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Sorry, I sometimes get all professorial explaining stuff. I should have realized you would know about this, and you just didn't expect the amount. I'm never totally surprised what the market does, but yeah, a couple of ticks seems a little high. Maybe it's because it's in the micros. (?) Good question; we'll find out about that soon, if there's more of this in MES.
I noticed you were looking at the Volume Ladder (Foot Print) chart when you analyzed your stop slippage.
One thing that jumped out at me was "Why?" were you trying to go Long right there?
I realize it is very easy for "others" to critique what you've done based on a single screenshot that shows your entry and exit on a losing trade so don't take umbrage at my comments, but I wanted to point out what I saw when I looked at the screenshot you attached.
It's just a few things to look for as you continue on your journey.
Hopefully you'll find the comments on your screenshot helpful.
Trade well,
R.I.P. John Bottomley (Botts), 1956-2022.
Please visit this thread for more information.
Good question. In hindsight, it was certainly a stupid trade. I had a bull bias on a technical level (I use weekly and daily LVNs to determine "potentially good entry prices") and figured the ~3000 LVN would hold up. As soon as I saw a relatively big buyer come in at ~3001, I was ready to back my plan. I upload pre-open analyses almost every morning, so reading that should give you some perspective on where my mind was at at the time. Funnily enough, I even stated that I needed to be cautious going long today: I knew it might have been a bad idea in the first place. As soon as I saw what I perceived to be bullishness in the footprint near my best bull entry price, I had to take the trade (or so I thought).
Put simply- I haven't made this mistake in awhile- I wasn't being objective or impartial in my read.
I really appreciate the feedback by the way, thank you @TopGunNote
I was on camera while trading today.. It's very interesting and revealing to see how I react while in a trade. The moment I took my headphones off, I knew I made a bad decision:
As mentioned in the videos description, don't mind the lack of commentary and the other stuff. I was just being myself in this video and didn't feel like speaking.
"The daily chart is much less clear to me directionally. I can imagine both sentiments playing out.. Other than that, I think what happens at LVN 2972 is very important. It has been tested from the upside in the daily chart 4 times and has held- so this level is definitely a point of interest for me. Also, the 2972 level serves as a base for the current double top pattern. The next important level down is LVN ~2962, and that price level could also be a base for a taller/deeper double top pattern. [I didn't note the LVN 2987.50 at the time, but I soon discovered it was an important level too]
Potentially good buy locations: 2976, 2974.50, 2972, 2962.75
Potentially good sell locations: 2982, 2984, 2985, 2985.50, 2987.50
I'm assuming the daily chart is in a range, which means both sides can be traded.
The big questions:
What happens at LVN 2972?
What happens at LVN 2987.50?.."
So, out of the gate this morning there was responsive activity around LVN 2987.50. 10 minutes after the open, price was bought up to 2986 and it sold off to bounce off of 2981, to then re-approach the LVN. When we got there, delta was mixed, yet there were both infrequent big buyers and sellers off-setting each other. We went into a range afterwards, hovering near that high-point for a bit. At this point, I established that it would be wise to go short at 2987.50 given the activity in the OrderFlow. I was just waiting for price to get there, and thought it might not because of the pre-mature selling earlier in the day at prices like 2986. Anyways, price did finally hit that level, and I tried to enter at 2987.25 to get an earlier entry and ended up getting filled at 2987. Price initially was responsive, but big buyers came in and wiped me out for a 2.25 point loss (tick of slippage):
I need to start waiting longer to responsively enter after an LVN of interest has been breached.
What I did well today:
- (most important thing) I remained objective in my pre-open analysis and during my trading.
- My pre-open analysis was accurate (price went in my direction), I just entered too early.
- I executed without hesitation.
- I didn't bail out of the trade.
What I did poorly today:
- Not much I can think of, I simply need to hold out for better prices and wait for an LVN break in order to enter.
What do I do now:
- I should practice execution after LVN breaks in SIM.
Thank you @snax! Yeah I think it's a vital part of execution and entering, and it's great that you're getting into it.
It's really no big deal- it was for a couple minutes after the loss, but these trades are always shrugged off. As long as I keep fixing my mistakes, I'll be fine. This is quite the learning process after all.
Well the very first key that enabled me to take the trade was that price reached an area of interest (LVN) in the higher timeframes: the daily and the 15-30 minute charts, and it had tested the LVN already earlier in the day (and even 10 minutes after the open). This was a great sign on a macro level/technically. Also, I noticed that every time price reached ~2987, a big seller would come in and bring it down. There was that, and later on right before I entered the trade, buying was certainly weak at those higher prices until the LVN was breached on relatively inordinate buy volume.
Simplified keys:
- Price reached a weekly/daily LVN, these are areas of interest everyone can see with volume profile.
- Price tested the LVN once before today and bounced off of it, visible through the 30 min. chart.
- The OrderFlow revealed counter-strength and exhaustion around the LVN throughout the day.
- The OrderFlow shows exhaustion or absorption in the moment (this is what I need to work on- I get too caught up in entering at a level without interpreting the action going on there; mostly out of FOMO)
This was a good trade. Had I been more adamant about fighting for price (reading the OrderFlow), I would've been up on the day. I know what I'm working on today!
You know, my intention with having that stop sound file was to make me laugh after a loss, but it doesn't work. I like it and will keep it anyways. As for the profit target sound file.. It's effective.
Yeah I think it's a vital part of execution and entering, and it's great that you're getting into it. 
