Day Trader’s Weekend Aftermarket Lounge 7-9 Aug 2020, page-126

Ok let's have a look.

"anyways after writing this and re-reading i've already got some own tips for myself: no 1 stop "thinking" what's going to happen and let the action prove you right or wrong in this case if it hit 3 i would of lost 2 pips but at-least i would have got my confirmation. "

100% spot on, let the price action prove you right or wrong and use the chart as confirmation of this.

"what convinced you this was a good set up ? what are you specially looking for? i remember in your post you said something about a soak at 3-3.1 ?"

Let's bring up the 15m chart:

Ok the yellow circled is the previous trading days massive volume, most of which was within a 3 pip trading range. To me this was a huge soak to set-up for a run. I decided not to buy on the Wednesday unless it broke 3.2 with high volume and continuation.

Thursday came:
The orange arrow is the Thursday open, 3.1c. The US was looking good, Gold was looking great, I figured it's now or never (have been watching svd for 2 months so had prior experience in how it trades, have been waiting for a volume confirmation of a 3c break out of the trading range, finally got it on the Wednesday close so I was very confident Thursday was the day to enter)

SVD daily:



Now my first entry:



With the information above I was certain an entry at 3.1c would only have a limited downside of 2.9c as shown in my 15 min chart above as strong support (proven by high volume bars). Upside was unknown as this was an ATH for this particular company but I let the Price action tell me when to sell, I just knew it would be atleast 3.5+ because pros don't soak that much for a pip or two gain 90% of the time.


I think your problem is how tight you were running your stop. If you can't take a 3 pip loss then lower your position size to equal what you were comfortable with. If you just let it ride a bit longer you would've never really had any reason to sell on Thursday. If it ended up going the other way then you would exit 2.9/2.8 worst case imo but chances are it would've just been a flush out before a move anyway.

Now let's talk about this sell:



After closing on the HOD Thursday,and with Gold reaching new highs, I knew there would be a nice pop on/after open. After it wiped 4c and touched 4.1. I noticed certain things in the order flow which indicated the pro was about to exit. Too hard to explain here, it's just something you pick up on after experience, I don't get it right all the time but it usually pays off. No other reason for this sell except that.

I then re-entered at 3.5 where I saw decent RR (3.4 was ideal but I didn't want to risk missing out on a bounce), I sized down because it was a lot riskier and decided to hold overnight. Monday if I don't see any interest I'll probably sell straight away.