A quick look at the 5M, seems it could go either way, but for now I am against my bias at the beginning of week and have only shorts. Will not get in to heavy either way until there is more movement, I want to get some sleep tonight.
Another strange week for me, not really sure what to think of it. At one point I was up considerably and made the decision to leave positions at break-even just to see myself get stopped out while price proceeded onward in the desired direction. I was a bit frustrated at first, but forced myself to calm down and move forward, there will be other opportunities, and I need to be okay with the decisions I make. I'm finding this very important as I am trading with much discretion, second guessing is not an option.
Trading in the Moment Looking at price and how it is moving at the moment I am looking at it, then reacting from instinct combined with a few mechanical setups I am looking for, seems to work better than any "set in stone" system I have tried. I'm find that there is some mental relief to this approach as it is rather conducive towards following price rather than trying to predict it.
The downside for me so far has been over trading, as I find myself working hard to recover from entries that I was just too impatient to wait for. This being said, I am slowly coming to terms with what is working for me in regards to time frames and set-ups, and what isn't.
I feel like I am sounding a bit contradictory to myself at times, but it really seems to be the reality of this business, so many things seem to contradict each other, at least that's how I am seeing it. The greed is still there, but is slowly going away, I need to continuously guard against this. I am beginning to think that my path will always be uncertain and without boundaries, and this could likely be the golden path to success. This doesn't mean that patterns do not repeat over and over again. It's just that my mind seems to get stuck in these patterns which stubbornly closes my mind to the fact that these patterns are historical and in no way mean the it will happen the same way in the future.
My Rant about this last week Well, I've never been more wrong about price direction than I have this week. Seemed almost every trade was headed nowhere. I felt a real disconnect with the market. I am realizing, or maybe I should say I am finally understanding that I really have no clue where price is going to go. Once this really sets in, I believe be able to trade better, with more discipline and patience. With all this being said, I still turned a good profit this week, rather motivating and encouraging. I just need to keep a level head and be open to anything.
Some Possible Improvements
These are just some quick notes I put together throughout the week. They are a bit random, but I am listing here so I can revisit as time goes on:
• on lower TF's all CCIs must be extended
• price frequently moves in 3-4 stages before reversing on all TF's
• seems most 1H reversal formations have multiple opportunities for entry, so no reason to rush
• building positions in fractions seems to work well
• price doesn't have to do anything
• don't loose that fine line between discretion and mechanical
• only 00 and 50 and stage 2 and higher?
Moving on to Level 8 Moving onto level level 8, 1 position will still equal 15k lots as I do not feel comfortable moving up yet, but getting close. $750 will be the amount needed to move up to Level 9.
After several attempts late last night ended up with a second long at 4209 and closed it at 4299 for +90 ($135). All the previous attempts were recovered at break even.
New long position established at 4256, details below:
Initial long at 4286
2nd long at 4276 with limit order at 4286, closed for +10
3rd long at 4266 with limit order at 4276, closed for +10
4th long at 4260 with limit order at 4270, closed for +10
*The profits from these all worked for lowering the entry point of initial long
Repositioned this position to 4347 per details below:
Initial Short at 4327
2nd short at 4360 with limit order at 4350, closed for +10
3rd short at 4359 with limit order at 4349, closed for +10
*The profits from these all worked for raising the entry point of the initial short