May 21 Recap

What a difference waiting on the 10m chart makes. Finally, I traded how I wanted to. Waiting, waiting, waiting some more on the 10m chart.

I wrote the plan at 1:50, so after the high volume spike up after the severe tank. I wrote "I could see us retesting the low and then continuing or bouncing with divergence. The entry point for retesting the low would be at resistance / the ribbon."

We continued down. 1:50 we saw a star, 2:00 was a dragonfly doji, suggesting a rip higher. While we were down, I was frustrated I may miss the move down again, but because we weren't in the ribbon and then entry wasn't crazy clear I let it pass. Buyers swallowed it up only to over taken on the next candle. The next candle we continued lower and I started to think we were putting in a Higher Low. Again I felt like I missed it, but system says to wait for entries in the ribbon. We finally got a push into the ribbon. It was only at that time I started to zoom in on the 3m. I noticed we were rejecting the 3m21e. I went ahead and entered with the 3m21e as risk.

The 10m closed with a meaningful wick off the ribbon and confirmed my entry. I exited once we were painfully close to the previous LOD with a profit of 35%. From a system perspective, the next level down had an incredibly high chance of hitting, and holding until then would've yielded a 100% return instead.

Picture perfect entry :) Okayish exit. I think to myself imagine if I'd sized on that trade instead of my less confident and ultimately forced earlier trade. Waiting for the 10m to make it clear is the only way to size up with confidence. I have to, have to, have to continue to wait until it's hilariously clear on the 10m. Even if it means I miss the smaller moves that "could've been big if I sized." The truth I shouldn't size in those scenarios anyway.

By the way, please note in the screen shot we made a LL in price, HL on PO for a 3m mean reversion play. Even more conviction because we already moved a full ATR and were hovering around -1ATR. Took a later entry call expecting continuation up, but the 10m ribbon too strong. Great job entering at support- was frankly easy having fully accepted the downside.

10m chart. Fully accept the loss to make a CASPAR entry easy. So what if it works or not.

Both trades yielded 2%+, the 2nd was way easier. I will wait for easy.