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no111's Trading Journal
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no111's Trading Journal

  #11 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Nice to see your journal here, good job.

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  #12 (permalink)
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Thanks Big Mike .

Today 2 6E trades, 2 scratches (few ticks in +).

Pretty unsure when I was in the two trades, really not relax.. blegh.


The First the setup
So there was momentum highs on 15min and new highs overall (see first pic). My entry on 5min was based on the first cross because It didn't look really a flag (see second pic). So this wasn't a flag so actually not a setup from my gameplan. I was afraid that it would have another push down on a 5min (for ABC) that's why I scatched it. I exited 2 ticks higher after 7 afraid minutes at 1.3941.

My thoughts we're like this: not my trade etc. Next time only ABC setups. Because I was so afraid for a loss and I couldn't stand the heat, too uncertain.

The second setup
This was also in 6E (third pic), now there was an ABC! But not a clear one, A and C were not equal SO NOT VALID. But the main reason I did take it because there was divergence. It was not really moving after a while so I exited 15minutes later at 1.3947. My initial stop was at swing low, below divergence.
This was actually a valid setup number 2 IF there was momentum divergence..

Evaluation of this day and trades
About the first setup: This wasn't really a flag but it was a first cross (not enough bar overlap), but that's not a valid setup.. see first post. It was a valid setup if there was an ABC on HTF but there was not.. only a swing down.
In the first trade I was continuously thinking: this is not good, if there comes a new leg down (so abc being formed) I'm going to be stopped out etc. So not relaxing.

About the second setup: I want to see a clear ABC (at least C must be equal or larger than A) or momentum divergence.
There was divergence but not momentum divergence. Although the trade worked out after a (long) while..

So both the first and second setup we're not valid. But it still worked out because of the strong momentum.
Next time I want to see a clear ABC down or momentum divergence.

Attached Thumbnails
no111's Trading Journal-3-3-2011-21-32-09.png   no111's Trading Journal-3-3-2011-21-58-58.png   no111's Trading Journal-3-3-2011-22-09-17.png  
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  #13 (permalink)
Trading Apprentice
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Futures Experience: None
Platform: Ninja
 
Posts: 34 since May 2010
Thanks: 7 given, 8 received


I was so afraid and uncertain in the previous trades. That's why I prefer first and ABC down on HTF because you can put your stoploss on very nice point (that's the second setup of my gameplan).

There was a beauty this night in ES. See pic.

So next trade will be an ABC down on HTF with a first cross or anti on LTF (this is the trigger)! I hope I will have more confident then.. (if it breaks: trend reversal).

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  #14 (permalink)
Trading Apprentice
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Posts: 34 since May 2010
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Unfortunately.. I didn't see any good opportunities today. Now weekend, have a nice weekend!

BTW, it was worth to hold 6E overnight.. pff (see previous post).

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  #15 (permalink)
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6E - ABC.

ABC on 15min formed. No I'm waiting for trigger on 5 min.

The pattern fails when price comes below 1.3989, so there will be my stop if I enter the trade.

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  #16 (permalink)
Trading Apprentice
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Posts: 34 since May 2010
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no111 View Post
ABC on 15min formed. No I'm waiting for trigger on 5 min.

The pattern fails when price comes below 1.3989, so there will be my stop if I enter the trade.

Did enter @ 1.4008... stopped out. There was a first cross at 5min. Result: -19ticks, so loss of 237,5$.
Didn't work out nice because didn't get point A good enough.

Later more evaluation, now there is setting up a regular ABC on 30min.
So again looking for trigger at 5min.

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