Trade Types
Today was the first day of the new routine. I followed the checklist, and unfortunately took a poor quality trade to start, and then one decent trade afterward. Sat out the remainder of the move, as the entries were subpar, and had one chance at a 5 min 21/1m wave, but did not take it.
Open
The opening move was a 5 minute “fake” at the 34. Market ran up at the open, with no signal. Then, a weak 1m bullish spinning top at the new high, and a massive 60+ point candle to send it toward the low. However, there is no low break, because the 5 min top was bullish.
The clue here is that there is no 1m sell signal. I should just sit this short out.
When the 1m crashes with no real signal like this, despite thinking it was a potential 5 min downwave, it’s probably best to sit it out. The 1m had already been bullish leading to the open. This turned into a very good long entry, which I missed.
Day
The day was pretty straightforward, very simple opening entry long and then hold. No 5 min 34, but a few 5 min 21’s. 15m was bullish leading into the open, and that meant the day would be bullish, so considering the 60/240 were already very bullish to begin with, there was not much thinking to do today.
I got faked out by the crash in the open, going short and waiting for the low to break which was not supposed to happen.
Potential Trades
There were five potential trades today, with four being quality, and one subpar but still decent.
- Yellow circle: Opening “fake” short, followed by a 7J weak hammer.
- Not included above: 1m coming off 34 shortly after the wave at the open. No significant candle or 7J, it was just too powerful and rebounded immediately.
- Orange circle: 1m has its first downwave during the run, but 5m does not reach the 21. Still a decent trade, but not perfect.
- Blue circle: 1m makes another downwave, a deeper more valid wave, while 5m still doesn’t quite reach 21. But it gets close, and this makes it a better quality trade. Not perfect.
- Purple circle: This time, 5m does reach 21, while 1m goes on another deep downwave. This trade is ideal, and 5m tests 21 repeatedly later for the same setup, but never comes back to this level.
- Yellow box: Same as #5, 1m downwave with 5m on 21. But this move is continuing from the previous trade, and it only serves as a second entry if trade #5 was missed.