Hello all yesterday was possibly my worst day of trading I have ever experienced. I got caught up trying to pick the candle that signified an exit from both periods of consolidation, then after successive losing trades loss of confidence (fear) missed the actual exits. When i looked back at the end of the day ( 12 hours in front of the charts) I'm embarrassed to say i had made a total of 50 trades! In some ways I am relieved that I managed to cap losses to less than 4%, (risk per trade rarely exceeds 0.6%) but that in itself is very demoralising....
bistolis has done an excellent job in responding to your post. In addition, I add the following:
I suggest you re-visit how you are identifying SR as my yellow SR lines would have been different to yours. I also suggest adding trend lines - see my thin white lines.
Study my white rectangles and understand what is happening. In the first rectangle, there is the big push up and an equal push down - this tells us the buyers and sellers are confused and fighting each other - this often leads to erratic consolidation. A CLOSE below my white trend line shows you that the sellers won the fight. The second rectangle is a similar situation.
When i looked back at the end of the day ( 12 hours in front of the charts) I'm embarrassed to say i had made a total of 50 trades!
You need to add a rule that says STOP TRADING AFTER 3 LOSSES!
It is incredibly frustrating that I know the entries, often taking many good ones (then cutting too early to protect profit) but struggle to discipline myself to ONLY take those clear entries in real time, allowing emotion (greed) to take over.
Have you considered that M1 may be too fast for you and maybe drop down to M5?
I can see as clearly as you illustrate with hindsight, its the real time i have trouble with!
Trading at the HARD RIGHT EDGE is the most difficult for everyone but, it gets better with practice and chart time (experience). Practice and practice on history using f12 and making note of where and how you got it wrong
I have a rule not to trade against the strat shadow,
This tells me you do not understand it. I developed the Strat Shadow for trending situations and, like all trending tools, is USELESS in anything else. However, the 20 is STILL the line in the sand which you do not want to trade against. Earlier in these threads I used the 9 in conjunction with the 20 BUT PRICE, PA and STRUCTURE is what should always be traded. Many times, I remove it or make it feint when I am trading against it as, being a visual trader, it plays havoc with my SEEING.
you'll see below that I took a short on a bearish hammer, despite the fast MA still trending slightly above the slow. With hindsight I also feel foolish that I entered right at a point of support that had held 3 times in the last few candles.
This is FOMO and wanting to be first in line at the Bank - which is fancy talk for GREED! I suggest you only enter on sore thumb trades which was 7 candles after your entry - especially on Swing and Trend changes. Also, you could probably have got out at BE had you PAID attention to PRICE whose candles had drastically reduced in size and were trapped in the Strat Shadow.
As I have posted many times, make sure you are not trying to trade like me - many of my trades are "gut feel" for PRICE, PA and Structure.
Finally, I suggest you come out of the jungle and become a regular poster to help develop YOUR PASR style as it is obvious you are not there yet.
Thank you for posting
15 YEARS OF PASR ON FOREX FACTORY!
