Failed to take this setup on QCOM due to internal dialogue.
I've added more accurate Gerchik ATR to the D chart, which at 154% and at such clear level, and perfect VP zone should have been an entry into a F.B reversal.
QCOM : Trade not taken
I should have taken this just for rule-obedience sake.
It was a perfect setup, and from now on I have to take perfect setups. No second guessing. (I'll try this mental rule and see how well it works going forward). Not taking a perfect setup is rule-breakage.
Mental factors affecting this failure:
- Trader I respect posted saying NQ is highly inadequate today, and to be careful.
- I was unclear with myself looking at that seeming see-saw on 1m chart, only look at 5m chart for entry, 1m is just for precision and more high-res data.
- Not wanting to waste morning gain of +1R (this needs to stop, +10R a day is the goal)
Follow-up
This setup faded. But it was a solid 1R trade I should have taken.
ADBE : +1R
Tried partial takes, I like it. Sold half, then the other half. Also pretty good entry and exit I'd say. Although entry was mostly momentum off VP valley edge, I think it does match a historic level that I saw but didn't draw. TradingView is awful in so many ways, having multiple panels the way I'd want them is one.
LITE -1R
Sometimes the setup just doesn't work, as evidenced here. I don't see any errors on my end. The only thing might be: entering a lower velocity move... but that should be ok most of the time if the level + VP are strong.
Note: I am currently not really following +/-70% ATR rule for F.B, I might integrate it in. It would exclude this specific setup on LITE from entry.
I am also thinking of integrating BO trades into my routine. This one was too obvious and there are so many of them that I just watch happen...
NVDA -0.5R
Another solid setup, early exit due to failure to meet 2 bar F.B requirement.
Followup:
Basically this was an early exist of an otherwise super profitable trade... but before this kind of trade becomes profitable, where do I place the stop?!
I think I know my error, I did not enter on 2nd 5m bar, I entered on 1st 5m bar.
If I waited properly, it would have been a banger trade. One more thing to integrate.
QCOM : Missed it, should have been aware of that beautiful intraday level
