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Gamera
Market Wizard-
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Everything posted by Gamera
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1 trade for the day with a metric just getting tagged, rules hold up more often than not.
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No prep or trading for the previous session, prep attached for the day ahead. PA is ranging a little at the moment.
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Whilst the week was a positive one I ended it with a losing day as I failed to adapt to a change in PA.
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Price is still dicing with the UL of the weekly and daily, lower time frames have seen price break higher from the range we have been trading in over the last week.
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A lot of sitting around before something a little more concrete turned up.
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Equilibrium at the open, wait at the extremes for reversals or breakouts.
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Having reference points and clearly defined trading opportunities is making life a little easier, notes on the day included as there was plenty to think about.
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PA seems to be probing the LL of the range more often than the UL, could this mean something?
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Over management in trade 1 led to lessons being learned for trade 2.
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Despite the test of the lower limit of the range price has not really gone anywhere overnight and leading into the open one would wait for the extremes to be tested again.
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Indecisive PA around the LL of the range highlighted in the prep led to two small losses, I passed on a later opportunity partly due to the time of day and partly due to a lack of focus.
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Price is still at a tipping point in regards to the higher time frames, the lower time frames are looking more range bound with clearer UL and LL.
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Opportunities abound if one is ready to act when the time comes.
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From a weekly and daily perspective price is back under the UL of the respective trending ranges. News in the US might cause some fluctuations later in the day.
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A disrupted start and one trade for the day.
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Prep for the day has us above the UL of the higher time frame ranges and possibly ranging prior to open on the lower time frames.
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A short bias conflicted with what I could see happening intraday causing a little trouble along the way.
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Activity overnight might make for an interesting day ahead.
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One trade for the day and a chart with thoughts attached.
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No trades from the previous session. Look ahead for the day on the charts, not much change from the daily and weekly perspectives.
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Late getting started today so prep is after market open.
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Took on 3 trades and on reflection I was chasing my tail, prep was poor and some of the decisions made were worse. Notes on chart. Thoughts on prep: As mentioned not so long ago the prep for the day ahead is a little poor, where are the trading opportunities, where might price struggle, who am I trading with/against. In this instance 5300 being a round number might act in a manner that would support price, a tighter SL gave one an entry some 30 minutes prior to open at around 5302-3. I was working with the looser (blue) SL as it fit with the time I was available, and this was in the process of being broken at open. Things I need to work on: Preparation, I'm struggling to identify trade opportunities/context on higher time frames. Hesitation, orders have been cancelled despite the setup being on plan. Patience, At times I have tried to make things fit, (fear of missing out) causes me to chase, I know I have missed the best opportunity, I need to let it go and prepare for the next opportunity. Tunnel vision, keep an eye on the higher time frame charts. Rigidity/adapt, PA can change giving a clear indication that a trade is going to fail before a DP is hit, i.e dogs, DB's and DT's, outside of a strong TO one should not be so attached to a make or break trade idea. Things that seem to be ok: I seem to be able to manage trades as per plan once they get going. Still struggling to blow out the cobwebs but I can see the changes in the PA a little clearer. Need to apply myself a little more as I have regressed quite a bit and feel like I am repeating mistakes that were largely behind me.
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Prep for the day has us approaching a possible LL of a trending range at 5280.
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Interesting day, saw the post elsewhere by DB regarding the weekly chart that gave some insight as to what may lay ahead. Doubts/overthinking early on meant an order was scrubbed on a decent setup, another trade scratched as I was paying attention to the PA which indicated a failure prior to any metric being met, and a tightening up on management (hourly TF) meant an early exit on the final trade, notes on chart.
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Premarket breakout of the previous range not going with the exuberance one might expect from a breakout, despite what I think price is heading higher for the time being.