Yesterdays 15 Minute Close = UP bar
Today's Open = Gaped up
Result = fairly tight consolidated range for most of the day (7 point range), with slight saucer and strength showing at the close.
15 minute chart
This was a very tough trading environment for me today, I'm sure in the future I will be able take advantage of the few opportunities that appeared, but for now this was a day to Quite. After 2 opening losses and a break even trade I figured it maybe time to regroup. I was not upset at my analysis or trade selection, in fact i took it in stride and kept a clear head, i simply did not get the follow through needed to lock profits. Days like this you must stay confident, Focused and OBJECTIVE! Take a small profit to help get on track. In doing this I was able to book a string of wins not all pretty or perfect but wins never the less. In days past a day like this could have spiraled in to anger, frustration and more losses.
What Did I do Well?
Quality of Setups- Not the worst but could have been alote better, i took a few impulsive trades and mis managed 1 trade.
Quality of Mind - I was able to stay FOCUSED on the market for the better part of the day, when adversity hit, i moved past my last trade mentally and immediately begin combing the market for details.
My results were not great but I was mentally consistent and under control.
What Did I do Poorly?
Technical -
- Held a slow position until it became stale and eventually got me a MAX STOP loss, in this trade I moved my stop back a 1/2 point!!! Horrible!!. This trade started with the trend and I watched the market roll over against my position. When I move my stop I'm usually feeling too sure of the trade (NOT being Objective) and i tend to move the stop long before price gets close. This always get me stopped out!! This is called marrying the position.
- I made an impulsive entry that was Not warranted and against the trend, i was able to cut it short after realizing the mistake. This came after waiting it out in a very tight range.
- Exited a good move too early thinking I had 2 lots on. Remember if you enter without ATM you have to change quantity to 1 and enter twice to apply ATM manually.
- Got caught up on the 500 ONLY and did not scan the higher time frames on a bad entry, also saw Rambos show up and fail as mentioned in the failed Rambos thread.
How Was My Mind Chatter?
- I felt like a stayed focused on the market throughout most of the day, and was able to bounce back after a rough start.
- I handled my mistakes with no regret and moved past the adversity without allowing it to take away market focus.
- I never got down on myself, I stayed confident and as objective as possible, this lead to better trades and learning.
How will this affect my Progress?
- Moving STOPS IS A DEADLY SIN and can only hurt your account and confidence. This leads to negative spirals and multiple loses.
- Impulsive trades are simply unprofessional and shows a loss of focus outside the market.
- Focus can be very progressive as it allows you move past the highs and lows faster and get you into the zone.
- Staying objective will keep your decisions clear and this will pay off with long term success.
- looking at the lower time frames only will BLIND you from the bigger picture if not properly incorporated, they should be used AFTER you have done a broad market analysis and are looking to enter with accuracy.
- Had 3 trades become losses after going only a few ticks with no follow thru, in tight range days consider using tighter 1st target.
Solutions:
- NEVER MOVE STOPS!! and when a position is not moving in your direction immediately then reconsider the trade and look to exit asap.
- Don't think about the fractions that are to be gained or lossed by WAITING for an extra tick in a trade that you KNOW is a loser, GET OUT ASAP and regroup. This is petty and a result of poor man thinking! This is a DENIAL INSTINCT
- To avoid impulsive trades, be sure to ASK YOURSELF WHAT ARE SEEING that creates a high probability for success on this trade? If you cant give a complete realistic answer that you have executed with success in the past then pass on the trade. Impulsive trades are a loss of focus while NOT in a position, this is where We need the MOST focus.
- RE-ADJUST YOUR TARGETS AND STOPS On suspected Range Days such as today where the 15 minute close gaps in the same direction as the open. This may be done on the open to get small profits or used to get some confidence going.
Intangible Jewels:
Blocks show Up in key reversal points, BUT many times they show up earlier than pro bars and may run a bit before reversing, treat them as a warning for high volume bars and reversal.
Blocks at key reversal points on the 4500 and 1500
Blocks show up on the 4500 absent pro/am bars
15 Minute Closing Bar
- If the market moves against your position 6 ticks it will than lickely go to 8 ticks
- When the market goes in your favor 4 ticks it is likely to go 6 ticks, so moving to breakeven aftr 4 ticks is a good practice and has a good chance to hit 1st target at 6 ticks
- If the price runs to 6 tick in your favor it is likely to run 8-10, so moving my limit to this area should book good gains unless we get a runner then move limit out to max. This happend a few times today but i was not able to take the 8-10 ticks profit as my limit was at 12, this lead to me being stopped out with 2 ticks after a 8 tick move!!
- RE-ADJUST YOUR TARGETS AND STOPS On suspected Range Days such as today where the 15 minute close gaps in the same direction as the open. This may be done on the open to get small profits or used to get some confidence going.
FOCUS is best used while NOT in a position!!