bbqtrader

Fri 16th November

by

09:33

Buy @ SUPCON +0.06R

Remember the pattern where the bottom of the range is broken, prices comes back up, re-tests the previous support level and goes up? It was exactly that, and I was on that trade.

My entry level was good, my stop loss was good, but somehow I didn’t trust my instinct as I should have.. When I locked profit to breakeven, I knew I was risking an M1 MAB before it finally goes up. I was with the mouse on the close trade button to take almost 1R profit and then re enter at the MAB, and didn’t do it. In ten seconds, it went down, touched the M1 Moving Average, found support and went up to the M5 Movign Average.

My fear of losing 1R in a rangy day where I don’t know if there will be enough oppotunities was bigger than the trust on my trade. That’s enough reason to be +0.06R rather than 2R up. 

Thu 15th November

by

08:55

GZ H1 Buy FIBCON +2.20R

Divine justice! 

Nothing to say, I waited to see confirmation and when price went above the Bear channel I entered the trade! Took profit right on time as well, yeah! 

08:55

Sell below SUPCON +0.66R combined

Price showed sudden weakness after the M5 MAB and I wanted to take advantage of it! 

The second trade was risky, poor and taken out of FOMO. It could have been a 5R trade considering that price is now near the PW Low (bottom of the screenshot), but the trade I should have left alone or managed better was the first one.

On trades like this one where you are playing a breakout rather than a retracement, you need to be cautious. And being catious means, for me, to take profit as soon as you have something meaningful, because you don’t know where price will bottom or come back looking for support to keep going down. 

I should have taken 1R when price tested the 11452.8 level and used it to enter again at the same level or above, risking basically the just taken profit rather than part of my bank. As I didn’t do that, I panicked when price retraced as it could have gone for the M1 MAB and decided to sell, only to see how it quickly came back down.  

08:55

M5 MAB  -1.10R 

I don’t like the “fine margins” wording to describe this. It’s anger!

Wed 14th November

by

10:40

M15 Sell MAB using new Sell Limit feature – missed!

Almost!!!! Would have made 2R already!

09:11

Buy @ RESCON +2.07R

It is common to see a support level become resistance and vice-versa. Price attempted to brake several times  the 11325.1 level until it did. However, it didn’t last long and came back above such level. Once broken on the way up, price retraced, touched it and started its way up. 

Fri 9th November

by

09:19

M5 Sell MAB -0.99R

I didn’t like the FIBCON supported by the M5 MAB. When price started to retrace I thought I missed it, but then price moved up really fast passed the M5 moving average and I went for it. 

I was looking at the RR structure, visible on the M5/M15 charts. Even though price stayed for 2 minutes near my entry level, it suddenly went up towards the M15 moving average, finding support once again around the bottom of the 5M equidistant zone.

Given the strenght of the first leg up I should have anticipated that the trend wasn’t gonna end there. I had a chance to exit the trade and didn’t do it. I should probably have skipped this trade!

08:40

GZ M5 sell MAB +2.03R

Great trade!! 

In a progress towards managing my greed, I closed it at 2R, and I am happy about it! 

PS: Price reached my original 5R level just now. I miss my greed. 🙂 

08:11

M15 Sell MAB  +0.94R

I traded the same structure that I just missed, knowing that very often price re tests the same resistance before going lower. 
It didn’t work exactly as planned, as price went further up to the M15 Moving Average. However, a nice MAB was in play and I managed to take a 0.94R profit. Could have left the trade alone, but my entry level wasn’t perfect, which means that any re-test would put me in loser territory. Therefore, when price reached the M1 moving average and bounced, I sold.

08:01

GZ Sell FIBCON – Missed it!

Price was below my 1R profit traget on my trade tool. I watched at the keyboard to get ready the Ctrl+E, watched back to the screen and… it was gone!!! 2 seconds to do the spike up and retrace! 

What a nice movement! As I type, price rached my 2R level! Amazing…

Wed 7th November

by

09:51

GZ M5 Buy MAB +0.76

Yeah, I panicked and took profit. On my defense, it seems like the Hourly Bull channel and the mid-bear channel are solid, so I didn’t want to turn a +1.4R trade at it highest to a loser.

Price is still below the price I closed the trade so I guess I took a good decision.

08:29

M1 Buy MAB and H&S forming +0.95R

Mr. Phi always said that the first M1 MAB after a big bull spike is usually good opportunity to buy, and this time it came with the 11580.4 level acting as support and (before the trade) a dream of a Head & Shoulders forming, being “LS” left shoulder, “H” head and “RS” right shoulder. 

I knew I wasn’t looking for a 2R trade so I took profit near 1R. Also, my entry ended up not being as planned because price moved fast when I hit Ctrl+E to open the trade, pushing my entry level further up and my 2R way up than I originally planned. For those reasons I was happy to take profit near the 1R region and set a SellStop in case the H&S was in play. 

Unfortunately, the M1 moving average drove price up and it still does! 

