12/6 Trade Review → -24pts/-$1,200 on 4 Trades:
Here’s a screenshot of the day’s action. I marked up one spot on the chart that encompasses all four trades. 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: Long at Initial Balance Low → -7pts/-$350
Entered first trade right around 10:30pm (long at IB low). No impulse off level and took 7pt loss.
2. TRADE #2: Short at Initial Balance Low → -5pts/-$250
Started looking for short entry on break of IB low/stop out of trade #1. Didn’t give this one enough space to play out and took another loss. 5pt stop isn’t enough on 40+ points of range.
3. TRADE #3: Long at Initial Balance Low → -7pts/-$250
Flipped back to long at exactly the wrong time and took yet another loss. Market was getting choppy right below the IB low, so I probably should’ve just cut the day short here with 3 losses.
4. TRADE #4: Short at Initial Balance Low → -5pts/-$250
Tried one more short as price couldn’t couldn’t seem to break and accept back above the IB low. The problem, however, is that I wasn’t patient enough with my entry (4pts away from IB low). And again, didn’t give enough room with stop.
Overall, the market didn’t let me get away with any mistakes today. Have to shake it off and execute better tomorrow.
Written by Matt Thomas (@MattThomasTP)
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