I’m combining my analysis & trade reveiw for today as I only made 1 trade today. I’m still not sure how i should rate the trade either (Good, Ok, or Bad). It most definitely had the desired result and there were a number of converging factors that let me to pull the trigger, but at the same time, it was a very risky play to go for a counter-trend long play today when the trend was so decisively down.

So I’ll let you decide for yourself today. Above is the trade, & here are my reasons for entry:

1.) Minor Trendline Break
2.) Positive TRIX Hook
3.) Positive NYSE-TICK Hook
4.) Much less volume on this leg of the move (Volume Divergence)
5.) 60-Minute Trendline Fade

That’s about it. I didn’t have any real strong signals, but just a number of little ones that caused me to go long. For a target I was initially looking for a pullback to the 610-tick trendline. However, eventually I noticed a very nice looking 55-tick Flash Formation Fractal forming & decided to exit as prices started its final move up towards the dotted blue line.

Overall, I was very pleased with how patient I was today. There was a lot of action going on and I could feel parts of myself being pulled towards making a hasty entry but I was able to remain vigilant and wait for a nice opportunity that helped me reach my Daily Goal in one fell swoop.

Consecutive Days Hitting Net Daily Goal: 1
# Days Hitting Goal out of Last 20 (with goal of 16/20) : 3/5
Weekly PnL (Stop = -6.66) : +1.10 R-Units
Total PnL this Level (Stop = -10.00) : -2.44 R-Units