Pretty nasty day for the internal strategy. Deep red on vold add and mag7 indices right at the open and I took the short early on the HOD fakeout. My only issue is that i didnt let 10:00 play out correctly and instead kept chasing the short idea even though vold and add ever made a NLOD after 10 plus tick was above 0 the entire session. I got a nice win on the very first trade then proceeded to give it all back in 4 more short trades that I consecutively lost on. Although it sucks to go from nicely green to red, I am very happy I just stopped trading after realizing I was plain wrong in the short working. I couldve easily kept shorting and lost at least 250 but instead I just took my Ls and walked away. I think going for the 10:00 short was not a terrible idea as the strategy said to do so and in this scenario I think I did almost as good as I possibly good. The only thing I forgot to realize is that on CPI days we do this very often. Selloff at open then recovery and slow grinding green leading to larger and larger breakouts throughout the rest of the session. Not really a scenario that I like to trade because I would have to conflict my strategy but I think after the first breakdown didnt work at 10 its time to just sit on hands and see how many breakouts we get and how many HLs we hold. WE held every single one too so after the 2nd loss just hang it up and call it a day.
Larger picture missed move:
- Mag7 massive breakout
- 1h timeframe downtrending trendline breakout
- it broke this line 3 times before finally breaking it and holding and then once it broke it it retested it one last time then continued a lot higher. there are so many entries in this price action for the ES to go higher and yet for some reason (even though i was watching this for a week) I didnt take any long hold type trades on the ES. this is a scenario where indices are shooting for ATH meanwhile mag7 has a huge breakout. This is confluence on the highest level. if you can get in on these days early and add and add and add over and over and over until you have 40MES and you get a 25 point win. $10k win.