Awash's Journal
- Thread starter Awash
- Start date
Made a small mental mistake that put my first position at risk, thank goodness I was able to recover this position without taking a big hit. Confidence was a little better but I need to continue following the rules to the T (entry & exit rules).
Trade#1 â (Live) Took divergence signal and entered off my 1-minute chart. I didnât exit this trade per my rule as price lingered and stalled for a half hour. I figured price would trade higher a bit but not by much, as soon as I pulled my stop to reset it price popped up huge. I stayed with the short as we stalled at my R2 level 1146.50 and price traded below. I exited at my first opportunity as I saw price trading lower after 14:00. Reset stop to 1147.00 at 13:00 EST.
*Short 1142.75 - 12:14 EST Stop: 1144.00 Target: around pivot
*Cover 1142.50 - 14:16 EST [ P/L: + 0.25 ]
As to my missed entries, I shouldâve been long right at the open since we gapped lower (nice positive divergence signal from a prior day setup off S1). Avoided the long position later in the session.
Trade#1 â (Live) Took divergence signal and entered off my 1-minute chart. I didnât exit this trade per my rule as price lingered and stalled for a half hour. I figured price would trade higher a bit but not by much, as soon as I pulled my stop to reset it price popped up huge. I stayed with the short as we stalled at my R2 level 1146.50 and price traded below. I exited at my first opportunity as I saw price trading lower after 14:00. Reset stop to 1147.00 at 13:00 EST.
*Short 1142.75 - 12:14 EST Stop: 1144.00 Target: around pivot
*Cover 1142.50 - 14:16 EST [ P/L: + 0.25 ]
As to my missed entries, I shouldâve been long right at the open since we gapped lower (nice positive divergence signal from a prior day setup off S1). Avoided the long position later in the session.
I would have done an ADD around 1146 AMT style 
-Fast
-Fast
Sticking to the original stop would have been better IMO. Stopped out at 1144 for -1.25, re-enter short at 1145.5; cover at 1141.50; and it's a good day!
-Fast
What about reseting the stop? Isn't that in violation of the rules as well? I mean, you risked 4.25 pts to make 0.25 pt. I guess I'm pointing out the obvious, but it just seems like you're trying to be disciplined but only in certain areas.
I think the market just plain ol' sucked today, and my own trading isn't any better so take my posts for what their worth (less than $.02)
-Fast
Fast,
That trade was completely awful and I should not have made excuses for my mistakes.
I try to gather something from each post, whether it's poor criticism or plain ridicule. I know this sounds awkward but in the long run your comments will help me become a better trader. At least I hope they will.