11/29 Trade Review → +5.5pts/+$275 Total Gain on 4 Trades:
Here’s a screenshot of the day’s action. I marked up four different spots on the chart that I want to discuss. 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: Short at Initial Balance High → +4pts/+$200
Entered this trade right after the initial balance set its parameters (1hr into the trading session). Market hovered right under the IB high for 20mins or so before falling. Full target was 12pts, but I only locked in 4pts on this trade.
I moved my stop on the break below VWAP; didn’t want to see price test back above that level. Probably should’ve given it a little more time and space because my stop ended up getting filled right before the market accelerated to the downside.
2. TRADE #2: Long at Initial Balance Low → -4pts/-$200
Tried a long at the initial balance low around 11am. Seemed like it was trying to find support for a minute or two before dumping right through the now. Took a small loss and started stalking a short entry on a retest of the IB low level.
3. TRADE #3: Short at Initial Balance Low → +10pts/+$500
Got the retest around 12:35pm and entered a short position – which turned out to be the best trade of the day (+10pts). Once again price hovered right below the IB low level before accelerating down. Been seeing a lot of this hovering/floating lately.
4. TRADE #4: Short at Initial Balance Low → -4.5pts/-$225
Gave the initial balance low one more shot with another short trade at 2pm. The market showed complete disregard for the IB low as a resistance level this time – blasting right through it with a relatively large 10+ point candle.
Called it quits for the day and locked in the +5.5pt/+$275 cumulative gain.
Overall – 1 Solid Win Stands Out Amongst 3 Small Gains/Losses:
The initial balance range only offered about 18pts today – and typically I’m looking for at least 20pts of range to provide some decent opportunities. But the market still covered a lot of ground back and forth after that first hour.
I experienced a couple small losses throughout the day, but there were also opportunities for two 10+ point wins (and I only capitalized on one). I might need to re-think how I go about adjusting my stops – especially on small range days like today.
When I started this Topstep Combine and decided to only use 1 contract per trade until passing Step 1, I think I underestimated how difficult it would be to adjust to trading single contracts. I’m so used to scaling out as trades move in my favor.
Being able to hold through long periods of chop without locking in gains has clearly surfaced as an issue over the past couple of weeks – so it’s something that I need to address. I have to be more patient in letting my winning trades really work.
Otherwise, my equity curve will turn into a back-and-forth chop zone without any significant upward movement.
Written by Matt Thomas (@MattThomasTP)
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