bbqtrader

Thu 2nd July

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End of Day Review

+1.26%

2 trades taken.

1 winners, 1 losers, 0 break even.

10:19

M1 Reversal FIBCON Winner | +2.28R

And finally managed to trade a REVFIB after several weak attempts! 

Price moved up to form a new High, already in an area of resistance if we look at price in the past days. After the M1 moving average failed to hold price, I was already waiting for price to come back down towards the M5 moving average. It didn’t touch it, but it was good enough to send price back up. I took the trade at the 61.8 level of the retracement, and voilá!  

I feel like price wants to keep going down if it brakes the 12470 level, but after two days of bad results, the sensitive approach was definitely to take profits. 

11:36

Failed M1 FIBCON | -1.02R

Great battle between bulls and bears at this level! There was role reversal marked with the red line and the M5 moving average coming down. 

Bulls took over once they managed to break the resistance at my entry level, I had the chance to exit but I prioritised leaving the trade alone. Once manage to not to step into my trades naturally, next step will be to manage some of them according to price action. 

1st July 2020

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End of Day Review

-3.14%

3 trades taken.

0 winners, 3 losers, 0 break even.

13:32

Pair of M15 FIBCON losers | -2.22R

To be honest, I still like them! 

The first one had a good role reversal structure on the Yes Low level. Price did take more than 10 minutes to hit my stop loss (that I moved in order to let the M15 MAB come in play), but no level could hold bulls.

The second one was the FIBCON frim top to bottom, and having included both the 12281 level and the H1 moving average I had hopes.

It looks as if bulls just woke up after lunchtime! 

I guess the range we are on only allows trades either at the top or the bottom of it.. Let’s see if something else comes up. 

15:52

Failed M1 FIBCON | -0.92R

Unlucky? Never. I dragged my stop loss when the trade was 1R on my favor, but then thought “I said to myself I wouldn’t touch it unless I lock in profit”, so I put it back. Well, it looks like I set it back slightly slower than the original level, hence why it took me out by 0.92R  instead of 1R. 

Needless to say, it took me out and went down to my 2R target profit level. 

Fri 26th June

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End of Day Review

-3.00%

3 trades taken.

0 winners, 3 losers, 0 break even.

08:44

“Fine Margins” Failed M1 FIBCON | -1.00R

Unlucky on this one, great setup, would definitely trade it again. 

I must confess I adjusted my stop loss before entering the trade, it was a couple of pips higher, that would have given me potentially a winner. 

Only 20 minutes after that trade, price keeps doing new lows, now it would be at the bottom of my screenshot. After taking me out, price never came back to that level…Fine margins, happy to have taken that trade!

Wed 24th June

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End of Day Review

+-0.00%

No trades taken today.

0 winners, 0 losers, 0 break even.

08:35

Best sell trade of your life!

Price action has been challenging today. I waited for many setups to form but couldn’t find any value yet.

The screenshot below would have been a great sell, but a very hard one to take to be honest.

I doubt I will take a trade today as I need to leave early, it’s a weird but necessary sensation to experience, as it is far better not to trade than trade a poor setup.

Still waiting for a potential REVFIB to be seen better on the M15 chart, let’s see if we have a salmon there.  

00:00

Tue 23rd June

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End of Day Review

+0.02%

3 trades taken.

0 winners, 0 losers, 3 break even.

08:43

Breakeven sell at the top – +0.02R

Above the PW High there was a level of good role reversal, which was the 12500 level, confluent also with the price grid.

My sell trade was above +1R but found support and came back up. For these trades, I promised myself to always keep a tight stop loss. What I need to improve is to take profit out of these moves.

11:30

Failed sell at the top | -0.27R

Yet again! Didn’t take profits when I was around +1.5R, and a  tight made the trade to be closed right on a reversal point. Now price is below the channel boundary at 12577.51, surpassing my 2R level. 

12:01

Bad sell trade below support level | +0.27R

I do think that price could go lower from that point, but we never know how will that happen. Frustrated watching price breaking the level that was acting as support, I sold on the way down. 

I closed it mannually as it is not the kind of trades I should get involved. 

Mon 22nd June

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End of Day Review

+1.06%

4 trades taken.

1 winner, 1 loser, 2 break even.

09:31

Failed sell at TOR | -1.05R

Price was ranging for one hour at the time I took the trade, therefore I waited for it to arrive at the top of the range that was acting as good upside resistance, but it just didn’t work. 

10:10

M1 FIBCON | Breakeven +0.02R

It was a poorly managed winner… Glad that I took it, sad that I let it go empty handed! 

The good news is: easy to fix, just don’t touch your trade.

