Patience and better entries

This is chart from yesterday. I was much more patient than I usually am. This was progress for me. Usually, I am very eager to get a trade in. I'm not even usually waiting for the opening swing, I am usually just trying to get a few scalps in early assuming the open will be a trading range, which it usually is. When I take those early trades though, I don't always have a defined risk. I know I am going for some sort of scalp, but I don't know exactly when I am wrong or where best entry point for scalp is. Today I decided to forgo that and just wait for a setup I am better define. I did not enter my first trade until B23, which felt like forever to me. I missed the early move up, but that is ok. It was not clear to me which direction the market would go. After B21, I saw a wedge top with bars 2, 7, 19. Since it was a big gap down, I thought this was counter trend wedge, better than taking wedge entry in strong trend. I decided to fade the H1 and sold above B21. I thought B20-21 would get a second leg, and that this would happen before B20-21 for a MM in the opposite direction. So my risk was defined, a MM of B20-21 to the upside. However, since I put my order in space instead of waiting for the H1 to form, assessing its strength, then entering, I got nervous based on the strength of B22. This caused me to take some profits early at the close of 21. Then I took more profits at low of B17, and final profits I believe at the high of B11. Overall, I was happy with this trade. 

I missed the next move up. I thought about buying above B27 but after B24-26, I wasn't sure if this move was done or if there would be another bear leg. This was the first time the bears printed 3 consecutive bars. If I had been focusing on the 15 min chart tho, I think the two legged pullback would have been more clear, and it certainly looked weaker. Anyways, no trade here for me.

By B42-43, it looked like we had nested wedges, many bars forming wicks, and the trend seemed to be weakening. I thought this may be near short term highs. By B48, I glanced at the 15 min chart noticing it had just printed 3 bear bars. They were not particularly strong, but I thought it was reasonable that it may get a second leg. I sold under B54, expecting that we would test the low of B47. I setup my trade as a 1:1 with this target, so my risk was the same distance to the upside. I got stopped out relatively quickly. I don't think this was a great trade, but I do think it was reasonable. 

By this point, I was thinking about the day structure and the probabilities. So far it had been a gap down, with a bull channel. Bull trend days after large gap down is uncommon. More common is TR day. It seemed that if the channel were to break, it was higher probability of breaking to downside. By bar 65, it was looking like a wedge on the higher time frame 15 min chart (finally). Despite it being right above the EMA, the overall context seemed good for a short position. I sold under B65 and then sold again under B66. This three bear microchannel had a small gap and looked like high probability for second leg. With my stop above B63, I scalped a portion of the trade at 1:1, which was near low of B55. I then took profit again at 2R, which was near low of B47. This seemed like reasonable place for buyers to show up. Though at this point we had 7 consecutive bear bars. Another leg down still likely. By B74, it was getting late in the day. I was a little nervous holding open position since end of day can be volatile. I closed remaining position near the close of B70. I regret this. Instead, I should have just trailed my stop tighter. I was fearful of losing some of my open profits, rather than being hopeful of capturing more. From everything I saw on the chart, I expected lower prices. But my fear took over. I will continue to work on this. I just finished listening to the audio book of "Best Loser Wins". I am working towards the ideal mindset.