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Alright, my first trade was profitable with a 2.50 ES gain. My second trade was a mistake by me, and I saw what I did wrong and lost 1.00. My third and 4th trades were basically break even since I saw my entry points were bad and immediately got out.
This trade bothers me though, not sure what I did wrong. You'll see we had a spinning top (I think?) then confirmation after that, I went short on the 2nd red candle at 1452.75 where price stood at a standstill for some time. I got stopped out at 1454 essentially wiping out my gains for the day. I'm wondering if I saw the chart right, and it just didn't work out or if I did something wrong? |
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It's hard to follow you here because you show a spinning top that's annotated on your chart soon after 7:30am.
Yet, you said you went short after that on the 2nd red candle.
However, you have annotations about going show all the way over on the right side of the chart between 11:30am - 12:30pm as if that's where you went short at???
What time did you short Emini ES???
Regardless, there's a old saying in trading...
Don't let a profitable trade turn into a losing trade.
Anyways, one of the key aspects of Japanese Candlesticks is the trade management after entry.
That leads me into this question...
What needs to happen in your trade to prompt you to go to +1 tick trailing stop to pay for the trade if the trailing stop is hit in comparison to a true breakeven trade that's really a losing trade once you add in commission costs.