Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
Trade 1 (BO, short): - 2,0 points
Reasons for taking the trade:
- Strong momentum and high relative volume so possible trend day
- BO below support
- strong BO, 3 consecutive 1 min BO bars
Comment: Not OK entry since it was a short into confluence of support levels, 60 min EMA20 and major bull channel TL. I didn't see this since I forgot to check the 30 min chart before entry. This is the second time in a few day I have made this misstake.
Trade 2 (BoPb, short): +0,5 points
Reasons for taking the trade:
- PB to S/R-level after strong bear move
- DT bear flag (= 2nd entry)
- BO below VWAP
- Possible MM down
Comment: Ok entry plan. Trade was unattended after entry.
Hindsight Thoughts
Why didn't I manage to enter during the first 30 minutes today? There were two good opportunities: Bar 1 (bear bar at resistance and major TR high) and bar 6 (BoPb short, strong bear signal bar, 2nd entry short 1 tick below bar 1, failed bull BO). It's obvious that the first 30 minutes offer the best opportunity mesaured as Reward-Risk. A stop order 1 tick off a decent signal bar at HoD/LoD with a 2 point SL has a likely a great expectancy.
Comment: OK entry plan, but risk was somewhat high since I'm only trading 1 lot. If I would have traded 2 lots I could have keept my usual risk by cutting position size to 1 lot.
Trade 2: (BoPb, short): -2,0 points
Reasons for taking the trade:
- PB at support
- MM target below (based on first bear leg)
- BO of bear flag
Comment: The misstake here was to enter on a BO of the bear flag. I did this because the required SL to the high of the flag was about 5 points which was to high for an aceptable RR-Ratio. The better option would have been to enter on a good bear signal bar with a fixed 2 point SL and hope that it wont get hit.
Trade 3: (BoPb, short): 0,0 points
Reasons for taking the trade:
- PB at support
- MM target below (based on first bear leg)
- Strong signal bar (bear reversal bar)
Comment: OK entry plan. But management was bad since I gave back 6 points. That was only 2 tick off target. MM-targets are usually respected and the BO was strong so I expected at least another small push down but it didn't came.
Hindsight Thoughts
Not a good day for me. I stopped trading after 2 losing and 1 BE trade . Several misstakes. But what bothers me most is that I didn't recognisze this as a trend day before I left the screen. The signs were there, relative volume > 100%, high volatility, consecutive closes below VWAP - 2 SD, big bodies small tails.
News Before opening:
Jobless Claims (positive)
Philadelphia Fed Business Outlook Survey (positive)
After opening:
No important news
Sentiment (GMT +1: 15:00 / EST: 9:00 AM)
Europe: down
Asia: neutral/down
Oil: down
Gold: neutral
Bonds: neutral
Sentiment is down, but this may be because of YD:s bear day in ES.
Higher TF charts and ON Daily chart: YD was a huge bear bar down from ATH and DT with May 8. Market closed the gap of the weekly chart and did also close below 50 days SMA. The question is if we will get FT today?
120 min. chart (ETH): BO below major TR. Possible LL MTR after YD bear trend.
30 min. chart (ETH): BO below sideways TR. Possible LL MTR after YD bear trend.
You are absolutely right. I have not included the over night session in my sentiment so far. But I have done a study and concluded that ON actually is a rather good predictor for the RTH session.
Trade 1(S/R-O, long): -3,0 points
Reasons for taking the trade:
- Strong signal bar at support
- High relative volume
- Possible LL MTR after YD bear trend
- Possible LoD
Comment: OK entry plan, although my SL was not sufficient for this trade to work this time.
Trade 2(BO, long): +2,75 points
Reasons for taking the trade:
- Strong BO above current session range
- Consecutive BO bars on 1 min chart
- 2nd entry long after bar 1
- Sufficient room to resistance (4 points)
- High relative volume
Comment: OK entry plan. Not ok exit management since I should have exited one bar after the strong bear reversal bar at 16.45 (GMT +1). I gave back 1,5 point mote than I should have.
Hindsight Thoughts
I did miss the good short at 17.30 (GMT+1). Although I was anticipating this move down for over 30 min I did not enter beacuse the signal bar was just above the S/R-level. I faced the same situation yesterday and chose to enter on the BO just below the S/R-level and was then stopped out.
Higher TF charts and ON Daily chart: YD was a bull reversal bar with big tails. This is may be a bear flag after Wednesdays huge bear trend bar. The MM target below (based on that bear trend bar) is confluencing with the daily SMA 100.
Trade 1(BO, long): 0,0 points
Reasons for taking the trade:
- Consecutive BO bars on 5 min chart and 1 min chart
- BO above S/R and no resistance above
- High relative volume and possible trend day
Trade Plan:
SL (below support): 2,0 points
Target (MM based on YD big bull spike): 8 points
RR-Ratio: 4
Comment: OK entry plan. SL moved to BE and hit to the tick.
Trade 2 (BoPb, long): -2,25 points
Reasons for taking the trade:
- PB to support after strong bull leg
- High relative volume and possible trend day
- MM target above
- Small DB
- signal bar (doji reversal bar + small bull trend bar)
Trade Plan:
SL (2 ticks below DB): 2,25 points
Target (MM based on YD big bull spike): 6 points
RR-Ratio: 2,6
Comment: Looked lika an OK entry plan, but was a trap.. SL hit to the tick on the bar after the DB was formed. The DB was actually only a HL. This was my first attempt to pyramide my position. Trade 1 was a risk free trade with the SL at BE and I added a second contract on a PB.
Trade 3 (BoPb, long): +1,75 points
Reasons for taking the trade:
- PB to support after strong bull leg
- High relative volume and possible trend day
- MM target above
- signal bar (small BO bar)
- 2nd entry after trap
Trade Plan:
SL (2 ticks below DB): 2,0 points
Target (MM based on YD big bull spike): 5,75 points
RR-Ratio: 2,8
Comment: OK entry plan. Trade was unattended and managed automtacically by an ATM strategy.
