I'm gonna try and keep this short. Today is the start of a HUGE trading weekend, and I still have to get ready and head up.
Anyways. Look at my charts again. This is the 1H tf. I kept all the successful and failed trade setups I entered with annotations for justification, etc.
There are a couple things to do that I didn't.
1) Recognize the larger trend. That I did. it's heading down, with rallying points along the way.
2) Always wait for the break and retest. Every move the market makes is a break and retest of some sort. What's the direction? What's the larger trend? Does the market look like it is? Questions to ask yourself when looking at a chart
3) Remember those long candles I mentioned in my last post? Those would be the perfect time to enter the sell. You'll notice too, there's a red harmonic on the chart. That's on the 15min tf. Pull it down, you'll see it. Once that was completed, and the PSAR flipped above the candles, yeah, that was the point when the two long sell candles developed. Those show the breakout. Along bullish or bearish candle is the sign of a breakout, so those are the best times to come in. Me, now, even after seeing that, I entered. That was my big mistake. Before when I entered on a trade it was before the pullback was completed. Here it just looked like it was too late.
4) It also pays to know your trading style, and If you use indicators to know the settings that would work for you with that style.
5) Also, also, it pays to recognize when your chart is getting too complicated for you to read. I know some traders whose charts are *packed*. Others keep things minimal. I think at this point, mine is a bit too much, so i may have to start over my analyses fresh.
Anyways. Look at my charts again. This is the 1H tf. I kept all the successful and failed trade setups I entered with annotations for justification, etc.
There are a couple things to do that I didn't.
1) Recognize the larger trend. That I did. it's heading down, with rallying points along the way.
2) Always wait for the break and retest. Every move the market makes is a break and retest of some sort. What's the direction? What's the larger trend? Does the market look like it is? Questions to ask yourself when looking at a chart
3) Remember those long candles I mentioned in my last post? Those would be the perfect time to enter the sell. You'll notice too, there's a red harmonic on the chart. That's on the 15min tf. Pull it down, you'll see it. Once that was completed, and the PSAR flipped above the candles, yeah, that was the point when the two long sell candles developed. Those show the breakout. Along bullish or bearish candle is the sign of a breakout, so those are the best times to come in. Me, now, even after seeing that, I entered. That was my big mistake. Before when I entered on a trade it was before the pullback was completed. Here it just looked like it was too late.
4) It also pays to know your trading style, and If you use indicators to know the settings that would work for you with that style.
5) Also, also, it pays to recognize when your chart is getting too complicated for you to read. I know some traders whose charts are *packed*. Others keep things minimal. I think at this point, mine is a bit too much, so i may have to start over my analyses fresh.
Trade closed: target reached:
Check this out. This could've gone badly for me. I got lucky that the breakout to the downside happened before my sl was hit.
Look at the breakout candles though. Two long bearish candles. And I profited from them. That's what you have to look for. Where is the break going to happen and in what direction
Look at the breakout candles though. Two long bearish candles. And I profited from them. That's what you have to look for. Where is the break going to happen and in what direction