bakedbeans' learning journal

[bb01100100]

Today was an ouch day for me - caught several falling knives incorrectly, misread a wedge breakout (faded it), then reversed and held out for a continuation down and got stopped out, then held for a 50% retrace bounce but there was not, then a larger zline test and got stopped out.

Failure to perceive properly and failure to keep my stops close by - not the intention of this session.

Off to make coffee and have a think.

[chappy]

Hi Beans ,,could you post a chart of your trades today ..still trading ES from 2-4 est ?

[bb01100100]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg (94.5 KiB) Viewed 1712 times

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

[aliassmith]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

Draws on Liquidity
Imbalances/Gaps
Order Blocks

Definitely missed some markings on there

[chappy]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

Hi Beans ,,thanks for your honesty ..Glad to see you are trading the a.m. Ive posted a 1min.and a 5 min .chart. I am basically a trend line trader . I set the trend line with the macd cross . When the line is set ,I wait for price to cross and enter. The stoch . is just to help with an exit ( I dont use it much ,,it may help you) Now, I'm not expecting you to trade like I do , but something here might help you...I'm NOT looking for any Z-lines ,sup/res,gaps ,candle formations or levels of any kind ..only the cross of the price and trend line...Keep it Simple ..The less you have to see or weigh in your mind , the better...Good Luck .....
d

[Don_xyZ]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

This list is worth much, much more than any guide or e-book or trading course out there :

post148989?sid=b7ab1688839a11c101001c8bac304e03#p148989

Read the list in this order:

BEFORE YOU START TRADING...
WIL
Management
Money management (Parlay)
Patterns (S/D, Western chart pattern)
Simplest bias
Breakout trade
Anchor trade

Read them all 1 time and then repeat once or twice immediately after. It shouldn't take that long to complete this phase and you can just do it during the weekend.
If you have any questions, just ask. Kreslik is just full of master traders and on top of that, they're more than willing to give a helping hand.
Every now and then, re-read them because at some point in time, you will definitely acquire new info or knowledge and this will help shed more light on things you previously weren't aware of.

The others in the list are not necessary but they might give you things or help clarify some points in trading.

Don't be frustrated. Things like this takes time. If it takes many years to become a surgeon and bank a million dollars a year then it's imperative to understand that it might take many more years to become a trader who can make a million dollars in less than a year. Some people get there even faster. So cheer up!

[bb01100100]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

Hi Beans ,,thanks for your honesty ..Glad to see you are trading the a.m. Ive posted a 1min.and a 5 min .chart. I am basically a trend line trader . I set the trend line with the macd cross . When the line is set ,I wait for price to cross and enter. The stoch . is just to help with an exit ( I dont use it much ,,it may help you) Now, I'm not expecting you to trade like I do , but something here might help you...I'm NOT looking for any Z-lines ,sup/res,gaps ,candle formations or levels of any kind ..only the cross of the price and trend line...Keep it Simple ..The less you have to see or weigh in your mind , the better...Good Luck .....
d

Thanks Chappy!

My timezone is in Australia so my 4am - 6am is NY 2pm to 4pm - I should have mentioned that in my screenshot.

Thanks for the charts - they are so clear! I have avoided using trend lines in the past, preferring to think in terms of zones, but having started to read Don_xyZ's patterns thread and put some on my charts, I'm finding them a useful reminder of direction/bounds.

[bb01100100]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

Draws on Liquidity
Imbalances/Gaps
Order Blocks

Definitely missed some markings on there

Yes for sure.. perhaps I need to constantly ask myself "what is this price action doing.. why is it doing it?".
Are the terms you listed above things that Dave talks about? Or are they more general terms?

I've stared at your chart mark ups for a long time and I still can't see the consistency in what is marked up.. sometimes a zline holds, sometimes not. What I mean to say is that I can't see the order in what is shown - it's brilliant that I have an 'epic fail' chart and you have shared a 'rational price action' chart. I need to do some more homework.

Thanks for the info, Alias.

[bb01100100]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

This list is worth much, much more than any guide or e-book or trading course out there :

post148989?sid=b7ab1688839a11c101001c8bac304e03#p148989

Read the list in this order:

BEFORE YOU START TRADING...
WIL
Management
Money management (Parlay)
Patterns (S/D, Western chart pattern)
Simplest bias
Breakout trade
Anchor trade

Read them all 1 time and then repeat once or twice immediately after. It shouldn't take that long to complete this phase and you can just do it during the weekend.
If you have any questions, just ask. Kreslik is just full of master traders and on top of that, they're more than willing to give a helping hand.
Every now and then, re-read them because at some point in time, you will definitely acquire new info or knowledge and this will help shed more light on things you previously weren't aware of.

The others in the list are not necessary but they might give you things or help clarify some points in trading.

Don't be frustrated. Things like this takes time. If it takes many years to become a surgeon and bank a million dollars a year then it's imperative to understand that it might take many more years to become a trader who can make a million dollars in less than a year. Some people get there even faster. So cheer up!

Don, I really appreciate the help and guidance. I've been dipping in and out of your patterns thread and finding lots of great information and some fascinating trading magic. I will read in the order directed - thank you.

This morning's trading outcome has unsettled me, but that's on me to address and get on with the task of rewiring my brain. I've been steady, I've been erratic. Let's get back to steady.

[aliassmith]

Hi Chappy,

Sure thing; ellipses are where I was entering.. long on the way down, short on the way up.

2023-07-20-ES-epic-fail.jpg

This is just bad, bad trading.

I'm sharing it because it shines a very strong light on how I lose objectivity. I think I've had a growing level of frustration that when I'm cautious I miss significant moves, but conversely when I try to be aggressive I just get it wrong in the moment.

As the attachment shows - in hindsight for me - it was the simplest of down moves, then rejection of any further lows, then an up move. This should be basic stuff.. there was even a weak momentum bar retest (last ellipsis) before price went all the way back up. I "saw" none of this at the time.


I think it's time to pause the scalping and look at my options for trading on a longer timeframe. For me that's likely to be something based around the weeklies since I can't be in front of the screen during the majority of the US session.

Draws on Liquidity
Imbalances/Gaps
Order Blocks

Definitely missed some markings on there

Yes for sure.. perhaps I need to constantly ask myself "what is this price action doing.. why is it doing it?".
Are the terms you listed above things that Dave talks about? Or are they more general terms?

I've stared at your chart mark ups for a long time and I still can't see the consistency in what is marked up.. sometimes a zline holds, sometimes not. What I mean to say is that I can't see the order in what is shown - it's brilliant that I have an 'epic fail' chart and you have shared a 'rational price action' chart. I need to do some more homework.

Thanks for the info, Alias.

They are basically ICT terms