The following email made my day (and maybe my month)!
This is exceptional work. I can't fault any of his setups or entries. Brilliant.
What pleases me most is to see signs of real professionalism, such as a willingness to take a small loss and then re-enter. And confidence to change bias as new information comes to light; looking for a breakout failure but switching to take a breakout pullback entry when the breakout failure doesn't trigger.
And the breakout into a narrow range bar on climactic volume… that absolutely was sweeeeet! Love it!
Anyway… what's the point in sharing this? It's quite simple:
There is GREAT value in YOU putting together a similar collection of trades from your own trading. Call it a "Trading Success Journal"; a source of inspiration and motivation for those many challenging sessions ahead.
Here's the email I received…
Hi Lance, Happy new year.
Several months ago I had sent you some charts with the 3min setups on the left hand side and their triggers into those setups on the right hand side. Your gave me some really good feedback which was greatly appreciated. Since then I have kept a log of some of my better trades for future reference. This comes in handy when I'm in a slump and just cant seem to get my focus right or starting to have doubts in my methodology. What I do is I review all of my better than average winning trades which seems to give me a boost that brings back the confidence in my trading. I just thought that you might want to see a few of them since I know you love lower time frame triggers into the setup. Instead of sending you a bunch a charts with scribbles and notes all over them, I'm just showing you the actual trades including their triggers.
I absolutely love the YTC PAT methodology.
PS. Theses trades are all from the stock "SPY". Just so you know, 95% of the time I take my T2 targets above or below the 3min candle instead of a pre-defined area since I'm trying to get into habit of letting my profits run until the market takes me out.
Oh, this is good example of Trades Journal. I just was looking for an example, but I cant find example of Trading Log. How it looks like?
Because I cant undersand that exactly I have to write into Trading log.
Thanks. I’m glad you enjoyed this article. The trading log is covered in YTC Price Action Trader chapter 14.
And one more question.Do you use separate folder for Session Reviews?
All pre, during & post-session work is together. Market structure journals and Lessons Learnt journal and Trades Journals are all separate.
Look at OneNote or EverNote as an alternative to folders.
Such a nice article…Inspirational to other aspiring traders as well.
Thanks Anand! 🙂 I agree entirely!
nice article and supported and I have question here,
1) if the trend is up and test resistance what is your thought at such scenario, because today I have 2 loss trade the trend is weak and test resistance and also make D top so I decide to go short (fade weakness) but after trigger the trend continue up and that make me crazy .
2) I took today also bof setup and waiting for the price to make pullback to the high of the bof point and when I go short also I have loss so what you are looking for to enter bof entry
Do you really expect to trade without losses? What if you accepted these two losses as a normal part of the game. Some trades will lose. Some will win. Aim to keep the average loss smaller than the average winner. Seek to profit over a longer series of trades (much greater than two). Only when you have a larger series of results can you see if you’re handling tests of resistance well, or if you have some challenges that need overcoming.
I believe you are right I have to work hard on my mindset in trading and to evaluate my self after series of trades