London/UK
Experience: Intermediate
Platform: NT7
Broker: Continum
Trading: ES
Posts: 11 since Aug 2015
Thanks Given: 3
Thanks Received: 7
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Friday 8th December 2017
Thursday was a no trade day for me purely because of my commitments, I made it home only 30 mins before market close, I rarely do well jumping into the markets in a rush. I have a Pre market routine I follow that takes 15 mins before i can trade. Today however I had time although once again a very late start joining the markets 90 mins before close. Not the most amazing market conditions but definite opportunity's.
I do very well in ranging and channeling markets because macd's are my primary indicator for my entries/exits and i'm looking for divergence across 3-4 timeframes at least the 2 lower ones 610/1597 Tick charts. I'm looking for some agreement between the time frames and use ema's, price and meta data to find highest probability setups. Retracement divergence is GOLD for me and in today's trade I have marked up my charts a little to indicate a short trade fade. I seem to struggle with trending markets sometimes because macd's divergence tends to be useless ,it's something i'm working on.
My target was based of of my consideration of " trapped traders " namely late long traders and where price would have to go to find those stops. Some of this info is marked up on the charts.
Trades 1: Short 2652.00- High ticked, took a loss -1.25/6 ticks on the ES my max loss allowed, It happens but entry was to early. I usually aim for at least 1 tick behind pivot but 2 ticks is my prefered so it was an error in a sense.
Trade 2 : Short 2651.15- Retracement divergence now even more obvious and BB's starting to rollover, looks weak up - go for it again with stop in proper place this time 2 ticks behind area, took no heat at all on this trade. My premise was that support area would fail and take out late longs placing their stops as marked on chart.
Market still had a bias to upside and short fade was the plan worked out nicely for 4 points with a +2.75 for today, not bad for an hour.
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