Awash's Journal

Quote from Awash:

Was a bit impatient later in the session...
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Hi Awash,

Although you and I use different types of s/r levels information...

You had asked earlier in the room...

Anyone watching any particular support levels below 1115.25?

I responded with minor support at 1112.50

Here's my question...I later saw ES test that 1112.50 (at this time I was done trading) and then ES put in a particular type of Bullish Harami via the 3min chart to provide confirmation that the minor support of 1112.50 merits any type of trade signal that may appear within its chase range...

Such was given via that Bullish Harami along with Price Volume Divergence @ 1113.50 (14:33pm est)...

Your Long entry was @ 1114.25 but you exited the trade early at 1114.25 about 13mins later...

What spooked you out of that trade to keep you from reaching your S3 level that you show on your chart?

(Note: I'm assuming your using your type of s/r levels also for profit targets.)

I mean...you mentioned impatience but I'm curious if there's something more deeper than that...

Something that may be resurfacing in your trading.

By the way...nice entry and something worth chasing all the way up to 1114.25 after bouncing off that 1112.50 support area...

Regardless to the bearish nature of the recent price action on the daily charts...

Making any Longs today feel a little awkward.

NihabaAshi
 
Hi Awash,

This is just a follow-up clarification to my last post.

I don't use s/r levels as part of my entry signal.

Thus, regardless if the candlestick s/r level was 1112.50 or whatever...

Had I been trading in the latter parts of yesterday's session...

The Bullish Harami and the Bullish Price Volume Divergence would have been my trade signal to get Long...

Completely independent of any type of s/r level.

I use s/r levels for profit targets only.

Thus, had I been Short any where above that 1112.50 price level...

I would have been looking to do some covering when price dropped to that 1112.50 level.

I posted this clarification here after I received several emails from other ET members confused by my post in your journal and a prior post...

http://www.elitetrader.com/vb/showthread.php?s=&threadid=34528

Looks like there are traders following your journal very closely :cool:

NihabaAshi
 
1. Short 1114.75 @ 10:47 EST Exit 1114.75 @ 10:54 EST Stop: 1116.00 Target: 1113.00 P/L: + 0

2. Short 1114.00 @ 13:11 EST Exit 1115.50 @ 13:32 EST Stop: 1116.00 Target: 1112.00 P/L: - 1.50

3. Short 1113.25 @ 13:59 EST Cover 1111.00 @ 14:11 EST Stop: 1114.50 Target: 1110.50 P/L: + 2.25

4. Short 1109.50 @ 14:25 EST Stop 1111.00 @ 14:31 EST Stop: 1111.00 Target: 0000.00 P/L: - 1.50
 

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No trades today although the opportunities were plentiful. Just wanted to focus on observing price action and taking good notes.

Posting chart for reference.
 

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No trades. Another day of observing and taking good notes. This will give me the opportunity to work on some things I've been missing.

Saving chart for reference.
 

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Awash, you still doing the divergence trading like you did at the beggining of this journal? Did I miss it when you switched? Either way, just wondering as your charts look different. Hope your doing great regardless.
 
Was able to follow the daily plan but I hesitated a bit on my trend reversal setup after watching price rocket higher on strong volume. Regardless the outcome I'm proud I didn't deviate from the plan.

1. Slightly late with the entry but overall this trade worked quickly.
Long 1112.00 @ 10:21 EST Exit 1113.75 @ 10:24 EST Stop: 1111.00 Target: 1113.75 P/L: + 1.75

2. Once price traded outside of the tight range, I decided to enter short and set a tight stop (wasn't worth risking much if price traded back into the range area).
Short 1112.00 @ 14:39 EST Cover 1109.50 @ 14:53 EST Stop: 1113.00 Target: 1109.50 P/L: + 2.50
 

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Quote from privateisland:

Awash, you still doing the divergence trading like you did at the beggining of this journal? Did I miss it when you switched? Either way, just wondering as your charts look different. Hope your doing great regardless.
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privateisland,

How are you? I hope your trading is going well. As to divergence, I no longer trade stochastic/MACD divergence (TIMES Method) as a reversal setup.

You may have missed my prior posts when I mentioned that I no longer use indicators for trading. I learned a bunch from a particular thread and it's been a true eye opening experience.

Nevertheless, I don't proclaim to be a guru with my new approach (i'm far from that) but it's a learning experience that'll pay off if I keep reading, researching, making observations, and tweaking my signal accordingly, et cetera.

From now on you'll only see P/V on my charts. I recently deleted my pivot lines too, which has helped tremendously.

Keep in touch!!!
 
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