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These are the trades I took the other day. The first was a short, and I scalped out, looking to enter on a PB. The second was a short not long after my exit. I thought momentum was good for the bears and entered just in case we didn't PB more but used a wide stop. The third was a break of a L2 with a bad signal bar. I saw the tail on its bottom and assumed bears scalped out, probably a couple of bull bars up to find sellers above. I had an exit order on a prior minor LH, and my scale-in short was resting there as well. I trade CFDs, and the broker allows order hedging, so I can trade both sides at the same time if I wish to. I exited all my shorts at the end at my first entry because i was hungry and wanted to leave my pc to get food.
You can see on the chart I typed I didn't think TBTL at the moment. I was thinking of a possible reversal, but probably minor, and I didn't use the term TBTL. I pointed that out mainly for myself, as I am trying to familiarize myself with BPA abbreviations.
What are you thoughts on my trades? Would you do something differently?
Thanks in advance!
My thoughts are that I want to be more helpful but don't understand your entries and exits. Write them down more clearly next time.
Hopefully, the slides above now make more sense.
Thanks for clarifying the trades you took. Let me start with the first trade. Without considering your choice of entry and simply your trade management, it was good. Since you bet one risk measurement to the upside versus the downside, it needed to be more than a medium certainty trade. The strength of the "2-bar reversal" indicated that it was, in my opinion. Your second trade was hasty in my opinion, because the lower wick to your entry bar indicated there was buying below the bull-trend bar which formed 3 bars beforehand. Scaling in resulted in a breakeven trade, and it matched the premise of the "always-in" status of the market so it was a good decision. The third trade was profitable so it wasn't a bad trade, however it was contradictory to your initial premise of opening a short position at the low of that range. Therefore, the most important thing to recognize is that there is obviously a flaw in one's reasoning when their premise changes causing them to reverse their trade without it being profitable.
I'll agree the second trade below the BL bar was an aggressive one. Because of the momentum the bears had, I chose to enter there just in case the two small legs up were enough for the bears and the bulls. However, I knew that there was potentially more to this minor reversal, so I chose to use a wide stop. I targeted a minor LH for my scale-in and thought sellers would be above that area. Opening that third trade was logical for me. Four bars after my short entry, I decided to capitalize on the fact that I can trade both ways simultaneously.
For me, if the market breached that BR doji high, it would give me a greater chance of my scale-in getting triggered. I saw the tail on that BR doji and assumed bears exited at the bottom of that small TTR. The bears who didn't exit would probably exit above and take a loss, leading the market to form a small L2 DT failure. Basically, I decided to trade the rally that would trigger my scale-in. Even though there were contradictory trades, I tried to think of them as two separate entities and be objective in managing them.
I exited my second trade at my original entry (below the BL bar), securing a scalp profit on one entry and a break-even on the other. I only did that, as I mentioned, because I wanted to leave my desk ASAP, and my stomach was literally rumbling. I don't feel comfortable leaving trades open while away from my PC without putting my stop to break-even. Not a price action exit for sure, but I was really hungry.
I hope I provided a little bit of insight into what I was thinking in real time. If you want to point out something, by all means, go for it.
Thanks for taking the time to reply.
I think your awareness of price-action entries and exits is notable. Please accept that one either chooses to be long or short, and being long and short at the same time is almost the same thing as being flat.
