End of Day Review
+2.04%
1 trades taken.
1 winner, 0 losers, 0 break even.
themabtrader
End of Day Review
Wednesday 24 June
End of Day Review
-0.99%
1 trades taken.
0 winners, 1 loser, 0 break even.
A FIBCON, an M1 MAB and an M5 MAB as price has fallen from the Open.
Price made a High yesterday and became bearish, to the pip of the 76.4 fib level.
This is in confluence with the zone I picked out on Monday, between the 76.4 and 78.6 fib levels, drawn from the W1 ABC set up. You can see those levels in this screenshot to the left.
Monday 22 June
End of Day Review
+1.76%
1 trades taken.
1 winners, 0 losers, 0 break even.
The sell off this afternoon has begun to form a fifth wick, confluent with the 61.8 fib level shown by the golden zone in the screenshot, but also with the 76.4 fib level of the bigger move.
This fib level isn’t used in our trading edge, and not usually displayed with the fib tool, however it is interesting to note the confluence.
The push above the 61.8 level of the bigger move could have been the markets attempt to make traders optimistic and get into long positions, though the recent patterns suggest to me a drop in price soon.
I really shoe-horned a fib to fit this trade, but I liked the confluence of the 1min and 5min emas, and after what looked like a double top at the 12392-12401 levels, I wanted to get on a Sell trade.
I moved my Stop Loss to breakeven quite early on to protect myself as I thought this was a trade on the lower-probability side, and took profits manually near my 2R target, as price was looking to have found some support.
Friday 19 June
End of Day Review
+0.04%
2 trades taken.
0 winners, 0 losers, 2 break even.
Due to the double bottom at Point B, and confluence with an Open-High GZ and the 1hour ema, I was too nervous to give this trade space to move, and moved my Stop Loss to breakeven earlier than I should have done.
There was 1R to be had from this trade, and maybe I should have closed out at the M5 MAB, but I had moved my Stop Loss to breakeven early on and was willing to see if it got any lower.
Thursday 18 June
End of Day Review
-1.96%
2 trades taken.
0 winners, 2 losers, 0 break even.
WNTA Losers: 1
I shouldn’t be taking Sell trades at the Lows! Low Probability, WNTA.
The M30 screenshot taken after the fact, giving higher timeframe context with a 5-Wick Reversal pattern, showing why I should not have been taking the Sell trade.
A bit unlucky with the price spike, as price eventually went in my direction and would have hit my 2R target. WTA
Wednesday 17 June
End of Day Review
+1.79%
1 trades taken.
1 winner, 0 losers, 0 break even.
Another trade missed as I was waiting for the deeper pullback into the GZ taken from the Open to the top of the move.
The GZ that ended up playing out was taken from the 12300 level, marked with the ABC.
I was sat waiting for price to reach the 5min ema before entering the trade, but a smaller FIBCON set up was in play, shown by the ABC markup, with the fib drawn between two KS levels.
Closed early due to the inner-Fib shown in the screenshot. I was wary that after coming down from Yes. High that price would be bearish and might not get past the 1min ema.
Tuesday 16 June
End of Day Review
+2.50%
4 trades taken.
2 winners, 1 losers, 1 break even.
WNTA Losers: 1
Decided to call it a day after my last trade, as I could see some bad decisions creeping in.
Perhaps I should have stuck around a bit longer though, as there were two great chances for Sell trades as price sold off from the 12429 level as predicted. This is confluent with the 61.8 of a fib drawn on the D1 timeframe.
I got a bit carried away with this one, shouldn’t have been anywhere near a trade! No confluence with the 1min ema or a key structure level, choppy price, WNTA.
My profit target was set just underneath the 12411 level, but I should have probably taken the 2R that price reached, as price was starting to slow, and 2pm was approaching. I moved my Stop Loss to just under the 12392 level at +1R, which got hit at 14:00.
The gap up showed some strong Bullish momentum and so I entered a Buy trade at the pullback.
I took profits earlier than I would have really liked, as I can see price making a go for the 12429 level, however I wanted to bank that profit!
I deemed the latest M1 MAB as low probability as it occured at the session High and a possible Top of Range.
Monday 15 June
End of Day Review
-1.94%
2 trades taken.
0 winners, 2 losers, 0 break even.
WNTA Losers: 2
This trade was driven by the emotions of the last trade. WNTA
Entry was too early for this trade, I should have waited for more of a signal that price was reversing. WNTA
The screenshot for the next trade at 10:21am shows that price eventually dropped as I had anticipated.
Friday 12 June
End of Day Review
+1.99%
2 trades taken.
1 winner, 1 loser, 0 break even.
Thursday 11 June
End of Day Review
-2.94%
5 trades taken.
1 winner, 4 losers, 0 break even.
All of todays trades were based in emotion; frustration and impatience.
A morning of good market read but no trades, I was left frustrated with the chances I had marked up but missed. I took a break over lunch, and should have stepped away then and there. Instead, I came back for the afternoon session intent to get into some kind of trade, any trade, and began looking for things that weren’t there. The first bad trade losing led me to want to get into another one to make the money back and so started the spiral!
This was a trade taken out of impatience and frustration that I had passed on or missed so many opportunities today.
I’m not sure which direction the market is going to push with these MABs, so I sat out of both of them.
I just passed on a potential REVFIB Buy trade, due to low probability.
A 5-Wick Reversal pattern was present on the M5 timeframe, and the top of the Hi-Lo GZ looked like a good target for price to retrace to (based on a higher timeframe H1 ABC), as it had acted as Support back on the 4 June. However, no Higher-High was present and there was resistance at the 12226 KS level shown by the wicky candles.
Price moved down and interacted with the Fib GZ, however couldn’t break through the 12226 KS level and price has since fallen through where I might have placed my Stop Loss.
Price might still find Support between the H4 midline 12182 and KS 12176 levels, and the D1 midline 12135 and KS 12134, as this zone is curently holding price well, however I’ll probably wait for a more significant break of the KS 12226 level before thinking about entering a Buy trade.