Exit at 988.00
Emini divergence journal
- Thread starter no_pm_please
- Start date
- Status
Very frustrating trade. Entry looked good. Trade lost momentum just before the profit target and sat in a range the rest of the day. I hate these trades because they're stressful. At this point it's just a mental cost of doing business.
1. ADX crossed above 30 on the 1040 bar. It dipped below it but I figured it would have to rise above it again if a new high was hit.
2. Divergence was clear in the SP market. Divergence started before ADX hit 30 and was confirmed on the 1105 bar. The upward momentum stopped on the 1115 bar. Also ADX rose back above 30 so everything was setup for the short entry.
3. 1120 was the first bar to not set a new high so a short was done near the open of the 1125 bar. SP open was 990.60. ES short entry was 990.50. Keltner range was 5.23 so the stop loss was set to 1.75 points. The stop was entered at 992.25. The market dropped sharply and I thought the trade might be over in 20-30 min. The trade stopped just short of the profit target and stayed in a range the rest of the day.
4. Since neither stop or target was hit, the trade was exited on the last minute of the day. Exit was at 988.00.
Entry short 990.50
Exit short 988.00
Profit(loss) + 2.50
Risk 1.75
Risk/reward this trade about 1.4
I'm not including yesterdays 6.5 pt. win in the summary because I didn't trade it in realtime although some people made money on it.
Cumm. trades since 8/1
# wins 8
# loss 1
Profit of winners +41.25
Loss of losers -3.0
1. ADX crossed above 30 on the 1040 bar. It dipped below it but I figured it would have to rise above it again if a new high was hit.
2. Divergence was clear in the SP market. Divergence started before ADX hit 30 and was confirmed on the 1105 bar. The upward momentum stopped on the 1115 bar. Also ADX rose back above 30 so everything was setup for the short entry.
3. 1120 was the first bar to not set a new high so a short was done near the open of the 1125 bar. SP open was 990.60. ES short entry was 990.50. Keltner range was 5.23 so the stop loss was set to 1.75 points. The stop was entered at 992.25. The market dropped sharply and I thought the trade might be over in 20-30 min. The trade stopped just short of the profit target and stayed in a range the rest of the day.
4. Since neither stop or target was hit, the trade was exited on the last minute of the day. Exit was at 988.00.
Entry short 990.50
Exit short 988.00
Profit(loss) + 2.50
Risk 1.75
Risk/reward this trade about 1.4
I'm not including yesterdays 6.5 pt. win in the summary because I didn't trade it in realtime although some people made money on it.
Cumm. trades since 8/1
# wins 8
# loss 1
Profit of winners +41.25
Loss of losers -3.0
It's not a real big deal. It just happens sometimes. I felt sorry for anyone following this trade with me. It really tests your discipline.
I put in limit orders when I want to get up and do something else for awhile. Most of the time I was watching tv. I just hate it when the market plays with me. I've tried lots of other exit methods. I haven't been able to get the same results with any trailing stop. Maybe someday I'll have a better exit method. This is all I've got for now that works well.
The good news was my system was stable all day.
Days like today make me thankful that I get to go beat on drums later.
All times in this journal are Central time. The entry was around 12:25 ET.
If I were you I wouldn't change a thing.
All I needed to do was look at your
profit/loss number again today to remind me of what's what.
When I can do that good and show
you something new, like you've been
doing for us, then my comments are worth more than a hill of beans
regards,
jd
All I needed to do was look at your
profit/loss number again today to remind me of what's what.
When I can do that good and show
you something new, like you've been
doing for us, then my comments are worth more than a hill of beans
regards,
jd
Quote from JackDaniel:
If I were you I wouldn't change a thing.
All I needed to do was look at your
profit/loss number again today to remind me of what's what.
When I can do that good and show
you something new, like you've been
doing for us, then my comments are worth more than a hill of beans
No kidding. Now I need to find a way to adapt this to the NQ
Quote from dbphoenix:
No kidding. Now I need to find a way to adapt this to the NQ
I HAVE found pretty convincingly, that
you cannot use the ES as your source
for the TI information. It has to be the
SP contract. I've tried many different
incarnations of the settings and
different indicators, and with the
rare exception of the CCI looking at the
ES, the Chaikin and the ES will miss
about 50% of no-pm's DVs. Serves me
right for trying to get around something
someone has already proved to work.
But not having the SP currently,
I at least wanted to try to make it work. It rarely does.
Since prices are pretty much the same, I'm betting it's the volume numbers that make the difference, since Chaikin looks at price and volume. I'm thinking volume between the two exchanges could be quite different. Anyone know if I'm even close to a reason for the difference?
jd
- Status