OK… Today was very tricky for me. Overnight action was down and the market gapped lower by 3 pts. I waited for a test of the pivot and a Divergence against (DivA) this resistance point and nothing materialised. Then…
14:42:00 Trade One: Fairly sloppy action and no exit/stop and reverse signal at Overnight Lows so only had Time Stop as a valid exit…
R-Multiples: Entry 1 -0.29R Entry 2 -0.88R Total -1.17R
Did not take the Cyan marked divergence. This was a mistake. Price was bouncing off of 20MA on 5 minute and recently this has been useful resistance. I have made a not to respect the 20MA more throughout the trading day.
15:06:00 Trade Two: To be safe I could have waited for a close above the consolidation as a signal to go long, especially with the down trend in place and the starts of a lower high in place.
R-Multiples: Entry 1 -1.00R Total -1.00R
I didn’t take the DivA against R1 because I was looking for a short opportunity. This turned up at…
15:16:00 Trade Three: Intuition (IG) had me choose a wider stop than normal but the extra tick I gave it was not quite enough and I was stopped.
R-Multiples: Entry 1 -1.00R Total -1.00R
15:24:00 Trade Four: The divergences were building up around R1 and half a point from 200 period MA on the daily so I considered this a safe DivA. It too was stopped.
R-Multiples: Entry 1 -1.00R Total -1.00R
15:35:00 Trade Five: This was a DivA bang up against the 200 period MA on the daily. Just as I scaled in a $TICK Extreme plus divergence exit signal popped into view and so I exited with a small profit.
R-Multiples: Entry 1 0.64R Entry 2 -0.13R Total 0.51R
15:46:00 Trade Six: I waited for a close below the low of the high bar as confirmation of this short signal. I had no reason not to take the Time Exit and stopped out for a small loss. Price sold off here but I was out… Pat on back for following rules.
R-Multiples: Entry 1 -0.14R Total -0.14R
As I said tricky…
Total -3.79R before commissions