What an end to the month :/
After my last post, price floated sideways for a couple hours then right after market open at 9:30AM EST price shot up and stopped me out @ 33875 then shot back down to my TP of 33400 and continued pushing down all the way to my previous TPs earlier in the week of 33200 and 32950
I have to say I'm a bit salty about this but I'm just going to add some pepper and keep it cooking.
In retrospect the 2 things I could have done differently here are:
1. Entered the trade during London session - this would have been the absolute optimal time to enter with a ridiculous risk to reward of 1:5 minimum but the only problem with that is I was asleep and usually am at 2AM. So this is probably not feasible to try and adjust much.
2. Once I was stopped out I could have looked for exhaustion and a sign of the bears coming back into the market on the M1 timeframe. I went down to the M5 and M15 after being stopped out but didn't see any big wicks or clear reversal patterns that indicated to me price was going to start dropping. This combined with a strong bullish close on the H1 off a possible 38.2 fib level on a bullish countertrend and I thought I should just let this one go, and I did :/
3. Once price dropped a bit I could have gotten back in albeit at a lower level but at an indication of exhaustion on the M15 which did occur. I was already checked out of the market by this point tbh and not in front of my trade station just tracking on mobile so I called it in for the week.
I learned some valuable lessons this week including the importance of documenting my trades in detail.
I feel that this platform gives me a good place to do this while also sharing my findings and journey with others who are also trying to find their way to consistent profits in this trading game.
With that, I hope to continue doing these pre and post NY market analysis videos for my own journaling and growth as a trader but I also hope that maybe you get some value along the way :)
Have a great weekend, take a break from the charts and refresh.
See you pre NY session on Monday!
After my last post, price floated sideways for a couple hours then right after market open at 9:30AM EST price shot up and stopped me out @ 33875 then shot back down to my TP of 33400 and continued pushing down all the way to my previous TPs earlier in the week of 33200 and 32950
I have to say I'm a bit salty about this but I'm just going to add some pepper and keep it cooking.
In retrospect the 2 things I could have done differently here are:
1. Entered the trade during London session - this would have been the absolute optimal time to enter with a ridiculous risk to reward of 1:5 minimum but the only problem with that is I was asleep and usually am at 2AM. So this is probably not feasible to try and adjust much.
2. Once I was stopped out I could have looked for exhaustion and a sign of the bears coming back into the market on the M1 timeframe. I went down to the M5 and M15 after being stopped out but didn't see any big wicks or clear reversal patterns that indicated to me price was going to start dropping. This combined with a strong bullish close on the H1 off a possible 38.2 fib level on a bullish countertrend and I thought I should just let this one go, and I did :/
3. Once price dropped a bit I could have gotten back in albeit at a lower level but at an indication of exhaustion on the M15 which did occur. I was already checked out of the market by this point tbh and not in front of my trade station just tracking on mobile so I called it in for the week.
I learned some valuable lessons this week including the importance of documenting my trades in detail.
I feel that this platform gives me a good place to do this while also sharing my findings and journey with others who are also trying to find their way to consistent profits in this trading game.
With that, I hope to continue doing these pre and post NY market analysis videos for my own journaling and growth as a trader but I also hope that maybe you get some value along the way :)
Have a great weekend, take a break from the charts and refresh.
See you pre NY session on Monday!