having it hit the target, i took 2 trades and ended up negative.

Trade 1
Price looked to be in an uptrend and is mostly above the ema. A wedge shape can be drawn and price started to turn flat and lose momentum at the top. However, price has been in an upmove and i waited for a break of the wedge before deciding what to do. Price had a steep bear bar which broke through the wedge and ema. I looked for a short after the bar closed

My entry was poor. I entered on a sell market order but entered the order details too slowly. By the time i finished entering the order details, price was some distance below the low of the signal bar. Nonetheless, i did not want to miss an opportunity and entered the trade. I got in at a lousier price than preferred. RR is 2.

My trade management was poor too. I regretted entering the order slowly and getting in at a poor price and it affected my emotions. After seeing price stall in the entry bar, i lost confidence in the trade even more. When the next bar was a bull bar, i gave in to my fears and exited manually at a loss, thinking that price would hit the stop and it was a lousy trade anyway.

Result is -6 pips. In the end, the stop was not hit and price went down and hit the original target.

Trade 2
Price had a sideways move and a ii pattern below the ema. This could be a bear flag after the steep bear bar down. A bear reversal bar with its high off the ema formed and i looked for a short below the flag and the bear reversal bar.

I entered on a market sell order. This time, i sent the order in a timely manner. The target was placed at the flag high and the target was placed at the low of a prior low. RR is 1.

My trade management was poor. I was affected by the mistakes of the first trade and was not confident in this trade too. After seeing a small bull bar, i imagined the worst and decided to exit because i was afraid of taking another loss.

Result is 1 pip.

Emotionally, i was not in a good state. I made a mistake of entering late and did not recover from it. I made more mistakes and felt worse each time. My main problem was the fear of taking a loss and led to potentially winning trades becoming a loss or breakeven.

On reflection, my problem is in terms of execution. I need to pay attention and improve my trade execution. One thing to be serious and quick when entering the order and send the order in a timely manner. If i miss the entry by a lot, just forget it. I should not rush to chase the price.
The next thing is to not get affected by price movements. I had already cut off trades with a loss which ended up as winners had i stayed on several times. To prevent this from happening, i will set the stop and targets then go away from the computer and let the trade do its thing. I decided to stop the practise of manually exiting potentially losing trades. The trades' RR has to be 1 or better.

I have decided to stop trading for this week, review my past weekly reviews, internalize the to-do lists and come up with a checklist which i will paste on my laptop. I need to focus on execution and emotions, which have been my weakness so far.

Attached Thumbnails
YM day trading with price action - My Journey-wedge-trade.png   YM day trading with price action - My Journey-tickets.png  
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  #85 (permalink)
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3 - 7 mar 2014 - weekly review

Trades: 4
Wins: 1
BE: 1
Losses: 2
Net pips: -7

What i did not do well:
-> Cut short trades which turned out to be winners eventually
-> Did not pay enough attention to detail when analysing a triangle setup
-> Chased the price after i had missed the entry point

What i did well:
-> Analysed price action calmly
-> Took note of support/resistance, channel and trend lines when analysing price action

What i aim to work on:
-> Be fast when placing orders
-> Let it go if price moves too far beyond the entry point. Don't chase the price
-> Go away from the computer after entering the trade. Let the trade do its thing
-> Write a trading checklist on trade execution, print it and paste it on my laptop

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  #86 (permalink)
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10 mar 2014 - bear channel top

On the zoomed out chart, price had a bear downswing, a long sideways move then a bear channel. Price was overall down.
Price was in a bear channel, had lower highs and lows and was mostly below the ema. Price formed a higher low within the channel and bounced up to the channel top. Then there was a small TTR at the channel top. There was a L1 then L2 bear bar within the TTR. With price at the channel top and below the ema, i looked for a short. Even though there was a higher low within the channel, price may go down and the TTR was not bullish too.

I entered on a stop sell order. The entry was 1 pip below the signal bar. The stop was placed at the TTR high and the target was placed at the prior low. RR is slightly more than 1.

Trade management was ok. I left the chart after entering the trade. Since there was a stop and target in place, i did not worry so much about the outcome.
Eventually, price formed a higher low, went up to hit the stop and immediately went down to reach the original target. Result is -8 pips.

Emotionally, i was calm when analysing price action, placing the order and while in the trade.

Attached Thumbnails
YM day trading with price action - My Journey-channel_zoom-out.png   YM day trading with price action - My Journey-trade.png  
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13 mar 2014 - pullback in a bear trend

Was the setup familiar? Yes

When i looked at the chart, price was having lower highs and lows and was below the ema. Earlier on, there was a break of a major bull trend line after a bull spike and channel. With price in a downtrend, i looked for a short setup. It came when a L2 bar occured after a bearish L1 bar which had its high fall off the ema.

