October 20th, 2022
1yr:1d
1d:2m
1st trade: Trend Reversal Continuation Short
-This was a decent trade where I was looking for the continuation to the downside after we had the first trend reversal. We opened flat on the day but we were sitting in this same zone as yesterday and it looked like that one last push before we were preparing to sell off. Check below.
Oval- Consolidation
Rectangle labeled 1: High Range
Rectangle 2 :Low Range
Arrow: Where you should be looking for entries to short side
- See how we have a consolidation that is below the previous consolidation? This created a setup for the last push into a large flat on your face fail. The market tried to move higher today after breaking the lower range overnight. We hit the mid range and sold off super fast. This would have been an amazing trade to take and hold throughout the entire day with no care on where it went. This is yet another scenario where I saw this from miles away and I just hesitated and didnt take it because I didnt really know how to approach it.
Solution: Take it with small size super cheap contract that delta could increase over 100% if you become correct.
Missed Trades:
-I missed so many easy money setups today and I really need to work on nailing 2 trades per day. Its silly to take one fast scalp and just freeze. I understand that its a new account and broker but its just stupid to freeze up after a win. If I take 2 losses I will wipe out a full green day which is just not what good R is. I should take 2 green trades per day so that I can take 4 red trades to delete it. That would be ideal.
- I saw this coming and I just hesitated on it. Sadly I wouldve gotten a full point if I wasnt so terrified.
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-Again another trend continuation short where we use previous low as resistance for a lower high.
-The final flash. We broke down perfectly after this last push higher. I saw it but just thought, "Nah who knows this could break high of day." Sadly that was just plain wrong and stupid to even think about.
If I was a God at Trading:
-If I was smart I wouldve just taken huge size at this failed breakout lower high and held for the full previous day close move which was very likely considering the fact that we are below previous consolidation range like I explained earlier in the post. I really couldve taken this with 3 contracts and held for 2 hours and made like 150x3= $400 in just one single day. Too bad I didnt see it coming. At least I will be able to recognize these patterns more and more and the more I identify them the more likely I am to spot them in the future.
