12/9 Trade Review → -15pts/-$750 on 3 Trades:
Here’s a screenshot of the day’s action. I marked up 2 spots on the chart to discuss the 3 trades I took. Keep in mind that the white horizontal lines indicate the initial balance high and low (which are the actionable entry levels for my strategy).
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1. TRADE #1 & 2: Short at Initial Balance High → -9pts/-$450
Right after 10:30am, I missed a short near the IB high by just a couple ticks. Had a decent impulse down, but then came right back up to the IB high again around 10:55am. That’s when I entered my first short and was quickly stopped out.
I re-entered a short on a false break of the IB high and it seemed like a nice down move was in order. But it bounced off VWAP and yet again put pressure on the IB high. I stopped out for a small loss and started looking for a long entry on a breakout.
2. TRADE #2: Short at Initial Balance High → -6pts/-$300
Basically right when I stopped out of the second short trade, I flipped my position to long looking for a breakout. It seemed like it was building up energy for a move up, but then dipped down and took out my stop. Another loss.
Overall – Managed Risk on a Day With Limited Opportunity:
I followed my strategy and managed risk well, but the market just didn’t offer much in terms of directional strength.
After three trades that displayed very limited directional strength (neither up nor down), I decided to call it a day. The initial balance turned into a floating level – with prices whipping back and forth through it. So I wasn’t going to keep fighting it.
I’ve said this in past daily reviews, but what I want to see is a nice initial impulse away from the IB level I’m fading/joining, followed by continuation. What I don’t want to see is the market hovering around these levels for extended periods of time.
When that hovering happens and the market starts accepting those prices, I want to reduce my risk or exit the trade. This is one clue I’m looking for to know whether I’m right or wrong/how much the level should actually be trusted.
The account is still within striking distance of the $9K profit target and hopefully I can reach it to pass Step 1 before Christmas.
Written by Matt Thomas (@MattThomasTP)
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