Macro: Downtrend
Micro: Uptrend
30d:30m
Overnight we broke the uptrend and started to go into a pullback phase within the micro uptrend.
Intraday: Downtrend in premarket, Uptrend at open, Downtrend after failed push higher
1d:2m
- On the left there is a lower high from the premarket, once we broke that high there was a temporary uptrend for about 28 minutes
2d:2m
-Right after we failed the morning uptrend right at 10:00am, we created a huge backside that was very very tricky and hard to trade. The majority of the money in this trade came from that first iniital drop, not on the hold throughout the day. Yes that has higher return but that is just insane to hold through those weird demand wicks. How did I miss this trade?
1d:2m Trend Reversal Short
-Since the intraday was in an uptrend I was hesitant to short because I want to follow the trend more often than fighting it BUT this move was a clean and extremely fast trend reversal short that continued for about 20 points. Yes, this was a very difficult trade to trust and take but what makes this seem more obvious?
1d:2m Friday 1/27/23
- This is fridays session and you can see that once we failed the tops we had very strong and quick moves straight to the downside. Overnight we were sitting below these values so pops on the current intraday should be failling somewhat similar to how they were on the friday session, and that is -Failed top, break 8 and 21, big crash.
1d:2m Today
- See how similar this drop is to the one on friday?
1d:2m Thursday 1/26/23
- see how those drops on the left are also very similar to the one that occurred today?
Trades
1d:2m Futures Trades (Trend Continuation Short)
- I took 2 losers shorting here, The first trade I wanted to take and risk the previous high but for some reason I just held and was pissed off. I ended up taking a 3.5 point loss on a trade that had only a 1 point stop originally. I then got back in once we failed the 50 moving average and then retested it but I was impatient and thought we would fail really fast so I got in near the 8 instead of the 50 and I ended up stopping out right at the 50 which was the top of these moves. I had the right idea but I need to be more willing to take those fast entries and take my profits and I also need to be ready to take a 1 point or 2 point stop if that means I get to take more trades and chances at the move. I really think that this was 99% emotion and not truly good trading. I was so angry that the first move happened without me being able to trade it and then I got more mad that I lost and more mad again that I lost. It was just not a good mindset to be trading in. I need to make sure im always level headed and not angry at anything when trading. If I give in to the demon then I lose all grip of reality and my strategy. Need to always remember that there is no agenda against me.
Trading is only a prediction and an outcome, based on knowledge acquired through time. The reaction to that outcome is based solely on the subject who made the prediction. Predictions can fail but the reaction to the failure must stay the same. Gratitude is that reaction. ALWAYS
Where Should I have traded?
1d:2m
-This is probably the best trade that I shouldve taken on the day today. Break of the 8 and 20 about to cross while the 8 gets a retest then a nice 7 point extension from the 8 to sell for a 10 point trade.
Easy money?
- I couldve just shorted these highs and been ready for those drops after the massive break occurred.
