Recap Notes:
Trade Selection - Good Trading, Good Entries, Good Exits.
Sequence 1 1S1K - Today we opened down into DAILY Gap Support @ 1603. I entered too early on a 13/45 cycle. My premise was long due to the Bullish Exhaustion and Flush signals on the high time frames, However i could been more patient and waited for the Block Bars that showed up at the lows nailing a better entry i took quick heat for the early entry, things could have easily gone wrong. But my conviction and trust of my premise bailed me out this providing me a good opportunity to exit into the rally and hitting max target on 1. Good trading but must be more precise and patient.
ADJUSTMENTS & OBSERVATIONS:
When we have a Strong Premise, Be patient - Today i got to too much on in the same spot, had i been more patient i could have got a much better entry and potentially a much larger gain, and been out much quicker. Think wholesale and Retail entry. Interesting though the Cash Tick did not move lower when price dipped which was a big clue that specialist was absorbing more contracts without putting the true market down.
Notice the first 4 bars as the rally got under way. This was a 2.5pt range bottom from my entry @ 1606
Study the Price Action - Particularly on test back to areas of Strength or Weakness, continued rejection(price is marked to an area and quickly bounces up 2 or more ticks) watch the volume to see if it happens on low volume or high, this will determine the likely break down or rally. Often rejection is the price action version of NoS or NoD
Limit your Exposure - Limiting Exposure preserves profits and takes the excessiveness away, i may miss a few entries, leave money on the table and exit a bit early but over time this has been the bases of consistent gains for me.
Work on correcting the following -
- Taking the highest probability sequences, stick to what you know.
- Trust your block bars when they appear.
- Give the sequence time to play out, if its clean in your favor 15 bars are a good timing point.
- NEVER TRADE AGAINST 15minute Block Bars.
- Protect your profits, Don't go entering *UQ* sequences.
- If the day starts off rough, be patient and think about stalling at a reasonable gain or loss. Don't try to push it when things are going bad. Get lighter on losing streaks and bigger on win streaks.
- Keep the size down for now until i can get my win % back up my normal range.