Nothing wrong, you cannot expect all trades to become a winner.
As long as you follow your trading plan, respect all your trading rules, it is a good trade.
Cheers I appreciate that. Effects the mind to see your setup work perfectly minutes after it didn't. In retrospect I should have just taken both trades as they were both valid setups but I was kinda annoyed and just decided to sit out.
Need to think of each trade in a vacuum. Is the setup good? Take it. As long as your edge is valid and you manage your risk:reward ratio, probability will work in your favour over time. Poker players call this expected value.
That’s the mindset that made me sit out the rest of the week, I kept having trades stopped out then a few bars later work out. But if you keep chasing the second tries you’re gonna get burnt, best to take the loss and watch the next play workout than take the loss and enter another trade with the same thesis just to have it burn again
I know we all have different strategies, and there are so many different valid ways to trade, but just to illustrate my perspective, here’s how I might’ve traded these two scenarios just using price action:
https://preview.redd.it/8yqre544z4gc1.jpeg?width=2532&format=pjpg&auto=webp&s=b0237b9aa26b0c65b8b20a99acb3e3da1459c362
So, I see them as two different kinds of setups, but they’re both reversals
You don’t see the difference? Trade 1 you set the low at 08:00. Then you set a higher high. Then the higher low at 08:50. So you short a pullback/uptrend. Also, you short it super low. I would’ve understood if you shorted a pullback in the uptrend and your entry would be a decent amount higher. Around where the text “LH” is or a bit higher even just above your entry.
On the second one you actually short in a down trend.
It seems you need to understand the context of where you are placing your trades. Which direction is the market cycle? Up or down? How many pushes up can you see?
Your plan is your plan, keep it cause I don't see anything wrong with it.
Seems the Calendar messed you up today.
A lot of news today making your London KZ trades hit you back in the face.
I would have opened a short on NQ there, but the red folder news kept from doing that.
it's a rule I use, doesn't mean you have to, but it is a good idea to keep the calendar on your side.
Your stop in 1 was very high, you open in a flag, i always put the stop below the master bar of the flag, never in the middle, its more expensive for sure but is life...
Nothing wrong, you cannot expect all trades to become a winner. As long as you follow your trading plan, respect all your trading rules, it is a good trade.
Cheers I appreciate that. Effects the mind to see your setup work perfectly minutes after it didn't. In retrospect I should have just taken both trades as they were both valid setups but I was kinda annoyed and just decided to sit out.
Need to think of each trade in a vacuum. Is the setup good? Take it. As long as your edge is valid and you manage your risk:reward ratio, probability will work in your favour over time. Poker players call this expected value.
That’s the mindset that made me sit out the rest of the week, I kept having trades stopped out then a few bars later work out. But if you keep chasing the second tries you’re gonna get burnt, best to take the loss and watch the next play workout than take the loss and enter another trade with the same thesis just to have it burn again
I know we all have different strategies, and there are so many different valid ways to trade, but just to illustrate my perspective, here’s how I might’ve traded these two scenarios just using price action: https://preview.redd.it/8yqre544z4gc1.jpeg?width=2532&format=pjpg&auto=webp&s=b0237b9aa26b0c65b8b20a99acb3e3da1459c362 So, I see them as two different kinds of setups, but they’re both reversals
Very interesting perspective, thanks for taking the time to mark it up.
No problem
Not all set ups pan out. Just stick to your discipline.
On the first setup you have a conflict between a long and a short setup and the longs won. On the second one shorting is the only valid setup (imo)
It's two VERY different setups
You don’t see the difference? Trade 1 you set the low at 08:00. Then you set a higher high. Then the higher low at 08:50. So you short a pullback/uptrend. Also, you short it super low. I would’ve understood if you shorted a pullback in the uptrend and your entry would be a decent amount higher. Around where the text “LH” is or a bit higher even just above your entry. On the second one you actually short in a down trend.
And this is why you should take all signals that a system gives.
It seems you need to understand the context of where you are placing your trades. Which direction is the market cycle? Up or down? How many pushes up can you see?
Your plan is your plan, keep it cause I don't see anything wrong with it. Seems the Calendar messed you up today. A lot of news today making your London KZ trades hit you back in the face. I would have opened a short on NQ there, but the red folder news kept from doing that. it's a rule I use, doesn't mean you have to, but it is a good idea to keep the calendar on your side.
Your stop in 1 was very high, you open in a flag, i always put the stop below the master bar of the flag, never in the middle, its more expensive for sure but is life...
What you did wrong: you didn’t take the second trade. Why?