Today's trading session served as a powerful reminder: trade what you see, not what you think. Tuesdays have been a challenging day for me this month, consistently ending in the red. However, I didn't let that discourage me. Instead, I approached the day with excitement, knowing that it presented another opportunity to learn and grow.
Skipping the Asian session analysis turned out to be a missed opportunity for me. I missed some potential entries during both the Asian and London sessions. Nevertheless, I remained unfazed and eagerly awaited the upcoming session, knowing that there were still plenty of opportunities ahead.
I patiently waited until after the 9:45 Red Folder Data Release before taking any trades. I entered short positions on US30, which initially brought in small profits but eventually hit my stop loss. Undeterred, I added new short positions during the next leg of the price movement. The price then consolidated near my entry point for nearly two hours, testing my conviction.
During this consolidation phase, I also identified ideal short entries on NAS100. Doubts started to creep in, and I briefly considered scaling out due to the drawdown. However, I chose to trust my analysis and endure the temporary discomfort. It was a test of my confidence and discipline.
Finally, during the lunch hour, the price broke lower, validating my analysis. I secured partial profits as the price declined, effectively recovering the losses from the morning session. At the Funded Engineer account, I secured a 1.3% gain, and at The Funded Trader account, I achieved a 1.1% gain. These trades not only restored my May Tuesday's collective performance back into profit but also provided a sense of satisfaction and accomplishment.
As the price briefly retraced, I reentered short positions on US30 and NAS100 on a separate evaluation account, adding another 0.75% to my overall gains for the day. It was a testament to the importance of sticking to my analysis and executing trades based on what I see unfolding in the market.
Today's trading session served as a valuable learning experience. It highlighted the significance of trusting my analysis, enduring temporary discomfort, and staying committed to my trading plan. By trade what I see, not what I think, I was able to turn a potentially challenging day into a profitable one. I look forward to applying these lessons in future sessions and continuing to grow as a trader.
US30
Peak Formation High on Friday
Day 2 Shorts in NY on Tuesday
Price Fell in Asian and London Session today so far
NY put a new Low in place before retracing 50% of the Initial Balance
I entered my first shorts at 38.2 level which failed
When price finally rejected 71 on Day Fibs and the Initial Balance 50% I entered new positions targeting th current LOW
Scaled out as price moved in my favor and scalped a piece on a separate evaluation
NAS100
Day 2 Short but following an Inside Day with less confluence
Similar Play to US30
I also need to work on the edge to want to take profit as soon as I see profit on a trade irrespective of the over trade setup or target 🎯
I really need on work on my confidence and patience. Over the last three days trading, I either took a loss or breakeven all because I wasn't patience enough and didn't trust my analysis. I think is was because I didn't want to go further into drawdown.