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Took a trade long at 19,315. Fat fingered it.. I meant to put a limit order in at 310. instead clicked above the offer. no biggie.
Been sitting here watching to see if price will fall below 305 for awhile now. its kind of the line in the sand at this point. if price falls and cracks below it i can see a lot of selling. been in a tug of war between buyers and sellers for the past 20mins or so. I've tightened my stop in anticipation if that 305 cracks. And raised my target up one tick more then normal.
Emotionally/mentally I'm ok. I've held this through a pop up and a pop down with no "knee jerk" reaction thoughts.
Stopped out @ 19,295. 305 cracked. This long just not showing any momentum.
One thing I learned was: If I'm 25 mins into a trade and I'm still not seeing any strong movement and seeing it just move against me the entire time I should probably just cut it. The thought in my head which was suggesting otherwise was saying "well what if it just pops and keeps moving higher?" I need to take what I'm seeing and just follow it. I never saw buyers push the price up off that trend line. Lower highs.
I'm likely done. I only like taking one trade per session.
Feel like I haven't traded in forever... which is actually the case.
With the busy holidays for me personally I haven't been actively trading.
Don't really know much to say at this point. I've been sitting here watching the price action for the past hour and a half. I have decided to incorporate a USD/JPY pair 5 min chart to my screen. With it correlating with the nikkei I feel it necessary to monitor this for confirmation on some trades. It isn't the end all be all for entries but this will help with market flow and overall general market direction.
Other then that.. this is a very slow moving market at this time. I prefer not to touch these types of sessions as they are too slow and the range is small.
Good addition Jakobe. I incorporate the yen as well. Nikkei has been chopping for the past few days so I haven't been trading it at all until we get some more clear direction or price action.
So, this morning I was home from work.. I went in late today. Was watching the ES thinking to myself I wanted to take on a trade after yesterdays sell off.
Watching this in real time I totally missed it and it was a perfect short setup. Saved a screen shot of the chart.
A divergence in price, cumulative delta and stochastic. Price continuing upwards, while delta and stochastics trending downwards showing a lack of momentum. Watching it develop in real time is something I missed sad to say.. after it had happened I kicked myself.
There's a lot to say about screen time and being able to catch these types of things. Wish I could spend more time learning.
Went SHORT @ 18,995. Went flat one tick away from my stop loss @ 19,015 for a small loss. Again, I'm feeling that I am not having proper stops in place based on the range..... well the range sucks lately point blank. But still, I don't have proper stops/targets.
Posting image of chart. Nothing much to say.. I took this trade pretty quick after sitting down and watching everything. Was just going with overall market trend, bearish. Pretty awful trade and reasoning behind it to be honest. One positive thing to take away is I closed the trade before it actually hitting my stop.
Not very happy with myself on this one. Just was hoping for more selling which didn't happen.
Right now I'm kind of puzzled with Nikkei. On a shorter time frame I'm bullish as it hit the target based on the chop formation before tanking.(today's low and it is still holding for now) On a daily time frame however I am bearish. But on an intermarket basis, it is bullish. But then again CIS is short yen and Nikkei futures.
After comparing both the USD/JPY and Nikkei for Asian session trading I have found that USD/JPY is the better option for me and my style of trading. Greater volatility, more oppurtunities and clean price action most sessions. I use 3 range & heiken ashi charts and mainly look at how price reacts around levels for entries and exits.
@emptymind Yes, I agree. It definitely has been odd and I really just have to take a step back for a bit until things become a bit more clear.
@Sakk Thank you. I can definitely see where you are coming from. Did you do any trading of the Nikkei at all? Or did you just compare and then choose the USD/JPY?
Had to watch with wife. I like that show a lot too.
