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Second day in a row that I gave back gains. What are you gonna do? Can’t have a big day without continuing to trade. Not sure if everyone is experiencing this, but except for select moments, I have found the trading the past few days difficult. The first part of the morning was decent, and during the 7 minutes after the oil report was decent. After that it was a slow grind up. Pinpoint timing and wide stops required.
Still at only 50% to +1R, and 13% to +2R or more. However, I still feel pretty good about things considering what I think are difficult trading conditions. Others may be killing it, but not my method. Very little follow through happening for my risk parameters. I am still having trouble determining when the conditions start to get tough. It is not until after several attempts (often losses) that it becomes apparent.
All in all, still feeling decent about how things are going. The up call in the blueprint was good, though the market went farther than I expected. I am limiting the damage in hard times. If I can just maintain this more open trading attitude and keep doing what I am doing, I know a time will come when everything works.
...but I couldn’t get in the rhythm. Had trouble finding spots early and as the day wore on I became more reluctant to enter. Only good news is I made a little.
Pre-drawn levels based on findings in footprint worked nicely today on retracements. Previous large nodes of support became resistance and vice versa.
Currently in a zone of about 60 ticks. Took one trade trying to fade an established S/R level. Price had bounced off it many times before, but this time blew right through it.
To the upside: the year's high looms above. Price could not break through yesterday. There are some areas along the way that need testing. Look for clear signs that price is going after them and perhaps looking to break above the year's high.
To the downside: The inventory break out area from Monday needs testing. A break and hold Below 45.60 would be a sign price was going after this area.
Only about 50% of my trades move any reasonable distance in my favor, which makes it hard to take, and hold trades. Sometimes it feels one step forward and two steps back. $100 winning days, $200 losing days. Days like yesterday were opportunities to do better. Oh well.
I am trying hard to increase my percentage of good trades but haven't yet found the formula.
