My gameplan going into the next day's NY session will be to watch the level 44,825 and see if/how price pulls into that level and how it reacts. If I see a little doji then I will go Long.
The level I will watch on the upside is 45,095. I don't know if price will break that level or reject again temporarily.
The weekly opening price of 45,050 is a prime target to hit
If these levels hold as the top and bottom for the day, then that will be a 275-tick range for the day. Of course I don't know anything until tomorrow. These are just my assumptions and what I feel is the most likely outcome. I am going in tomorrow with a bias for buying and into a pullback area.
As usual, my own personal intraday stops and targets are always 50 stop, 125 target for a 2.5 to 1. Intraday, I just grind out base hit after base hit. Sometimes I strike, sometimes I hit. 1 win takes care of 2 losers plus commissions.
The level I will watch on the upside is 45,095. I don't know if price will break that level or reject again temporarily.
The weekly opening price of 45,050 is a prime target to hit
If these levels hold as the top and bottom for the day, then that will be a 275-tick range for the day. Of course I don't know anything until tomorrow. These are just my assumptions and what I feel is the most likely outcome. I am going in tomorrow with a bias for buying and into a pullback area.
As usual, my own personal intraday stops and targets are always 50 stop, 125 target for a 2.5 to 1. Intraday, I just grind out base hit after base hit. Sometimes I strike, sometimes I hit. 1 win takes care of 2 losers plus commissions.
Note
This should make a higher low and break structure to the upside for the push phase back up.Trade active
I am Long at 44,948 as a day trade. Stop is 50 ticks under this candle. Target is 125 ticks. I am using this tail wick candle that shot down to the open price and then rallied back up. Price was selling off and slowing down in the bottom 66% of this tail. It leads me to believe that they already got their orders so why would they go back down there again.I don't know if this trade idea will pan out. I am willing to try for 1R
Trade closed: target reached
I ended up dipping out for 111 ticks. I am not going to risk it for another 10 ticks or so. Got 2.2R out of this one. I am done for the day. Trade idea played out. Not exactly how I planned the day, but I was able to react accordingly and trade what was in front of me.
Note
I saw a second entry for another trade at support and I had to take it. I can't pick and choose which setups to take. I got filled at 44,982 and am using my same 50 tick stop and 114 tick target. Lets see how this trade idea plays out. If it loses then I am still up 1.2R on the day. If it hits target, 4.4R. Note
Trade was a loss. Part of the game. It didn't play out how I expected it to. I got out at 50 ticks.Note
To me, taking losses in a controlled way is my only job as a trader. It is the only thing that I am able to control. I can't control what the market does after I get in and I can't push the market up. I take my small loss because the market can't stop itself. I don't know how much farther the market will drop past my stop and I don't care. I am out at 50 ticks no matter what. Note
This is my final post for my review today. I did some things well and I made some errors. What I did correct:
I used the 08:45am wick candle as support and bought a doji candle in the bottom 66% of the candle.
I went for a second trade after a win. Something I struggle with because I like to hit 1 win and done.
I always take my 50 tick stops no matter what.
Still ended the day +1.2R
What I fumbled on:
I used the wick candle to buy near the bottom of the range but yet on the second trade I had a lapse in judgement and bought a pullback trade that was in the middle. I was stopped out by a wick before it went in my direction and to target, without me.
I would love anybody's feedback on my performance for today. I always strive to be the best that I can. I am always looking to improve my game.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.