If I could make the adjustment, i would as that would be a good spot to close the trade out, but I'm sticking with my original trade target to keep the ratios in check.
When I look back at why I entered this trade, the 240m had 2 piercing trend lines and I just used the 60m as an entry using Candlestick math, but I did not wait for a close so I used an aggressive entry.
The good thing about this trade was I did not put too much mechanical thought into the trade as I looked at a few things that got my attention, had an idea of where I wanted to enter a previous trade and when the market got up to the trigger price, I waited and then got long and already knew where my stop was at where my target would be.
Wow, what a rally into the close. Didn't see this coming as I only had a 1 lot on so I could not participate in the rest of the move but happy with what I accomplished today.
1:1.8 Risk to Reward not a bad ratio.
My exit target in some ways was pulled out of thin air as I had multiple targets using EoS, R-Zone, SL's. Its interesting how I pieced together that trade, didn't think much of the reasons, as it was a Trend Line Pierce, followed by that 15m emotional candle that got my attention.
Now I need to re-watch Space concepts lectures as I failed my quiz by 1 right answer. Don't know if Daphne calling me when I was doing the quiz had anything to do with it.
A cleaner version of the charts minus the significant levels, though I think I should have the ones I was looking at that played a factor in the trade, but man, it can get confusing again if I do it.
I used Candlestick math for the 2 red and 1 green candles at the swing low on the 60m chart.
Site Administrator Swing Trader Data Scientist & DevOps
Manta, Ecuador
Experience: Advanced
Platform: Custom solution
Trading: Futures & Crypto
Posts: 50,094 since Jun 2009
Thanks: 32,558 given,
98,593
received
So what have you learned?
Perhaps that if an order is a mistake, you should close the trade immediately upon learning it was a mistake. If you have no reason to be in the trade, why are you in the trade?
Looks like when I got to the computer and posted my first journal entry, was when the R-Zone rotation entry happened so I was not in a position to calculate R:R.
Ok, got my risk and target in place and waiting for the trade to trigger.
Stop is below low of day, T1 is in the 50 area, mainly targeting 51. If trade triggers around 30, the trade is on, if not, will have to see if there is a rotation back into the LTF R-Zone
I should also work out a rotation trade back into the R-Zone for the HTF's.
Today I applied more knowledge and it appears that I am comprehending the concepts and trade setup rules.
At first, the 10 steps for a trend line trade seemed like a lot, but once I did the steps in order as I should, the steps are really not that much as I was already doing R:R calculations before, now I just have more factors to consider when finding a stop with SL's and what not.
today, 2 trade setups with correct R:R, 1 I missed cause of work, 2, the other did not get fill cause I adjusted my entry to have a better R:R ratio rather than entering on the close of the Trend line going into space.
Though in hindsight with the HTF R-Zone all pointing in the same direction of the trade, maybe using the break and close of the trend line is the way to do, but when trading back into the R-Zone, using the KTTG entry method is the way to go.
[10:18 am] I did not have Dp's, EoS T1's marked before price reached it, it was when it reached it, then I started to draw them and then realized, its too late, cause this is info I need before I am in a trade or before the market may reach it, seeing how the market is chopping on the 5m, there are "reasons" now
Do not see anything setting up right now of the few trade setups I've learned so far.
Note: it's interesting to see when I made this entry as there was an Inside bar on the 15m and an R-Zone entry off the 5m. I just did not see it at the time cause of the lack of focus. The price action after the 5m window was also really slow and that also played a factor in my focus.
Need to remember not to take trend line trades when the R-Zone is in the way, it was nothing more than a pullback but at the time.
Note: Completely did not trade this move correctly. Did not remember the "8 EMA pushing the price" concept on the HTF's. and the 3 rotations back into the R-Zone concept. The correct trend lines to be drawn would be Trade Trend Lines to enter off the 5m in direction of the over all HTF trend. That white trend line was incorrectly drawn. There were no rotations back into the R-Zone from HTF's so entering off the rotation of LTF's on rotation.
