Awash's Journal

Quote from Boomer:

How do you find S1,S2,R1,R2 after you find the pivot? thanks.
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Boomer,

You're not doing your homework! You can find this information at any webpage discussing s/r numbers. There are several formulas available. You can even tweak the calculations to your liking. For instance you can take an average of the past two trading sessions with either formula. Do more research and play with it. You'll figure out what's best for you after you incorporate it into your trading. If not, just reference my website each morning!

I use this formula:

Pivot: P = ( H* + L* + C* +O**) / 4
R1: R1 = 2 * P - L
S1: S1 = 2 * P - H
R2: P + (R1 - S1)
S2: P - (R1 - S1)

* = Yesterday
** = Today
 
Early on I placed several trades via my simulator to help me prepare for live trades in the afternoon. Initially I had some platform problems and I missed a shorting opportunity at 14:30. I resolved the problems and by that time price was in a downtrend. My goal was to catch the reversal and I did but I was a bit nervous. Nevertheless, I’m looking forward to placing more trades next week.

Trade#1 – [Long 1044.50 15:21 EST & Exit 1044.75 15:29 EST] [ P/L: + .25 ] Tough divergence signal coming off a huge pullback but it was worth the risk. I had a premature entry but held my position because divergence was still in play. I decided to exit because I couldn’t properly manage my position. My initial profit target was 1046.00 but I reset to 1045.50 indecisively. Next time I’ll hold my position until a reversal signal forms.

Paper trades
I will continue to place paper trades throughout the day via my simulator but I will no longer post them. From this point on I will only post live trades. For the first 2 - 4 weeks my live trades will be minimal as I try to transition from my simulator. The experience is definitely different and I learned that today.
 

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Quote from traderkay:

good luck Awash. I wish you to become another NihabaAshi type scalping wizard:)
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Traderkay,

I don't scalp and you probably don't know what scalping is if you think I'm a scalper. :cool:

I'm just teasing you a little via the above statement...so don't take it as an insult.

Yet...lets talk a little bit more about scalping.

Every successful scalper I know (there aren't many) use tick charts...

you know...those charts that goes by seconds or ticks and not by minutes.

My trades are based on 1min, 3min, 15min and daily charts (you already knew this because of prior discussions with me).

All scalpers I know that uses any time frame above 1min aren't making money.

Something else...scalpers don't enter trades in attempt to capture between +2 to +10 ES points...

I do.

When do I exit a trade fast?

Either when my stop is hit for a loss, I got lucky and caught a strong parabolic trend that captured points (not ticks), I realize it was a trade error and I want to dump it or the pattern change in a way that I need to exit fast to prevent a loss or to minimize my loss or I got a trade signal to go in the opposite direction soon after the first entry...

I make on average about 3 trades per trading day (I don't make my broker rich).

How long do I hold a position?

Here's an example...today I got Short in ES @ 0931am est and covered some contracts here and there until my last contracts @ 0956am est...

I did two more trades today for an average time in of 20.33 mins for each trade today.

Note: My average trade (entry to exit) for this year so far is about 32.9 mins. Thus, in comparison to today's trading...I was fast today with the mouse clicks :cool:

I also will hold overnight depending upon the pattern (once in a blue moon).

Also...every scalper I've met...do not scale out profitable positions nor do they use Intraday Japanese Candlesticks...

they tend to rely heavily upon Times & Sales (tape reading) or market breadth indexes.

Something else to think about scalping...

those that I know that do scalp...don't have time to post there trades in a realtime trade posting room on IRC (except for one...more info below).

I once spent a few days studying candlestick patterns on tick charts...didn't like what I saw.

If all the above about my trading habits is scalping...

I guess your right again as usual. :cool:

Traderkay...what's your definition of a scalper in the Eminis ???

P.S. There's a scalper room on IRC Othernet server called #Quasdaq that's moderated by a guy name Quasar...

He use to hang out in my room but left to form his own room because there weren't no scalpers in my room.

If your interested in scalping...he's the guy you want to do a little brain picking...he's good.

I'm just trying to share info that may be useful to you :cool:

NihabaAshi
 
You are not a scalper... Your 9:31 sell was perfect in my humble opinion, according to signal I got. My system gave me a perfect buy setup on the other end of that down run..... Also an earlier buy signal was seen at about 7:00 a.m. CST range @ 1047......7 point run to exit signal @ about 1054...or reversal for sell position as an early entry for your down run trade..for another strong exit signal at about 1043 range.

please excuse me if I am interfering with forum...I only need someone to spill my little beans to... Thank You
 
Quote from nkhoi:



did you see the chopsticks top at trade #1
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Nkhoi,

Are you referencing the missed short opportunity? I'm not understanding what you mean by chopsticks top. Are you talking about the two doji candles?
 
Awash -

I've watched this journal probably from Day 1 and wish you the best of luck going live. Check your email for my notes on stop losses - my biggest sore spot, I'm sure.

Peace.

:cool:
 
Quote from Awash:



Nkhoi,

Are you referencing the missed short opportunity? I'm not understanding what you mean by chopsticks top. Are you talking about the two doji candles?
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yes it look like a pair of chopsticks isn't it, it signal the top right there.
 
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