Struggling Trader – Need Help With Trade

Hey All,

I'm actually battling some trades. I've been buying and selling for a little bit over 1.5 years and it looks as if I’m unable to get it. I'm undecided what am I lacking or if there’s something I misunderstood whereas studying or if I'm merely not seeing one thing. I really feel like loads of my errors are related in nature or the market begins to go in the wrong way as quickly as I enter.

I began taking buying and selling extra significantly after I began journaling all my trades 6 months in the past which actually opened my eyes to a bunch of my errors and made me understand the significance of it. In the meanwhile, I'm not likely involved with creating wealth or hitting any financial targets. My goal is to enhance my executions, grasp my threat administration, and show to myself that I can preserve constant success for no less than 3 months in a row.

Under is a picture of my chart. That is the IWM on a 5-minute timeframe (I often have the ten min, 15 min, 30-min, and every day open on my different monitor to verify I'm buying and selling with the development and higher timeframe confluence). A few notes that will help you perceive my chart:

– Thick yellow line is 200 EMA

– Inexperienced line is 48 EMA

– Blue strains are assist/resistance ranges drawn on 1 hr timeframe pivot factors

– Dashed yellow strains are pre-market excessive and pre-market low

As you’ll be able to see from the picture, I entered a 0dte name possibility on the shut of the within candle proper after the bullish dildo at 9:45 am EST which engulfed all of yesterday. On the 15-minute timeframe, this appeared like an enormous doji. The reasoning for my entry all taken on the 5 min timeframe:

– bullish engulfing candle with above-average quantity (the MA for quantity is 10 days proven within the yellow line on the backside)

– inside bar with below-average quantity

– bullish candle bounced off 200 EMA with above-average quantity

– buying and selling above 48 EMA

– broke above my degree AND pre-market excessive with above-average quantity

In hindsight, I ought to've exited the place I deliberate to exit earlier than I entered the commerce. Simpler mentioned than finished (this precise cause is a matter I'm having a tough time overcoming and is the primary cause I've wiped the previous 4 months of earnings simply in November alone). Anyway, proper after the large crimson bar two bars after my entry, it bounced off the open after which had a giant hammer after that. Following that was additionally a two-bar reversal which is why I stayed within the commerce a little bit bit longer. By the point the chart was bouncing between opening print and my degree, my contract had already gone down 60%.

Any suggestions and ideas are enormously appreciated!

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https://preview.redd.it/60ibfw5p9z1c1.png?width=1615&format=png&auto=webp&s=1c78bc99c3c473f6ef79a2cbfa752f734abf488a