Awash's Journal

like to see it falling

 

Rough morning but I was able to slowly bounce back in the afternoon. No live trades today!

Trade#1 – Took small 1-minute divergence signal but price ran-up and tagged my stop. My stop was too tight on this one!
*Short 1147.50 - 9:51 EST Stop: 1149.00 Target: 1144.50
*Stop 1149.00 - 9:56 EST [ P/L: - 1.5 ]

Trade#2 – Wanted to test the strength of the previous low of 1144.75 but I was late entering by a point. Should have been in the market between 1145.75 – 1146.25. We double bottom and price ran up and tagged my stop. Late entry killed me on this one!
*Short 1145.00 - 10:33 EST Stop: 1147.50 Target: 1143.00
*Stop 1147.50 - 10:39 EST [ P/L: - 2.50 ]

Trade#3 – Another late entry to test the previous low of 1144.75 (two late entries in a row). Set a wide stop and was confident the market would push lower because that was the predominate direction it was trading. Decided to reach for one point since I was late entering.
*Short 1144.50 - 11:01 EST Stop: 1148.50 Target: 1143.50
*Cover 1143.50 - 11:15 EST [ P/L: + 1 ]

Trade#4 – Another late entry off the pivot bounce. I should have been in the market before that key level of 1144.75 (Low from earlier). I waited until we traded above it and after price broke my trend line I finally entered. This was just an awful entry because I forced myself to get long. Reset stop after price moved in my favor but we failed to get above the open. Decided to exit after small negative divergence signal confirmed.
*Long 1146.25 - 12:13 EST Stop: 1143.25 Target: 1147.75
*Stop 1146.25 - 12:42 EST [ P/L: 0 ]

Trade#5 – Took divergence signal after we stalled at the open. Was a bit late but not by much, I managed this trade properly. Finally!
*Short 1145.75 - 12:51 EST Stop: 1147.75 Target: 1143.25
*Cover 1143.25 - 13:18 EST [ P/L: + 2.50 ]

 

Awash, your charts look like the setup Times International uses.
Have you ever used their system before? Can I ask what settings
you are using for your indicators? I assume the top one is a
stochastic and the bottom one is a MACD line?

 

I didn’t make any money today but I’m satisfied with my attempt to be patient. I failed on a few of my entries and it cost me later in the session. Traded in the simulator and probably won’t trade live until I can be strict with my discipline. I’ve talked about being disciplined several times in my journal but most of my post are easier said then done. Soon I hope to have it down packed but until then, all I can do is trade.

Trade#1 – For some reason I thought the price would just plow through the PDH of 1149.25, however I was wrong and paid the price for it. There’s no way I should have been long around that reliable resistance area! This was just murder!!!
*Long 1148.25 - 10:37 EST Stop: 1146.25 Target: 1151.00
*Stop 1146.25 - 10:49 EST [ P/L: - 2 ]

Trade#2 – Wanted to test the strength of the previous low, got short on a lower high pattern but there proved to be some small support around 1143.50, decided to cover on the positive divergence signal.
*Short 1144.50 - 11:17 EST Stop: 1146.25 Target: 1140.00
*Cover 1144.50 - 11:34 EST [ P/L: 0 ]

Trade#3 – Price ranged in this area for about an hour but lower highs were still forming which signal a possible continuing downtrend. After we failed to break my TL, I decided to get short. However, I was late entering the market by 1.50 points (should have been short 1 point prior to low at 1144.50). Nevertheless, I entered and reset my stop after price moved in my favor. Sure enough I was stopped out on a small retrace and shortly afterward my target came up! It pays to be on time!!!!!!!!!!!!!!!!!!!!!!!!!!!!
*Short 1143.00 - 12:23 EST Stop: 1146.25 Target: 1140.00
*Stop 1142.75 - 12:44 EST [ P/L: + 0.25 ]

Trade#4 – More ranging during the lunch hour and I decided to enter upon the break of my S1 level. I was late on this trade as I should have been in the market 1 point prior to S1. Nevertheless, I entered and reset my stop after price moved in my favor and sure enough I was stopped out on a huge pullback and shortly afterward my target came up! Again, it pays to be on time!!!!!!!!!!
*Short 1140.50 - 13:51 EST Stop: 1142.00 Target: 1137.00
*Stop 1140.25 - 14:37 EST [ P/L: + 0.25 ]

Stopped trading at 14:40 EST!

 

You are being very wise to wait.

 

For those of you that follow my journal, I wanted to offer a helpful trading tip.

Trading Tip

Once a trade signal is confirmed, enter the market without hesitating and then manage your trade properly. The longer you hesitate to enter the market the less likely you'll be successful.


I don't completely adhere to this tip but I figure it may help some of you!!!!

 

I've received several request via PM on how I calculate my support & resistance. At first I was reluctant to share this excel file but since most of you have helped me, I felt compelled to honor the requests.

Attached you'll find the excel file I use to calculate SAR. There are three worksheets within the workbook. You will need to focus your attention on just two (Today's & Calculations).

Input the high/low/close accordingly for appropriate contracts and select Today's sheet and you'll find S1,S2 and so on.

If you have additional questions feel free to post or PM me.

More importantly, I wanted to thank all of you that have taken the time to post in my journal. Thanks again and continue to post at your convenience!

 

avash i understand you took long at 10 am it is most of the time the top of market ?

 

Boris1985,

Not always the top because each session is different. However, 1149.25 was a previous day high and it proved to be considerable resistance in that area (as this is a new high in an overbought market)! I've seen price plow through previous day highs but I'm learning to exercise extreme caution when the market is well overbought and vice versa.

 

Thanks for posting your excel SAR calcs. However, if you are going to use the alternate calc on the pivit point, should it not be divided by 4 and not 3. Also, doesn't most everyone just use H,L and C divided by 3?