14:56

M5 MAB Sell winner | +1.68R

The M5 MAB worked almost to perfection. If you see my trade tool, the entry level was meant to be substantially higher, therefore my original 2R target was well above my final +1.68R.

But I don’t want to focus on that: I think that for the first time I’ve experienced a textbook Reversal FIBCON, a setup I’ve searched for and never succeeded! I was sooo focused on closing my trade that I completely missed it, even having already the FibTool in position, exactly as the screenshot. Look how perfect was the reversal at the 61.8 level, bloody amazing….! That was THE trade, a 2R winner in less than 120 seconds.

Fri 19th June

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End of Day Review

-1.00%

4 trades taken.

0 winners, 1 loser, 3 break even.

10:47

10:52

M1 Double Top | +0.08R

Rushed Breakout trades x 2 | -0.88R

First trade +0.08R: I had marked the what I thought was going to be a double top with the pink / purple lines in the shape of an inverted W in advance. However, price went above what I marked as the top, therefore I deleted the lines and looked sideways. All of the sudden, price went down and the setup I marked earlier was on! I rushed the trade, at a different level of what I initially planned (12374.03 was the one), and therefore I moved my stop loss to breakeven out of fear as soon as I saw some margin. Market took me out and went down, it could have been a good winner had I stayed focused…

Second & Third trade: FOMO and frustration trades. I was still thinking on how I missed the double top I had marked, and it was violent the way price went up! I rushed two trades, wrong entry level, wrong stop loss, all about them was wrong, definitely the ones that I am not proud of, regardless of the result. 

All 3 trades happened within 5 minutes, a sample of how important is your state of mind at a certain point to avoid mistakes! 

16:20

M15 FIBCON Failed | -0.20R

I had such a nice feeling when price reversed just after my entry!!! I thought this was going to be the setup of the day!! 

The dream lasted 19mins, not without taking price above my 1R level first! 

I guess the whole thing here is my stop loss, I was extremely conservative (it’s not the first time), and therefore I made a winner trade to become a breakeven or loser trade… Something I definitely need to look into. 

Good news is: the market has plenty of fish to offer, see you next week!

Thu 18th June

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End of Day Review

+1.86%

4 trades taken.

2 winners, 1 loser, 1 break even.

09:33

Resistance Breakout winner | +1.54R

Call them risky, low probability, but I always had a thing for this kind of trades.

If you are looking to price (and by that I mean, every movement that price is doing every second or so), it’s not hard to anticipate that a breakout attempt is coming. There are cases where below the resistance level all of the sudden price starts to move up with great energy, and if that energy causes price to stay above the resistance level for a few seconds, the set up is on.

I could have left it on for a bit more, but looking left there was some wicks in the past that could serve as role reversal levels, therefore I happily took the profit.

I must say, every time I take this trade, as soon as price goes around 0.50R above my entry level, I move my stop loss to breakeven to prevent false breakout attempts from giving me a 1R loser.

Also, note the BuyLimit order placed around the 12318.54 level, it will come into play(adapted to the new price action) an hour later.

09:44

M1 Buy FIBCON failed pair of trades | -0.71R

I really liked this one, having in mind (not shown in the chart) how the area around the Yes High was of strong resistance in the past I thought a FIBCON could be in place, helped by the M1 Moving Average going up.

When I opened the first trade price moved up quickly, therefore I moved my stop loss to breakeven level to protect my previous profit.

After taking me out, the next two minutes I saw them as consolidation of the price at that level, which I took as a bullish sign and entered a second trade with a more attractive 2R level. 

However, bears took over, drove price down aggressively and took me out of the trade. The -0.75R was originated in a change in price at the moment I entered the trade, modifying my risk/reward. 

10:39

H1 MABCON locked in profit | +1.03R

On my first trade I had a BuyLimit zone already placed from before price attempted the breakout. After such price action, I updated the possible setup, placing the FibTool between YesLow and this session’s High. The result: the H1 MAB coming up slightly above the 61.8 level and above the 12318.54 level, an area that acted as support yesterday!

However, I went away because the market was still far away from this level, but when I sat back down I see that tremendous candle that touched YesHigh and came down very fast near the Open level. 

I waited for it, hoping it would lose some of the impulse, and it just reversed after my trade, as if I had any power over the market with my tiny trades!! 🙂 

Conscious of the energy of the movement down, I set Lock In Profit levels and left it alone. After being slightly above +1.5R, the bull run was over and it took me out at +1.03R.

I still need to be able to enter these trades with more confidence on the M1 chart, with a lower 2R target, but I will eventually get there to max out each trade.