I wonder if I am interpreting the lectures correctly?

[trader1969]

The lectures changing the way how I analyse the charts.
I like the proces, but also sometimes unsure if I am to carefull or over analyse the chart and see to many obstacles to skip the trade. I wonder if I am interpreting the lectures correctly?

Yesterday 11 Jan 2023 I saw this F2ES in a Trading Range and I skipped this for several reasons.

• We have Yellow Channel a Break and we found support after the retest of the pullback. We look out for the Retest of the Yellow Channel.
• The Prices are above and under the EMA so sign for a Trading Range and there are some Key Levels in play (numbers 1, 2, 3 & 4).
• After seeing the big bull bar (arrow 1) hitting the Kel Level 4 (can be magnetic move) and has no follow through.
• Prices move back to Key Level 2 and HL formed with 1 tick wick on top under EMA so I skip.
• A bigger Bull bar (arrow 2) and stopped 1 tick under Key Level 4 and no follow through again.
• 3 inside bars are followed and the 3rd is a Failed Second Entry Short with no room to Key Level 4.
• At this point Key Level is holding strong for multiple times and entry is middle of possible Trading Range.

So I skipped.

Is this to much thinking?

Thanks in Advance

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[eric-pal]

First, yesterday was a very slow and grinding day and if you didn't take anything and noted that, that was enough. Trading isn't about "taking trades" or trying to take trades. Actually attempting to do that lengthens the learning process significantly.

The initial channel looks good so we expect a retest. You'll note that previous to 1 where the higher low is expected to attempt to launch into the retest, the bar doesn't appear well. Nothing to do. Mack noted the same.

With respect to #1, you'll note the sideways action into resistance. This is after the 3 good bull bars, so a retest is expected and what happened there was an attempt to see if the orders in that area could be overcome. That is a congestive area and without the great follow through, perfect close, the follow through isn't guaranteed.

The second one is more of a 50% retracement trade, again into resistance.

Yesterday was a great test for patience and watching as momentum and directional bias were much harder to determine for much of the day. At the end of the day one says, oh - here, oh - here, oh - here, but much of the day was not indicative of good biasing, and Mack indicated the same too.

There are many trades, and many trading days. Consider that the last few days have been what separates the professionals from the rest. The ability to only take the best, under the right conditions.

Hopefully helpful and good trades to you!