Who Needs Hindisght?

Each day, I do an end of day (EOD) analysis and mark off where the better entries are in hindsight, based on my entry methods.  See my previous post from earlier today when I took a scalp trade based on the buying climax into a supply zone.  If I had held on to it, then there was more than 100 ticks to be had on it. 

So I did not need hindsight to identify this opportunity. I am getting better at seeing these zones. All I need to do, is control my emotions and not hold on to bad trades.

You will see my entry on the 3 min chart. I also showed where the ideal VSA entry would be.

I also did EOD analysis on CL, even though I did not look at it today. I really love CL, so many good moves during the day. There was a great bounce off the demand zone created on Friday and we also saw the Market Makers at work with a buying climax breaking through supply to stop out all the shorts and triggering breakout longs, before slamming back down and causing pain to anyone not trading with a stop loss. Ouch!

There was some great entries using the 6 Renko chart, and as usual we had the 'M' shaped shakeout before a long took off. We need to keep an eye out for these. Nb, these 'M' and 'W' shakeouts are really butterfly patterns, so that is how I will refer to them from now on - i.e butterfly shakeouts. The last chart (150 ticks) shows the Butterfly shakeout.

It is now 12:30 AM and I am off to bed. Hopefully I will get up early enough to trade from the NYMEX and COMEX open.

So 2 scalp trades today and very little heat and 25 ticks. So my entries are getting better. Now I need to concentrate on trade management for the big trades.