I am really starting to like the way I have been trading. I havent really had a full week to test out the theory but
20 point/week goal
- Must have 3 green days that are 10 points and if red cant go above 5 points in losses
- Green everyday and make 4 points
1. SSL or BSL hit? (Very important)
2. Internals in confluence? (Even more important)
3. ICT concept entry (Less important)
1. Did we hit SSL?
- Yes, SSL was a very key 4h higher low we made a few months ago and we finally hit that level in the premarket. As you can see here we flushed down through that level quite hard before finding some buyers. Its important to realize that because we broke so far below the SSL we could easily have gone much lower. I think since this is a 4h SSL that when we hit it though it wont be a big flush through or a steady decline, its more likely to be an accumulation phase since its a 4h level and not just some recent lower high or lower low.
2. Internals in Confluence?
- Yes, Internals are moving up immediately at the open. They opened very weak down -8 and then immediately alraedy started moving back to neutrality which shows bullishness. Once we do hit the HOD at ~1 and we start to go back lower that is when I am more hands off and not expecting bullishness to continue. I must remember that in reversals they are simply that and that alone, a reversal. They do not usually reverse and continue infinitely. I am going against the broader market in most scenarios so I cannot expect a -8 VOLD open to not go back to the high negatives once the bullish phase is over. That being said, once we do go back to the positives on vold right around 10:15 after making a higher low, that is when I am back and interested in a trade.
3. ICT Entry?
- Eh, im not really sure if this was a true ICT entry because I am unsure how order blocks work.
- this is a 5m OB I think. Strong bullish move the last red candle before that move is the OB. We used that level as support the entire day.
- This is a 2m OB. Again strong thrust on bullish move and the last red candle is the OB. I used this OB as a stop out level for my longs when I got in the second trade.
- Here are my MES trades, I got the first scalp long for about 3.5 points and then the second trade for about 8 points. The first trade was a somewhat breakout or bailout style because it was so close to the open and the second trade was more of a "I trust this reversal to take out BSL" so I placed my target 1 point below the HOD. I think both of these trades are of high quality in relation to idea and execution. The second trade execution could have been much better had I not gotten in so high. I shouldve waited for the OB entry and then my R wouldve been amazing. My R on the second trade was still only about 1:1 whereas had I gotten in a the CE of the OB it wouldve been about a 5 point risk for about a 12 point potential winner. I need to make sure I am more patient with my entries.
- This MNQ trade was not the best but not the worst either. I think my execution was quite good on it. I saw us hit the SSL on the intraday and I thought perhaps we fakeout a lot of people on this drop and I entered somewhat prematurely rather than waiting for an entry closer to the bottom or in a FVG or OB. Once we made a new lower low on the 2m I was not gonna hold this for another break to LOD. I think this was definitely an impulsive trade that I should have avoided. Internals were in confluence and we hit SSL but the NQ is just so wicky and hard to trade because of that reason. I think unless I have a clean FVG entry or OB or something of that nature I really should not even try to trade this ticker. Just because we hit LOD again and the internals are moving higher does not mean that we will reverse.