Was the signal bar a good one? Yes

The signal bars were a bearish L1 and a bear bar followed by the L2 entry bar

Was the entry timely? Yes

I placed a stop sell order at 1 pip below the prior bar and got in at the intended price.

Was the RR 1 or more? No

The distance to the stop was bigger than the distance to the target. The stop was placed at the high of the L1 bar while the target was placed at the channel low. The main reason why i did not place a larger target was a lack of confidence in the trade. I was in a small slump recently.

Did i manage the trade well? It was mixed

Price evolved into a TTR. The TTR remained below the ema and the chances are that there will be a downward breakout. However, i lost my confidence and nerve as the trade went on without follow through in either direction. I decided to manually exit when price was nearing the TTR low.
Result is 1 pip.

After i exited, the next bar had a bear breakout.

Were my thoughts clear and emotions stable? Yes

Attached Thumbnails
YM day trading with price action - My Journey-bear-pullback.png   YM day trading with price action - My Journey-tickets1.png  
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18 mar 2014 - bull channel and bear wedge

Was the setup familiar? Somewhat

Price had a big up and big down. A small bull channel cum wedge followed. Price reached the ema from below and there were 3 pushes up within the wedge. The big down was very bearish and with a wedge and weak bull channel forming at the ema, I looked for a sell setup.

Was the signal bar a good one? Yes

The signal bar was a bear bar at the channel low. It closed below the channel and the low of the bar before it.

Was the entry timely? Yes

I entered on a market sell order and when price went below the low of the signal bar, i sent the order.

Was RR one or better? Yes

RR was 1. I placed the target a prior low which was also the start of the wedge and bull channel (first target, according to Brooks). The stop was placed at a prior high of the bull channel.

Did I manage the trade well? Yes

I jotted down the price action of the entry bar and made observations. I left the stop and target levels alone and let the trade do its thing.
Result is 6 pips.

After hitting the target, price continued its breakout and found support at a major support level

Were my thoughts clear and emotions stable? Yes

Attached Thumbnails
YM day trading with price action - My Journey-wedge-breakout.png   YM day trading with price action - My Journey-tickets.png  
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21 mar 14 - buy climax pullback

Was the setup familiar? Somewhat

Price was moving up from a lower low and had a 3 legged upmove near to the major resistance level. Price fell off and had a TTR, including a failed bear breakout of the TTR. A strong bull breakout of the resistance level followed and there was further bull follow through. By then, price was way above the ema, had 3 pushes up and was at the top of a steep upmove. I looked for a potential pullback down.

Was the signal bar good? Yes

At the top, price formed a bear reversal bar.

Was the entry timely? Yes

I entered using a sell market order and got in when price fell below the signal bar low.

Was RR > 1? No

It was slightly less than 1. The stop was placed at the high of the signal bar and the target was placed at the resistance turned support level. I placed the target there because price broke out decisively and had follow through from the major resistance level and price could have a breakout pullback rather than a breakout failure.

Was trade management good? It was mixed

It was ok. I manually exited the trade because price reached just 1 pip off the target and was unable to go further despite 2 attempts. I decided to exit because it was likely to become a support level and price could bounce back after the test of the breakout level. On one hand, i interfered in the trade. On the other, it turned out to be the correct decision because price turned up and would have hit the stop.
Result is 3 pips.

Were my thoughts clear and emotions steady? Yes

Attached Thumbnails
YM day trading with price action - My Journey-buy-climax.png   YM day trading with price action - My Journey-tickets.png  
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21 mar 14 - bull channel


Was the setup familiar? Somewhat

Price was in a large bull channel with 2 sided trading. From the zoomed out view, price had a large steep drop, a sideways move then this bull channel, which could be a bear flag. Price was falling from the channel top. The top had a mini double top and a second entry short. There were also 2 bear bars down already. I looked for a sell entry for a fall back to the channel low.

Was there a good signal bar? Yes

The signal bar was a bear bar which closed at its low.

Was the entry timely? Mixed

When the signal bar closed, i was still halfway entering the order. I managed to get in as the entry bar started to form but got in a couple of pips lower than the intended price.

Was RR > 1? Yes, RR is 1.

Was trade management good? Mixed

Price soon went against the trade and was closing in on the stop. I manually exited. The decision turned out to be half correct because price went on to hit the original stop and went a bit up. However, it eventually went down and hit the original target.
Result is -7 pips

Was my thoughts clear and emotions stable? Yes

Despite price hitting the stop level and then going in the intended direction, I probably would still stick to placing the stop 1 pip beyond the signal bar. Will observe and see if the distance is appropriate in the longer term.

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YM day trading with price action - My Journey-fall-bull-channel.png   YM day trading with price action - My Journey-tickets1.png  
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