dreezyreeve's /MNQ Trade 223.78

Trade Detail

dreezyreeve's /MNQ Trade 223.78

Trade Details

Published

Sept. 13, 2024, 5:25 p.m.


Status
CLOSED

Portfolio(s)

TopStep 50K Evaluation,


Broker

Tradovate

Asset

Future

Future Date

Sept. 13, 2024

Future name

/MNQU24

Symbol

/MNQ - View rating


Type

Long

Pattern(s)

1 Day Moving Average Long, 4D Bearish Orderblock Target, Bullish LIS, Consumer Sentiment , Import and Export Prices, Lowerband to Upperband Long, VWAP Lowerband To Upperband,

Featured Image / Proof

Stats

Entry CPU Exit CPU Fees Max Amount Max Cost P&L % P&L $ P&L With Fees
19,456.3333333333 19,475.5416666667 6.72 3.0 58,368.9999999999 0.10% 230.50 223.78

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Notes

Key Takeaways from Today's Trading Notes:

  1. Consistency in Strategy: You continued with the setup that's been working well all week—a deep long entry around the pre-market low area—and ended the day green, which reaffirms that your strategy is effective.

  2. Premature Profit Taking: Your emotions influenced your decision to cover profits earlier than desired. Although your directional bias was correct, fear of losing out led to smaller gains, when holding longer could have doubled your profit.

  3. Resilience in Directional Bias: Despite multiple retests and breakeven exits, you stuck to your directional bias, entering with more conviction each time while staying within your daily loss limit.

  4. Adjusting Stop Loss Strategy: After price rallied to the upper band, you moved your stop to breakeven to protect profits. While this was a cautious move, it prevented you from holding the trade to your intended profit target.

  5. Sizing Up as a Recovery Mechanism: You incrementally increased position size after losses, staying within your risk management framework. This helped you recover and end the day positive, but it's important to avoid revenge trading impulses.

  6. Impact of News Data: The 10 AM consumer sentiment data had a stronger-than-expected market impact. You noted that certain green folder news events can act like red folder news, so it's crucial to account for this in future sessions.

  7. Order Management Oversight: You discovered an open position due to not canceling remaining orders after exiting a trade. This oversight could have led to significant unintended losses.

  8. Trend and Order Block Alignment: You recognized that order blocks in trend with the timeframe have a higher probability of success, and you'll want to implement this as a rule moving forward.

 

 

Ended todays trading day green. Took the same setup that has been consistent all week, which is a deep long entry around the pre market low area for a move higher as the journal has been suggesting. 

It was definitely a difficult trading day overall, as my first position was taken out at breakeven, as well as my second. And it tricked me to think it would also do the same a 3rd time, which prompted me to cover profits earlier than my desired profit target, and what do you know... it ran to my profit target, and I likely would have made double on todays trading session. 

I just began to start feeling unsure whether or not price would get the rip higher than I was continuosly anticipating over and over again. 

Each trade I entered, I entered with 1 more contract than the trade earlier, because it was still in the path of my directional bias, and i also was staying with in my max loss limit for the trading day. 

It was definitely a tricky trading session because price came back to my demand area entry 2 times before finally rallying higher, and I fought for price pretty aggressively right at market open, and the first retest took me out at breakeven, because price had rallied to the upperband, but I didnt want to cover profit because I had a higher upside target, but I also didnt want to lose on a trade that went that far in the money, so thats when I decided to place my stoploss at breakeven.

My second entry, took me out for a loss, with another price action reaction response at my prior demand area, so yet again for the 3rd time, I re entered long, because I was only down $80 dollars at that time, with a $200 daily loss limit. So i decided to size up with 1 more contract to compensate my pain and suffering in this trade haha. 

It faked a flush down below the VWAP upperband, and I had enough with the trading day, I decided to take the 300 dollar winner which is 10% towards the profit target goal for this evaluation. Just trading the account slow and steady.

I also just took a mental trade short in my head and not on the account, and Im noticing it would have been a loss. And that was a 1 minute and 5 minute reaction at the 4d bearish orderblock. And I think I should implement a rule that if that timeframes trend is going against the orderblock, it is not as strong of a setup, if the orderblock is in trend with the timeframe, it is a stronger setup, and will likely end up with a higher probability of success. 

and also, when my first trade was taken out at breakeven, it was based on a data drop at 10:00AM, which was counted as green folder news, when it really reacted like red folder news. I thought it was quite comical that price moved aggressively as it did, but I will have to remember that consumer sentiment data moves heavier than it may appear. 

 

ALSO, DO NOT FORGET, to hit CANCEL ALL button after you exit a position. During this journaling session, I wasnt even aware that a 2 contract limit order was filled and that I was actively in a position. My account would be taking damage right now if I didnt just notice that. I also missed out on locking in a massive trade as well. 

Transactions

Date Side Amount Price Commission Reg Fee
Sept. 13, 2024 09:31:00 Entry 1.0 19,429.25 6.72 None
Sept. 13, 2024 10:00:00 Exit 1.0 19,426.5 None None
Sept. 13, 2024 10:03:00 Entry 2.0 19,469.25 None None
Sept. 13, 2024 10:30:00 Exit 2.0 19,450.25 None None
Sept. 13, 2024 10:34:00 Entry 3.0 19,456.75 None None
Sept. 13, 2024 10:51:00 Exit 3.0 19,508.75 None None

/MNQ 0.00

Portfolio(s): APEX 50K EVAL/Lance B System/PASSED,
Last entry July 10, 2024, 4 p.m.

ANVS 47.02

Portfolio(s): Day Trading Momo,
Last entry July 7, 2020, 10:04 a.m.

RGLS -35.99

Portfolio(s): Day Trading Momo,
Last entry March 12, 2024, 9:30 a.m.



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