Awash's Journal

today was a range trader's day. i recognized it too late and was severely punished (balls decapacitation).

 

Actually my chart is simular to Awash's.
Great day for two 2 Bar Charlie setups.
One buy & one sell!

DownTrend is obvious!
I've been posting this for the past few days in the T-REX Journal
in the 2 Bar Charlie (End-Of-Day) System.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=21684&perpage=6&pagenumber=71

Don't be so harsh on yourself though. The one minute timeframe can be difficult to trade. I prefer the 5 min Chart / 60 min Chart.
Try these instead of the one minute and you should see a notable difference.

 

Tradersaavy,

I have really grown too accustomed to reading the 1M chart and sometimes I don't ignore it during trending days. This is a hidden problem that occurs infrequently, and when it occurs it's not readily apparent.

For instance, yesterday I took a signal against the trend and paid the price for it (see Trade#6). I didn't really recognize the overall trend until after the trade. I guess I'm learning the hard way too!

Now that you have pointed this out to me I'll make sure I focus more. Other traders have mentioned this too but it's infrequent.

As to filtering out these days/trades/setups... I don't think I have an effective approach. I just try and read the higher time frames, simultaneously focusing on market breadth indices. But I haven't completely mastered the higher time intervals because all summer long I've trained myself to spot signals on my 1 minute charts.

Nevertheless, I realize its importance and I'm aggressively working higher time frame charts into my scheme.

 

Awash, you and I both should've picked up ES long on that double bottom around 1027

-Fast

 

Was able to place trades on both sides of the market today. I had a few technical difficulties in the afternoon which caused me to stop early.

Trade#1 – [Short 1033.50 9:50 EST & Cover 1033.25 9:56 EST] [ P/L: + .25 ] Price broke my support level of 1034.50 and I went short. I decided to cover quickly after not much follow through (too bouncy around 1033); usually price falls considerably.

Trade#2 – [Long 1030.75 10:51 EST & Stop 1031.00 11:04 EST] [ P/L: + .25 ] No divergence signal just a new support level hit and %D was in the oversold area. Initial profit target was 1031.75 but I never got filled. Reset trailing stop to 1031. Failed to reenter off divergence double bottom at 11:09 EST (Same trade setup from yesterday).

Trade#3 – [Long 1027.00 13:54 EST & Exit 1028.25 14:01 EST] [ P/L: + 1.25 ] Good divergence around the low of the day. Set a good profit target because I didn’t want much out of this trade. My confidence is slowly increasing with long positions even in down markets.

 

Trade# 3

 

Fast,

I was definitely thinking about re-entering off the double bottom but I just avoided it. 20 minutes later my price feed dropped. Then more technical difficulties. Better luck next time!

 

I truly wish you the very best trading....Sorry for my exhuberance/interference....no offense intended.....If you study as most others won't, you will succeed.. I won't post on your forum again.....

 

Porgie,

What's up? Thanks for wishing me the best in my trading because I definitely need all the encouragement.

Since you've been posting to my journal I never mentioned anything negative about your replies. However, most of the time your input doesn't relate to what I'm trying to accomplish out of my journal.

You probably won't believe this but I've actually taken your advice on something. You repeatedly commented about setting 3 - 4 point stops.......

Consequently, I've learned to be more flexible with my stops depending on what time of day, the trade and several other factors. But on most occasions my initial stop is 3 points.

In short, I don't want to discourage you from posting here but I do want to recommend you offer constructive criticism accordingly. Don't always downplay someone's approach because what may work for you may not work for others!

There's no doubt in my mind that you can potentially offer valuable advice but there's a right way to do it. Whatever happens good luck with everything and if you're trading I wish you the best too.

 

Mixed trading session but I was able to place trades on both sides of the market. One thing I learned from another experienced trader today was “Having a bias Long or Short is ok. However, it's your responsibility to trade what you see and not what you think.” I started with a short bias today after the big move overnight and I let it hinder my trading early on. Mid afternoon I kept trading in the range and got burned because the uptrend continued. However, my overall trade management was poor today.

Trade#1 – [Short 1024.50 9:35 EST & Stopped 1027.50 9:53 EST] [ P/L: - 3 ] Took a pre-market divergence signal on my 3 minute chart. I had a negative bias after realizing how far the market moved overnight. The bad thing about this trade was I didn’t cover it after price became choppy and turned to the upside. In hindsight, I’ll wait longer before entering to gauge overall market direction.

Trade#2 – [Short 1030.75 10:30 EST & Cover 1028.75 10:40 EST] [ P/L: + 2 ] Took divergence signal off 3-minute chart. Good overall trade but I could have trailed price a bit to get more.

Trade#3 – [Long 1027.25 11:01 EST & Stop 1027.50 11:07 EST] [ P/L: + .25 ] Couldn’t really gauge if the trend had dissipated but took a divergence signal on 1-minute and quickly reset my stop to 1027.50 after price moved in my favor. Got stopped out!

Trade#4 – [Long 1025.25 11:28 EST & Exit 1026.25 11:40 EST] [ P/L: + 1 ] Another divergence signal developed on 1-minute and I decided to take it after some strong support in the area of 1024.50. I also quickly reset my stop to 1025.50 after price moved in my favor. Decided to exit after price stalling. This was the actual TREND reversal trade but I didn’t wait long enough.

Trade#5 – [Short 1029.00 12:16 EST & Stop 1028.75 12:39 EST] [ P/L: + .25 ] Small divergence signal on 1-minute but not much follow through. Decided to cover after price became choppy and knowing that the 1028 area was tough to break around this time. (No Chart)

Trade#6 – [Short 1029.50 13:22 EST & Stop 1032 12:50 EST] [ P/L: - 2.5 ] Kept trading during the tight range and paid the price for it, the up trend just continued. (No Chart)

See below for more trades!