Today I did some simulation and some demo trades.
Below are the demo trades I took.
H1
15M
Was carefully bearish because price has moved 3 stages based on H1. Took a short based on this candlestick. But the price wasn't the best. Maybe I should have waited for the last fake price push and take a trade from there after potential stops have been cleared as illustrated by the arrows above.
Looking at the 5M chart above, I shorted at a very obvious candlestick formation. I should have expected that price will move up to trigger my stop. Furthermore, my stops were too tight.
After losing 2 trades, and seeing the formation of the pin bar, I did not chased the price. Instead, I parked a buy limit order as illustrated below before turning in to sleep:
The reason why I went long was that price has moved down 3 to 4 waves and there was appearance of red pro vol bar at previous day low and a high volume pin bar during US open.
When on bed, I realised that my buy limit was triggered and the bear momentum was still very strong. So I went short at over the phone which TP fortunately in the end but my buy order was stopped out.
Main issues:
There was a red volume bar on H1 after the formation of the red vol hammer on 15M. At the end of the day, it turned out to be fake hammer to induce people to go long and force them into bad positions.
1. But how to know this without having to wait for the formation of H1 and H4 info
2. How to determine the correct bias?
3. How to determine the best places to enter the trade with minimum risk and tight SL. Where do the pros normally squeeze retailers?
4. Professional bars and what happens after that. I recalled he told me that if there is a high vol pro bar and it does not follow through. You have to be careful.
Emotions:
A bit frustrated but did not flare up.
Did not over trade.
Some good emotional management today despite the losses.
Below are the demo trades I took.
H1
15M
Was carefully bearish because price has moved 3 stages based on H1. Took a short based on this candlestick. But the price wasn't the best. Maybe I should have waited for the last fake price push and take a trade from there after potential stops have been cleared as illustrated by the arrows above.
Looking at the 5M chart above, I shorted at a very obvious candlestick formation. I should have expected that price will move up to trigger my stop. Furthermore, my stops were too tight.
After losing 2 trades, and seeing the formation of the pin bar, I did not chased the price. Instead, I parked a buy limit order as illustrated below before turning in to sleep:
The reason why I went long was that price has moved down 3 to 4 waves and there was appearance of red pro vol bar at previous day low and a high volume pin bar during US open.
When on bed, I realised that my buy limit was triggered and the bear momentum was still very strong. So I went short at over the phone which TP fortunately in the end but my buy order was stopped out.
Main issues:
There was a red volume bar on H1 after the formation of the red vol hammer on 15M. At the end of the day, it turned out to be fake hammer to induce people to go long and force them into bad positions.
1. But how to know this without having to wait for the formation of H1 and H4 info
2. How to determine the correct bias?
3. How to determine the best places to enter the trade with minimum risk and tight SL. Where do the pros normally squeeze retailers?
4. Professional bars and what happens after that. I recalled he told me that if there is a high vol pro bar and it does not follow through. You have to be careful.
Emotions:
A bit frustrated but did not flare up.
Did not over trade.
Some good emotional management today despite the losses.
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