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Hi, I've taken some decent entries today, but I've felt like I've managed them horribly. I would be in the green for a few points before it would immediately reverse down, and I'm kicking myself for holding for a swing instead of a scalp. And when I take a scalp trade it swings in that direction. And for the last long trade for the retest to the ema, I got out below the bear bar. For all of these trades should I have managed them differently?
Here is my thought process for the trades
1) bought above a bear bar because it is in a channel. Body gaps forming above highs. Got out below a bear bar
2) short below bear bar because possible wedge. Got out above two large bull bars.
3) bought above bull bar for deep 50% pullback for a test back to the top. Got out below a bear bar.
4)Short below bear bar for MTR reversal.
5) Now I'm seeing it is a trading range. I bought above a reversal bar at the bottom of the trading range for a 1pt scalp... it goes 20+ points up.
6) I buy a breakout bar for a iii final flag for a test to the ema. It hasn't touched ema in the past 20 bars and retest of the open. I get out below a bear bar because the breakout failed. Then it goes in my favor.
I'm really stuck, and I don't know what I've done wrong today.
Hi, Paul.
Please don't mind me being blunt about this with you. I really feel, you are at a stage where you should be studying more, and trading far less if at all. Study the daily setups of the past 4 years that are archived on the website now, the course, the daily setups Al posts, the encyclopedia and study the e-slides Al updates.
You blew 70$(on an E-micro) and commissions. That is almost worth a month in the trading room. If you absolutely must trade, join the trading room. Study what is being said in the trading room. If you do not join the trading room, switch to the SPY ETF and trade far lesser quantities where you don't stand to lose more than a couple bucks a day(if you absolutely must trade). To be honest, it will not be very productive at your current level to trade more than you study.
Coming to your trades, you should be at a level, where you can tell what you did wrong at least at the EOD. If you can not, you can not really hope to be able to understand the PA unfolding in front you live where you are under stress.
1) bought above a bear bar because it is in a channel. Body gaps forming above highs. Got out below a bear bar
There was only 1 body gap at that point, the market was stalling near EMA, does not make sense to buy high, unless you get strong BO. Makes even less sense to buy above a bear bar which is already a bad signal bar in itself. This is something only expert traders should do, and this should be done only in the strongest of trends. This wasn't one.
2) short below bear bar because possible wedge. Got out above two large bull bars.
You entered late, and you exited late. After a tight channel, and so many bars up, first reversal is likely to be minor. In many cases, bears do not even get their minimum 1:2, which is something you absolutely need given you're betting against a strong trend(40%).
3) bought above bull bar for deep 50% pullback for a test back to the top. Got out below a bear bar.
After the W bear flag, this was the first attempt to reverse with a not so great signal bar. Odds were, there would be a second leg down. Although reasonable, if you're entering here, the proper management is to hold until your stop gets taken out or the market turns AIS. Even if your stop gets taken out, you have to be prepared to enter again if the market does not turn AIS as the next attempt to resume would've been a H2. Where you exit, is after 4 CC bull bars, not a great thing to do.
4)Short below bear bar for MTR reversal.
The market did not even have a 2nd attempt to resume and you're looking for an MTR. The market did not have enough bars down to get a MTR, and given how much buying pressure there was, no way the MTR would work. The bears attempted to turn the market AIS but failed and found buyers below.
5) Now I'm seeing it is a trading range. I bought above a reversal bar at the bottom of the trading range for a 1pt scalp... it goes 20+ points up.
The market can be said to be in a TR after a minimum of 20 bars, where probability is more or less equal for bulls and bears(still favoring bulls). Moreover, the minimum scalp is no more a 1 pt, given the current volatility it's currently 5 pts. On top of that, this was the big H2 to resume the bull trend which was reasonably strong in the first place. This according to me was the best beginner setup of the day.
6) I buy a breakout bar for a iii final flag for a test to the ema. It hasn't touched ema in the past 20 bars and retest of the open. I get out below a bear bar because the breakout failed. Then it goes in my favor.
Trading a climax is already tricky, it needs a lot of awareness and management. If you're trading a climax near the EOD, you need to be an excellent trader as one mistake and you'll lose a significant amount of money without any chance of making it back since time is constrained. It was reasonable(although I wouldn't) to get out below the bear bar since it was an L1, you had to re-enter again above the bull bar(you were supposed to expect that the L1 would fail after the ii FF, and the OO at the bottom)
Hope this helps.
I appreciate your honesty Abir. After reading your thoughts on my entries, I've realized I need to continue studying the course until I have a better grasp of what I'm seeing. Thanks for the insight and help
