Awash's Journal

The 9:00 A.M. Central Time move was too clear...if ANY system missed that one, please consider that system to be THE ENEMY. The entry signal was screaming..."SELL"... HIGH QUALITY trades is the answer......not HIGH EMOTION short term trades, many times a day..


GOOD SYSTEMS ARE A DIME A DOZEN...GOOD TRADERS ARE RARE....
 
Quote from tradersaavy:

This is a chart that I thought you would find interesting.
Its a trade style similair to yours.
I found it at ttrader/mycharts.

http://www.ttrader.com/mycharts/display.php?p=15702&u=ctmac&a=ctmac's%20Charts&id=754


Your 1m chart posts are great. You were in some great trades on 10-16. Some of them ran for a good chunk of change after you were out of them.

Have you considered taking partials at a 1st target and then letting the rest run ? (if you have more than 1 contract of course)
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Tradersavvy,

Sorry for the late reply! The chart looked similar to my setups. I also considered his timing on MACD.

As to Thursday's trades (10-16-03) you're right price ran for a good chunk. For now I'm just focusing on taking the right signals in conjunction with setting good profit targets and understanding the overall market big picture. Once I nail this down then I'll trade with more than one contract.
 
Started off right but couldn’t hold it together throughout the remainder of the session. I made money and gave it all back. At least I was able to execute some long and short positions. I need to keep taking both long and short positions. I tried going long off a good signal but I never gave it time to develop. I hope to not repeat TRADE#6 again.

Trade#1 – [Short 1040.25 10:03 EST & Cover 1038.25 10:13 EST] [ P/L: + 2 ] Small Divergence signal but entered with good timing. Correction of economic data helped push the market down. Covered short at a good profit target.

Trade#2 – [Long 1035.00 10:33 EST & Stop 1035.25 10:40 EST] [ P/L: + .25 ] Beautiful divergence signal and I entered with good timing. I have a problem with long positions sometimes but I wanted to take this signal because my goal for the week is not to avoid long & short signals. Price moved up quickly and I reset my sell stop to 1 point of above BE (didn’t want to lose on this one). In hindsight, I should have trusted my signal and waited a bit for something to develop.

Trade#3 – [Short 1037 11:11 EST & Cover 1036.75 11:16 EST] [ P/L: + .25 ] Super Late entry of fair signal, should have been filled at 1037.50 after price turned around from 1038.25. My profit target was 1035.75 but as I reset my stop a buy order hit the floor taking me out at 1036.75 (mental mistake via sensitive keyboard).

Trade#4 – [Short 1038.75 12:11 EST & Cover 1039.75 12:40 EST] [ P/L: - 1 ] Poorly developed signal but I should have played it safe during the lunch hour; uptrend hadn’t completely dissipated. Covered position for a minimal loss. (No Chart)

Trade#5 – [Short 1039.25 13:08 EST & Cover 1038.75 13:22 EST] [ P/L: + .50 ] Took signal from my 3-minute chart but there wasn’t much movement in either the ES or NQ after the trade. Decided to cover due to lack of patience and risk exposure. (No Chart)

Trade#6 – [Short 1039.25 15:19 EST & Cover 1042.25 15:43 EST] [ P/L: - 3 ] took a false signal from my one-minute chart and I didn’t cover this trade, I watched it hit my stop. Overall bad trade and I gave all my profits back! (No Chart)
 

Attachments

it really feels like shit to give back profits. it happened recently with me but the reason was... i made a stupid mistake and i tried to get back at the market. btw i have NO idea why you shorted late in the day. I had a nice long around there (on my simulator:)
 
Quote from traderkay:

btw i have NO idea why you shorted late in the day. I had a nice long around there (on my simulator:)
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Shorting at 15:19 on the 1m chart did have some double top looking divergence, however:

the 5m was in an uptrend / flag
the 15m and the 30m were busting out of pullbacks/flags (up)

The larger timeframe action can definitely be your friend or enemy.
 
Quote from tradersaavy:



Shorting at 15:19 on the 1m chart did have some double top looking divergence, however:

the 5m was in an uptrend / flag
the 15m and the 30m were busting out of pullbacks/flags (up)

The larger timeframe action can definitely be your friend or enemy.
More...

Trade#6 was completely awful and I really don't have an excuse for it. I guess I was thinking it would reverse before a signal was generated and took a false one.

After reviewing my charts more I realize I need to take signals from both my 1 & 3 minute charts. There were a lot of opportunities I missed by ignoring my 3 minute chart. Later this evening I'll post my 3 minute chart highlighting all divergence setups.

Although I ended up giving back my profits I'm satisfied with a few trades and how I managed them.

For tomorrow:
1.) Take long and short signals
2.) Incorporate my 3-minute chart into my trading scheme
3.) Execute trades based on support & resistance level
 
Better trading session for me! I still need to work on taking more long positions when the signal appears. Too often I ignore them.

Trade#1 – [Short 1044.75 10:18 EST & Cover 1042.75 10:40 EST] [ P/L: + 2 ] Early entry but divergence continued, went for a 2 point target.

Trade#2 – [Long 1042.75 11:08 EST & Exit 1043.25 11:14 EST] [ P/L: + .50 ] Good divergence signal but I didn’t feel comfortable being long and I exited.

Trade#3 – [Short 1046.50 12:51 EST & Cover 1045.00 13:23 EST] [ P/L: + 1.50 ] Mediocre signal on my 3 minute chart as price stalled considerably. My initial target was 3 points but I quickly adjusted after a reversal signal.

Trade#4 – [Short 1046.75 13:59 EST & Cover 1045.25 14:29 EST] [ P/L: + 1.50 ] Good divergence signal but I was a bit over zealous on my profit target. Price moved down to 1044.25 (I had a buy order at 1043.75) but it didn’t continue down. Covered off long divergence signal.

Trade#5 – [Short 1046.75 15:00 EST & Cover 1044.75 15:14 EST] [ P/L: + 2 ] Perfect divergence signal coupled with a double top pattern, not to mention the reliable resistance area of 1047.25. I was short there all afternoon.

See reply below for more of today's trades!
 

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Awash,

Today was your type of day.

Price was bouncing around and on a 1m chart there were some nice reversal patterns/divergences with almost every turn.

Just watch out for the days that trend. The 1m will still show reversal/divergence patterns but they will show up against the bigger picture trend, a lot.

I learned this the hard way.

Do you have a way to filter out these days/trades/setups ?
 
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