Thursday, September 26, 2013
9.26.13 journal and forensics....
prevhi 01
99r2
95yh
92r1
91vah
8950poc
8850pp
8750prevlo
86val
8450ylo
81s1
took a short at 9425....after hitting 95 which was yesterdays hi. All Oscillators were saying over bot. Market bounced off this level twice and then I entered short. Third time it took it out. You could tell from market behavior that it was creeping upward and then retreating.. then creep again and retreat... then creep and bang.. jumped the creek. That simple...
Things to note... seems like it's the 2nd osc high that is the real one... as was the case here.. it went up only to 9750 before finally reversing... note times as well... 915 was time of reversal. Time to keep track of reversal times... My entry was at 900..... maybe too early for reversal? Time to research.
The other thing that I did not do was to look for VSA signal before going short... I just saw resistance (only 1 point of confluence BTW, really need at least 2) waited for osc to peak... Need one more step in my process which is weakness in the bars. On 3 min bar my entry was into strength... at 912 the weakness appeared in the form of an upthrust... that was my clue! I wasn't looking for it... and should have been. On one minute chart weakness wasn't until 908... and then again every bar until 911 which was the high bar.
Even on my 5 min bar there was no weakness on my entry bar.
Moral of the story is I was too early because I didn't wait until signs of market weakness... relied upon an indicator and one point of confluence to take a trade.. I needed more
Only by doing this will I improve. Now I know I must wait until I see market weakness along with the other two.
Trader X
99r2
95yh
92r1
91vah
8950poc
8850pp
8750prevlo
86val
8450ylo
81s1
took a short at 9425....after hitting 95 which was yesterdays hi. All Oscillators were saying over bot. Market bounced off this level twice and then I entered short. Third time it took it out. You could tell from market behavior that it was creeping upward and then retreating.. then creep again and retreat... then creep and bang.. jumped the creek. That simple...
Things to note... seems like it's the 2nd osc high that is the real one... as was the case here.. it went up only to 9750 before finally reversing... note times as well... 915 was time of reversal. Time to keep track of reversal times... My entry was at 900..... maybe too early for reversal? Time to research.
The other thing that I did not do was to look for VSA signal before going short... I just saw resistance (only 1 point of confluence BTW, really need at least 2) waited for osc to peak... Need one more step in my process which is weakness in the bars. On 3 min bar my entry was into strength... at 912 the weakness appeared in the form of an upthrust... that was my clue! I wasn't looking for it... and should have been. On one minute chart weakness wasn't until 908... and then again every bar until 911 which was the high bar.
Even on my 5 min bar there was no weakness on my entry bar.
Moral of the story is I was too early because I didn't wait until signs of market weakness... relied upon an indicator and one point of confluence to take a trade.. I needed more
Only by doing this will I improve. Now I know I must wait until I see market weakness along with the other two.
Trader X