Not having all the T1's marked as there were some levels after the fact were both T1's and SL's that could have been used today to lean on.
One level is the 3.787, which was a DP T1 and SL on the 240.
On the 15m, it had penetrated with an emotional candle, closed above and was unable to close below.
That inside bar, along side the 5m R-Zone, could have been a good entry with a stop below or below the 21 EMA at the time of entry for R:R calculation. T1 would have been 3.821
If my math is correct
Entry 3.795
Stop 3.765
T1 3.821
Reward would have been 0.86R so the trade would have been passed had I seen it at the time which I did not.
Need to also note, I was actively chatting in CTD OH today so the focus was not there when it should have.
Been super busy with work, first day back since last thursday to trade.
I've gone back to the chart setups when I was doing well prior to CTD.
Long off the 55t chart with the 5m and its EMA's about to cross over. Stop was below swing low and below a level ending in 5.
55t had a series of higher lows. Was aware trading into a HTF RZone.
Came within 1 tick of getting stopped out. I did not have any SL's marked so this level was pulled from my ass as the SL's cluttered my charts before and I could not see price action.
I readjusted my T1 to EoS on the DOM as there was a pocket of thin volume. Something I will have on my checklist besides using charts to find targets.
I had to tend to E. when he woke up from his nap, but area marked with the box was a trade I was looking for as the 60m RZone was holding and I had a Trade Trendline drawn on the 55t along with a key level if price closed below.
I was redrawing the trendline for the 55t and I remembered the concept of the trendline closer to horizontal, the weaker it is and it could be transitioning from trend to consolidation.
Overall, the trade I was looking for based on specific rules was the trade I missed today, but its giving me confidence I'm back on track after experiencing a series of losing days from concepts I did not understand or know how to apply them.
Good pop higher, then back down, not looking good. KTTG?
Break further lower, really not looking good with redraw and new DP for a short entry, but stop is just below short entry. I had thoughts about reducing my risk by moving the stop up for this reason, but held firm with my original stop.
Redraw with new DP.
Another redraw and new DP with lower swing high. Really not looking good.
Stopped out. Its looking. All this time while in this long trade, the 240m, price action was inside the R-Zone so, it was an uphill trade from the get go even though upon entry, the 60m appeared to be turning up.
The 15m and its R-Zone was rolling over and when the trend line short entry triggered, the 15m R-Zone was crossing to the down side.
Price action had already traded to 75% of T1 so any second chance entry short order was pulled.
T1 hit, T2 of EoS and LP target area would have been filled.
One down trend line was removed as the redraw would have been very close to TL2. Also this is where I added an uptrend line for a short entry.
THe R:R using that up trend trade trend line was not acceptable as T1 was low of day acting as support. I passed on the short trade for that reason and when I recognized it had turned into a horizontal setup up, I entered a short on the break down by 1 tick.
While I was in the short, I realized my first trade, I took 20 ticks risk, so I should have taken this horizontal short setup with a 2 lot. I added to my position as price action went higher back near my entry. I was either gonna get stopped out or T1 hit. I went to the pool with the family and came back to find out I was still in the trade. Chart below. I manually closed out the trades one leg at a time before the 1610hr deadline to break even for the day.
Starting next week, I'm gonna continue to trade the way I was before CTD with the concepts I've learning using the trade trend lines drawn on the tick chart for entries and stop placement.
Trying to stream line my journal entries by having fewer but more details on the charts.
Using Snagit to edit seems to be the way to go.
My question I sent to CTD OH is correct stop placement without a SL. We'll see what they have to say as this trade was profitable for T1 and T2 would have been filled as well.
I made many mistakes today but I was also preoccupied with asking other CTD students about what they are thinking about the questions and how they are phrased.
I need to study more again and then pass the damn quiz, and then make up a crude check list so I have at least a minor road map to keep me on course.
