October 10th, 2022
-Today I am sticking to my new rules which are 1. If you take a loss you must wait 30 minutes before even looking for the next trade. 2. If you take 2 losses you have to be done for the day. And that is exactly what I did. I took a loss early on and waited 30 minutes, found another setup and lost on that one and now im done.
1d:2m
1st Trade: Trend Reversal Long
- This didnt really have a setup to it so I really dont like this trade at all. I took a long here because I thought we wouldve move higher off of previous day close but I think its stupid to think this while it being this early in the day. We still have a ton of fear from fridays sessions the is in play today. We broke down so hard friday that I shouldve mostly assumed that the selloff would continue. Took the loss of 22 then just sat on my hands for 30 minutes after.
2nd Trade: Trend Reversal Long
-I had a feeling that we would spike up way higher today after faking out these lows so when we broke the downtrend I immediately jumped in for a scalp trade. I was really only looking for that confirmed break above previous day close then going to sell into the first red candle. It did not work lol. We broke the trend, I got in with a really nice entry then we flashed lower so god damn fast I didnt even see it happen. My order was filled super quick and that was it for the day. 2 trade, 2 losers. game over. Time to go work on something else cuz trading not cutting it anymore hahha.
Takeaways: I really need to focus more on trend continuation trades rather than trend reversal trades. They have been happening much more often than reversal trades are. Plus, reversal trades have tricky entry and even trickier exit but Trend continuation is much more simple in terms of where to enter and where to exit, plus sizing would be nice. Remember only 1 point a day keeps the job away.
Easy Money Trades:
This is a perfect example of a trend continuation day. We have big weakness at the open that is continued pressure from fridays session where we dropped 3% all day with no chance of bounces. Today we gapped up about 1.5% then failed fast at open. Once we had that first fail I shouldve taken this short setup to the downside. In this chart above you see white boxes, Green boxes, and Blue boxes. White is the best entry (at the downtrend) Blue is another decent entry (break to make lower low, and Green is where I should cover those positions. White and blue trades are very different styles. From a video I watched earlier I saw someone explain these trades as a Move2Move trade. This means it is not a scalp nor a trade you hold. It is a continuation move from lower high to move to another lower low. This is a move for a continuation which I really think I would excel at. I like holding and I like high EV plays which move2move trades are. The only thing I dont like about the description they used in the video is that they are taking that last lower high and going for the move lower. I understand this logic but at the same time I think it would be very hard to take. I think for these plays it would be pretty cool to take a starter on the top trendline then add into the break of the bottom (blue rectangles) and then take 90% position at the break of new low then hold the rest for a serious break in the sell momentum.
