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ES Price action trading journal


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ES Price action trading journal

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Morpheous2005's Avatar
 Morpheous2005 
London/UK
 
Experience: Intermediate
Platform: NT7
Broker: Continum
Trading: ES
Posts: 11 since Aug 2015
Thanks Given: 3
Thanks Received: 7

I have been day trading the ES for close to 5 years with mixed results. I would describe my trading system as a discretionary price action day trader using tick charts across 4 time frames with just a few complimentary indicators including emas an macd's. I have a extreme bias with macd's for confirmation of trade setups which I use alongside pure price and metadata.

I have made this decision to share this journal in the hope it will be beneficial to my continued development as a trader and to be able to contribute in some way to the community. Thanks for following this thread in advance.


Wed 6th December 2017:

Long day today, I am a part time day trader, usually I make it to the markets for a least a few hours before the close being in the UK the ES closes at 9pm. Once or twice a week I can manage market open and the morning session but today was hours of traffic and a brutal day at work. I do the best I can, gotta make sure i eat and chill for an hour before I even look at the markets.

Almost as soon as I loaded up my charts i saw divergence on the macd's ( I have an extreme bias for macd divergence and is my primary signal to compliment price action and a couple ema's) Market was moving within a decent size channel to the upside, it looked to me like exhaustion, was stalking the short. Usually i would have got in that move at the highs in this scenario where i had my 4 time frames confirming divergence but i was too late to start trading that early position. I was going to let it go without me until and strong retracement divergence showed up after the breakdown. I jumped in too early chasing and paid for that, FOMO Fear.Of .Missing.Out is what happened there but I maintained my
max stop and allowed the stop out even knowing i would be re-entering just a few ticks later because confirmation was solid to the downside. The rest you can see for yourself on the charts. Today is my first journal entry and I am determined to maintain and improve the content of this.[/FONT]

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  #3 (permalink)
 
Morpheous2005's Avatar
 Morpheous2005 
London/UK
 
Experience: Intermediate
Platform: NT7
Broker: Continum
Trading: ES
Posts: 11 since Aug 2015
Thanks Given: 3
Thanks Received: 7


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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Last Updated on December 10, 2017


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