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I've removed SMA50 and added ORB (Opening Range Bar) in order to have additional point of reference throughout the session (besides Pivot Points).
The ORB on my chart is shown as two yellow horizontal lines drawn from the high and the low of first M1 bar of the US session (15:30 GMT+1).
It comes from a book "Pivots, Patterns, and Intraday Swing Trades. Derivatives Analysis with the E-mini and Russell Futures Contracts" by M. William Scheier.
It is used as potential support/resistance level.
I've also removed TTM_Squeeze indicator, because it erased the objects I've drawn in MT4 chart every time I switched timeframes. I still look at it, but on MT5 demo account.
Today I've made 3 trades.
Trade#23
Instrument: FUS100
SHORT
Open: 18:25 at 13674,00
Close: 18:30 at 13663,10
P/L: +10,90 points
Entry: after almost 3 hours of consolidation around ORB there was a breakdown which I entered after second red bar with volume spike.
Here I saw the volume spike. TTM_Squezze also signals the break (confirmation).
It appears as first grey dot after series of blue ones (on the bottom).
There's also momentum pointing down.
Breakdown Trade#23
Exit: my initial target was 17643,00 (30 points), but didn't manage to keep the position as price moved up after going just past pivot point
Exit Trade #23
That's weak discipline on my side. Needs work.
Trade#24
Instrument: FUS100
LONG
Open: 18:49 at 13664,98
Close: 19:05 at 13679,78
P/L: +14,80 points
Entry: I had twofold indication to enter: TTM_Scalper on M1 fires signal to go long + increased volume on the low bar (hammer candlestick).
Entry Trade#24
Reversal Trade#24
My stop loss was 20 points and target 52 points.
Exit: I closed that position earlier, because of waning momentum, but that's weak discipline again!
(my original plan was to hold it unlike in the first trade today)
Exit Trade#24
I've re-entered that trade on next signal to go long.
Trade#25
Instrument: FUS100
LONG
Open: 19:14 at 13682,98
Close: 19:35 at 13703,15
P/L: +20,17 points
Entry: TTM_Scalper signals long on M1
Entry Trade#25
My stop loss was 15 points and target 33 points.
Exit: I have accidentally move a stop loss to 13703 and the price was kind enough to hit it.
Today's P/L: +45,87 points TOTAL P/L: +103,89 points
Although I've made a nice profit today it would be nicer if I had the discipline to stick to the plan and didn't make stupid mistakes.
Work in progress...
Today 4 trades. Just like last friday I'm in the red for the day, but not too deep by the courtesy of the last rally to ATH.
Trade#26
Instrument: FUS100
LONG
Open: 17:01 at 13728,73
Close: 19:19 at 13721,00 P/L: - 7,73 points
Entry: I waited for a breakout of the ORB and then joined on TTM_Scalper long signal
Entry Trade#26
Stop loss - 15 points. My target was the next pivot level.
Exit: I closed the trade when I spotted a breakdown. Could close this trade earlier, but decided to wait this time.
The truth is if a waited long enough and had a stop loss of about 25 points I could close it at ATH :P
I went short rightaway instead.
Entry Trade#27
Trade#27
Instrument: FUS100
SHORT
Open: 19:20 at 13718,78
Close: 19:31 at 13734,10 P/L: - 15,32 points
My stop loss for this trade was 15 points and it was hit after 11 minutes.
Trade#28
Instrument: FUS100
SHORT
Open: 20:05 at 13712,15
Close: 20:08 at 13720,98
P/L: - 8,83 points
I looked for another short and entered it on an impulse which was a mistake.
Price moved against that position anyway so I closed it.
That's something to avoid in the future.
I should be done for the day... but didn't want to end it in such stupid way.
I returned after one hour break.
Trade#29
Instrument: FUS100
LONG
Open: 21:31 at 13753,35
Close: 21:48 at 13779,64 P/L: +26,29 points
Entry: waited for a breakout and entered it after first bar with volume spike
Entry Trade #29
Volume spike Trade#29
Stop loss was below that first bar with increased volume - 10 points.
Exit: I targeted just above the next pivot level - 13780,00. TP was hit.
Exit Trade#29
Today's P/L: - 5,59 points TOTAL P/L: +98,30 points
After best day in Febraury there was the worst day, profit wise at least.
Trade#34
Instrument: FUS100
SHORT
Open: 18:20 at 13598,28
Close: 18:30 at 13619,32
P/L: -21,04 points
Entry: I went short after price pulled back to nearest pivot level and then went below
Entry Trade#34
Stop loss was 21 points and I was hit after 10 minutes.
