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I've decided that I need to step up my analysis game. In addition to reviewing all of my trades, I'm going to analyze every trade opportunity for the stocks I traded for the entire day. I think this will help me learn and identify high probability patterns. I'll be posting this extra analysis here in my journal.
Can you help answer these questions from other members on NexusFi?
I entered two trades about an hour before market close on two stocks that had a long steady uptrend. Almost as soon as I entered the trades the uptrend lost momentum and the trades went against me. This can be seen in the last two charts below. Is it common for uptrends to lose steam like this towards the end of the day?
Today's notes:
Set stop loss
Improve scale in strategy.
Don't enter with strong downward MA Resistance on multiple time frames
Be careful trend chasing at end of day?
@VinceField , I just stumbled on your journal and I'm enjoying reading it. I do not discretionarily trade so I do not have a lot to offer in the way of suggestions.
I noticed you are in Coronel Vivida....my wife was raised in Francisco Beltrão, so she said to say hi.
I do not day trade equities, but I am guessing day traders offload their positions at the time you are entering. They may be taking profits, or just dumping their flat positions. I would take a look at volume around those times and maybe apply an indicator like ADX to provide some insight.
Today I seemed to arrive late to the party in almost every trade.
Today's notes:
Be careful entering when slow stochastic is overbought?
Failed 2nd breakout from flat top rising wedge (bearish indication?)
5 EMA pullbacks before entrance (exhausted?)