PW High next stop?

08:02

GZ M15 Sell MAB – Breakeven

As soon as London opened price went up aggressively. Even though I took the screenshot withouth the FibTool marking the GZ, the M15 Moving Average was right on the 61.8 level, confluent with the Bear Hourly Channel which made it even more interesting.

Conscious of the first 15 minutes after the London open volatility, I kept my stop loss tight in case price decided to go up. It did and I had a breakeven trade, quite happy with the outcome.

Tue 6th November

by

10:25

Failed M1 MAB + Buy @ SUPCON = Breakeven

The market never ceases to amaze me. 

First, the failed M1 MAB. I liked the Bear Mid channel as a retracement level but it lasted seconds only. I would take this one again as I think that structurally was good.

Second, the buy @SUPCON. When I saw how price went down to give me my first loser, I loved it. I saw the chance to catch a bottom that was going to have that bear spike as one of the last attempts to go down before looking back up. So I bought at the Hourly Bull channel boundary and really liked what I did. I set my lock in profit levels and went away. 

When I came back, price started to come down. I had my stop loss at the 1R level and I was about to move it to breakeven to give price more room! I am glad I left it there, otherwise I would have zero profit. It looks like the market needed to take price back to the Hourly channel before starting its way up! Let’s see where it takes it now! 

 

09:02

Buy above RESCON +1.07R

Observing the charts I notice that there was some pressure being built to breake the 11484.4 level so I proposed myself to steal form the market as much as possible from this move, normally until it hits the first new resistance on the way up. Timing is everything in this trade, they are normally short trades (mine was 26secs) that offer 1R or 2R depending or your stop loss level. 

Mon 5th November

by

09:27

Playing the range +0.22R

Some days ago I posted a trade idea that saw several times playing really well. 

Today I saw it again, I entered a bit earlier than I should have (best value was at the 11516.8 level), and even though I closed it mannually just before it went up (classic!) I am happy for having read the pattern! 

Price was clearly ranging and the range expanded after the London open, probably due to higher volume. However, when price went down it broke that range getting rid of the bears and leaving the way for bulls to take over. 

My doubt was the possible GZ FIBCON with the M5 moving average offering resistance to the upside. Because of FOMO, I entered it earlier, as price went for the M5 moving average, got back to the 11516.8 level and started its way up. That was my first mistake.

Second mistake: didn’t walk out of the room. I had take profit levels on, moved my target profit above Yes Close to make the most of the trade (by now I would have close with +2.5R) but I stayed watching for 8 minutes how price was forming red candles in the 1M chart. Obviously I saw danger and wanted to keep my profit secured for the day so I closed the trade myself just to see 2 minutes after that how price went up fast towards my 2R and Yes Close levels.

09:03

M1 Sell MAB +1.91R

After two breakeven trades where I tried to find a FIBCON working out with no success, I loved the way price approached to the M1 moving average.

As I didn’t know if price would form a FIBCON or a MAB, I entered the trade at the 61.8 level of my FIbtool and hoped for the best. At 1.90R, price stopped and stayed at that level for 4 or 5 seconds, which conviced me of taking profits before the salmon jumps back to the water. 

Fri 2nd November

by

10:38

FOMO Sell +0.08R

Not proud of my second trade either.

I was just lucky and exited it. Price might even go down from here but that only means that I entered way earlier than I should have.

In another day like this, I could easily be -4R so I’d better stop trading and come back later or on Monday to avoid damaging my monthly results. 

10:03

M5 Sell MAB -1.00R

It was 3 minutes passed 10AM and the syndrome of not having taken any trades kicked in. That’s probably the best explanation of this trade. Yes, I had marked a trendline and there was a possible resistance at the M5 moving average but that was it. Price was coming off the Hourly Bear channel that couldn’t brake so it was pretty obvious that it was going to go further up before re-testing the channel. 

Even though the threath of breaking the bear channel was there, a buy trade at the channel had higher probability of success than mine. 

  

Thu 1st November

by

09:36

GZ M1 Buy FIBCON, or M5? +0.50R

A reflection of where my mind is just happened: I was playing around with the FibToll looking for possible FIBCONs and MABs in the 5min chart (right) but at the same time I was following on the M1 chart what it could be a good retracement off the Hourly Bull Mid-channel and Yes High. Probably the last thing I did was adjusting something on the M5 chart when I saw price on the M1 chart reacting to the mid-channel and finding support on Yes High so I went for a trade!! 

However, the trade was executed not on the chart I was looking at, but at the M5 chart, the one I was probably working on with my mouse clicking on it!!

So I ended up taking a great setup with the wrong stop loss as you can see where my trade tool was in the M5 chart, placing my 2R way up. 

Although it wasn’t the trade I wanted, I liked the movement so I let it run till a reasonable level where I took half an R in profit.

It went considerably well, but my head is somewhere else so I’ll call it a day and close my charts.

Have a good day!