I've ignored signal in opposite direction and momentum.
Trade#35
Instrument: FUS100
LONG
Open: 20:05 at 13675,73
Close: 20:22 at 13655,40
P/L: -20,33 points
Entry: I went long on long signal in TTM_Scalper and pivot level
Entry Trade#35
Stop loss was 20 points and it was hit after 17 minutes.
Trade#36
Instrument: FUS100
LONG
Open: 21:40 at 13701,48
Close: 21:55 at 13689,78
P/L: -11,70 points
Entry: I went long hoping that breakout move will be continued (as it was in last week) - that's not an entry signal so I'll treat such thoughts as a warning in the future
Entry Trade#36
Stop loss - 20 points
Exit: price moved against on higher volume so I closed the position
Exit Trade#36
Trade#37
Instrument: FUS100
SHORT
Open: 21:55 at 13687,28
Close: 21:56 at 13699,73
P/L: -12,45 points
Entry: I went short on an impulse - that's something to avoid
Exit: I closed position on an impulse as well
I have to eliminate trades like the two above. That would be a big part of learning how not to lose money.
Today's P/L: - 65,52 points TOTAL P/L: 108,30 points
Today I got to my maximum drawdown in Feb and for now it is 1,08% (five consecutive losing trades).
Good that this losing streak ended today as well.
Trade#38
Instrument: FUS100
LONG
Open: 16:50 at 13526,23
Close: 17:00 at 13515,53
P/L: -10,70 points
Entry: I went long a bit late on TTM_Scalper long signal (M5 chart)
Entry Trade#38
Stop loss - 20 points. Target: next pivot level (S1)
Exit: I closed this trade on an impulse, as there wasn't any reason for this other than first bar with lower high after reaching
lower line of ORB (and that's my rationalization after the fact)
Exit Trade#38
As you can see below Trade#38 would work out after being quite close to stop loss level (~5 points).
I feel like idiot when I look at it now.
I guess that's inevitable part of learning...
Trade#39
Instrument: FUS100
LONG
Open: 17:27 at 13564,85
Close: 17:29 at 13546,28
P/L: -18,57 points
Entry: after a breakout there was a pause and I went long near S1 pivot expecting continuation
Entry Trade#39
Stop loss - 20 points. Target: midpoint between PP and S1 pivot levels (13620)
Exit: closed this trade just before stop loss
Exit Trade#39
This time price went south quite fast...
Trade#40
Instrument: FUS100
LONG
Open: 18:20 at 13539,23
Close: 19:36 at 13601,53
P/L: +62,30 points
Entry: long signal on TTM_Scalper after a small breakout (M5)
Entry Trade#40
Stop loss was 26 points.
Exit: closed position after reaching above 2:1 R:R and on diminishing momentum
Exit Trade#40
Today's P/L: +33,03 points TOTAL P/L: +141,33 points
Friday was a painful day for me. 3 trades, 3 losses. I didn't trade more as it probably would have ended even worse.
Trade#41
Instrument: FUS100
LONG
Open: 17:03 at 13686,48
Close: 17:17 at 13667,03
P/L: -19,45 points
Entry: long signal on M15 chart which I entered with delay (I should pass on it once I didn't make it as it occured)
Entry Trade#41
Stop loss was 20 points and it was hit after 14 minutes.
Trade#42
Instrument: FUS100
LONG
Open: 17:30 at 13694,85
Close: 17:50 at 13673,78
P/L: -21,07 points
Entry: long signal on M5 chart just after stopping out the last trade
Entry Trade#42
Stop loss - 21 points. It was hit after 20 minutes.
Trade#43
Instrument: FUS100
LONG
Open: 17:53 at 13678,6
Close: 17:59 at 13664,03
P/L: -14,57 points
Entry: I thought that this pattern will repeat so I went long (instead of going short as the signal pointed out)
Entry Trade#43
Stop loss at 15 points was hit 6 minutes later.
This last trade, had I followed my plan, was worth around 66 points (PP level as target) do I could easily be up for the day and the week.
I tried to outsmart myself and I got the lesson.
Today's P/L: - 55,09 points TOTAL P/L: +86,24 points
As now I have 43 trades (46,5% winning, 53,5 losing) I am able to look closely on what worked out and what didn't.
Hopefully I could figure out some actionable conclusions for next week and minimize the probablity of making the same mistakes.
