No appreciable gap and ticks slightly positive. Looking for divergence’s…
14:37:30 Trade One: DivA against Yesterday’s Close so went short with the trend of the past 30 mins. $TICK turned up and then down for scale-in confirmation then hit overnight consolidation put in a divergence and reversed. I have no rule to get me out of this apart from a time stop.
R-Multiples: Entry 1 -0.38R Entry 2 -0.90R Total -1.28R
14:48:30 Trade Two: DivA against Yesterday’s Close plus sloping trend line. As price was in consolidation did not wait for close below low of high bar. $TICK turned up and then down for scale-in confirmation then hit overnight consolidation put in a divergence and reversed… Sound familiar! Time top again.
R-Multiples: Entry 1 -0.40R Entry 2 -0.78R Total -1.18R
News moved price through Daily 200 MA and Overnight High and started to consolidate and put in a divergence. I noticed that S1 was coming up on ES and YM and had busted through S1 on TF.
15:11:00 Trade Three: DivA against ES, YM S1. Price continued higher for a full -1R.
R-Multiples: Entry 1 -1.00R Total -1.00R
15:15:30 Trade Four: DivA against ES, YM S1 plus 5 min chart had set-up a doji.
Traded lower and a DivW set up. I decided to reverse into this reasoning that the large push up could continue.
R-Multiples: Entry 1 0.33R Total 0.33R
15:24:00 Trade Five: DivW set-up and price continued to consolidate and then hit stop. This was a mistake because I should have closed on a time stop for 1/2 point loss…
R-Multiples: Entry 1 -1.00R Total -1.00R
Total -4.12R before commissions
Below is how I could have traded the session with a little more wisdom/experience.
The first two trades were spot on and to plan. The divergences that warned of a reversal were against no precise support so my only exit left was a time stop. Yes there was the overnight consolidation so with more experience maybe my IG will ask me to bail early.
Trades One & Two:
R-Multiples: Entry 1 -0.38R Entry 2 -0.90R Total -1.28R
R-Multiples: Entry 1 -0.40R Entry 2 -0.78R Total -1.18R
I could then have been more patient with the next trade and waited for price to touch S1 on YM and ES. This would have nulled Trade Three.
Trade Three: I could have waited for a close above the consolidation to reverse the trade long. This did not occur and I could have set myself a target of just above the Daily 200 MA.
R-Multiples: Entry 1 1.71R Entry 2 0.88R Total 2.59R
Total 0.14R before commissions
To trade like this I need to be more responsive to the market and be more patient. Maybe the divergences at Overnight Lows could have been an exit signal??? I probably need more time in meditation… only 22 minutes today!