Completely butchered yet another beautiful opportunity for a reversal today and ended the day down $150 which is 10 points considering my avg size on the day. Even though my first trade was nearly a 20 point loser.
- Anyone seeing this will think, "yeah you lost 20 points? that is what happens when you add into losers" which is true yes but FUCK U bro.
- My main problem with today was not that I was wrong but again I was early. I am unsure how long its going to take my to be less early on these fucking trades but I bet its a pretty damn long time. I did nail a 11 point trade at the bottom with 2 contracts but again I sold way too early and I wasnt able to add into it.
What were the main reasons why this was a stupid trade?
1. Like nate said, longing a range when the trend is down is bonkers stupid
2. Dont go for a reversal just because CPI is tomorrow
3. Dont go for a reversal when we havent even gotten to 50% of the ATR. Shouldnt even be considered until HOD to LOD is at least 1 ATR
- Once we hit this OP level and break through it then we can say that we now have a structure shift. In the PM we were green but after this structure shift we went red and start to break down.
ONCE THE SSL IS HIT THAT IS THE SELL SIDE OBJECTIVE OF THE DAY AND NOW WE MUST BE READY FOR A NEW OBJECTIVE FROM THE ALGORITHIMS
- Ontop of all of that we also have the huge daily FVG that is being filled for the second time after the first attempt we found a ton of buyers so why expect anything different the next time?
- When we hit SSL we also were at 1ATR
Go for reversal dummy but not until all these things happen first.
What is the easier trade?
- Go short with the trend targeting the SSL once the struture of the uptrend is broken. PLUS we are also below the OP(Q) + OP(W) which means continuation trades with that trend are usually very good.