Ended the day how I started, with another bad trade.
I predicted at the beginning of the day that we might see resistance from this level, and also might see price push through it later on. This is what happened, but I did not follow my own advice once again.
I thought that this afternoon I had regained some composure after the bad day yesterday and this morning’s performance, however that seems not to be the case!
After seeing a couple of good sell opportunities, I could feel that Hungry Bear Syndrome start to creep in, perhaps mixed with some boredom that I had been sat for a while with no trades, and entered into another stupid trade. There was some confluence of the 5min ema and 61 Fib level, but the context was not right, coming up off the D1 Bear Channel.
I got handed two chances to take this trade, but didn’t take either. I lacked confidence in the RESCON, and didn’t like that there was seemingly no key structure to put my Stop Loss behind. I would have been able to take +2R before the Inner-FibCon 50 level.
Missed this one as I was looking for a touch of the H1 EQZ for Entry.
This is at least the second time I have noticed this happen. Going by my rules, I should have been alert and prepared for this, however at the time of it happening, I wasn’t sure if price was going to start rising after coming up off the D1 EQZ, so I did not take the trade.
Another SUPCON into 1min MAB set-up.
I got my Entry levels almost spot on, although my Stop Loss level for the 15min MAB SUPCON could have been tighter to give 2R below the Inner-FibCon 50 level.
The Entry for the 1min MAB was perfect, but I panicked and exited the trade. This could have been a 2R+ trade! I think if I had had a better morning and trading day yesterday, I would have held onto this one for full profits. I should not let emotion from previous trades impact on my current trades.
Annoyed that my last trade played out in the way that it did, I went into a trade that did not have a good set-up.
My thinking was that price would find support at PW Low and the 5min ema would send price upwards again. At this point, before entering the trade, I had marked up the 15min MAB forming, and this should have been a good enough reason not to take this trade. Do not get drawn into lower probability trades and be patient for higher timeframe set-ups.
If I had left the Stop Loss where it was, I’d be looking at the +3R profit that I had been targeting with this trade, at PW Low!
I had to do something away from the computer, just after entering this trade. I set up a series of LiP levels to ratchet up the Stop Loss for me as price moved up.
Price moved up sharply to hit the LiP level, then down within minutes to hit the Stop Loss at break even, then began to climb once again.
Price is getting very wicky and uncertain, and I am sensing a big move in price soon, possibly another attempt at the D1 Bull Channel RESCON.
At the end of last week I set myself some rules that I should be following in order to cut out mistakes I made in the week. If I had followed those rules, I would be in a much better position that I am in today.
- I would NOT have taken the first 1min MAB after it had made a high, or the most recent 1min MAB at the D1 EQZ. Do not get drawn into lower probability trades and be patient for higher timeframe set-ups.
- I would have taken profits on my second trade at the Inner-Fib GZ. Trust the Inner-FibCon levels when deciding where to position Profit Target.
- Something I did not note but remember thinking when writing the end of week review, was to be more alert to set-ups forming consecutively and quickly. This would have put me in a good position to take the 15min MAB that formed.
Impatient, breaking rules, not good.
After the last trade, I made a big mistake of taking my eye off the charts to update the blog. This meant that I missed the 15min MAB that I had been anticipating, as it happened faster than I thought it would.
I then entered another trade, selling against the 15min MAB, which I quickly took myself out of for a small loss when I realised how stupid I was being.
I gave back all my profits by not taking profit at the Inner-Fib GZ 50 level.
I was anticipating another attempt at the 4hour ema RESCON, and so had my TP at the high, and a Lock in Profit level at my 2R, to move my Stop Loss just underneath the PW Low.
Price did not hit my 2R level, and so the LiP did not trigger, and as price came down, I held onto the trade hoping for a reversal.
If price retraces we could see a 5min MAB at either the 11388 or 11397, the H1 and D1 EQZ respectively.
Are we going to see a turn in price at the 4hour MAB?
Or did price find its Fib level yesterday/this morning, and now start working it’s way up past the 4hour ema to the Weekly ema?
Maybe we will see a bit of both!
Yes, the H4 MAB at the 11450 level does look an interesting zone of RESCON…
Hi Joel,
Well done on taking the M5 Buy MAB at the D1 EQZ@11397.9, I had to pop out to get the staples removed from my scalp after last weeks garage drama.
The move up to the PW Low was also a clue as to where price might reverse but great anticipation and execution. As you note, the inner-fibcon was key and also a sell setup at the PW Low.
Rules are key for sure, one of the things we have to master is that when following them we at times miss winning trades. This an lead to frustration which can then lead to breaking the rules.
We must try to think of good setups like buses, eventually one will come along and like The Bear we have to be ready to pounce 🙂
So close to a very fast 2R on the M1 Sell MAB 🙂