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Kevin: I use price action only and have started a journal here. I do not use any indicators.

Thanks protrader. I'll certainly look into your suggestions even though I feel that I do not want to use any technical indicators. Pretty decent day. The market was down pretty much all the day except the last 10 mins. Nothing to do except sit tight and hold on to those positions. Even on...

One of my major problem has been the inability to determine the profit target. Usually when a position is going my way instead of taking a profit I add to it. But if there is any pullback I get scared and exit the position. In the past I have let 1 winner turn into 2 breakeven positions. I do...

Yeah, I got stopped out of that position the very next day.

Bit: I meant "along" not "a long". I think that is what confused you. I did go long on a 2day pullback but I got stopped out. I shorted the big rally on Friday. I'm short at 1242.75 with a stop at 1252.75.

Okay, let me explain the reasoning. The new patterns are not part of the patterns that I mentioned on the first post. I went through the daily price action over the past few months and noticed that 2 day reversal seems to work to initiate a postion in the direction of the trend. It is just...

Well I'm noticing some patterns as I go along. When I see theose pattern uncover I do get biased. I have no problem with it because I have stops to get me out if I'm wrong.

The last few trades haven't been good for me. I have not been in sync with the market. Looking back I feel that I missed few opportunities for not following my plan. I was supposed to take some profit at 1200 but I didn't do so. I was supposed to trade V-bottom reversal and I did not do so. I...

Bitstream: Do you still stand by the above mentioned statement? I think it is time to short on any significant rally for me that means two up days in a row.

It's just that the patterns that I have found are good for 5 trading days that's why I did not count the weekends. Anyway, I got stopped out of the trade.

I really did not have many losses I did have more winners than loosers but my problem was over-leverage. My timing was perfect and I was in sync with the market. I could care less whether the market goes up or down, I have few patterns that I like to trade and based on those patterns I need...

Initiated a new long position at 1240.50. This is Dec contract. I have my initial stop at 1233.25 and exit at the EOD on the 5th day. I went through all my trades and realised that one of my problem was not having an exit, esp. when the position is going in my favour. So from now I will get...

I do not know anything about Gary Smith besides his one book. I remember somebody saying that he used to post here, but not sure if it is the Gary Smith from street.com.

Got stopped out with a loss at 1230.75. The market is digesting all these bad news pretty well and still holding up good. I can't decide what to do here, but I'm sure that I do not want to be short here. Today was a +1% buying day on all indices. I will lokk to enter long in any pullbacks now.

How do you define bargain prices? In 2000 CSCO was at 80+, after few months 70 seemed like a bargain, 60 was dirt cheap and 50 was pretty much free money. It is now below 18. The PEs are high and so is inflation. I'm not much worried about the PEs but the inflation. I foresee a crash on...

Bitstream Thanks for contributing to this journal. In response to your previous post I'll have to disagree. Just because the market looks healthy is no reason to be long. The market has already factored that in. If you look at GE and MMM, they are making new lows every week. GE touches every...

I was not sure whether the short position that I initiated at 1220.50 was the right thing to do because last night and this morning 1220.50 ended up being the low. ES was up to 1226 but it gave back all the gains and closed at 1219.75. I have a profit of .75 pts, which is not great but it is...

This is it. August was a rollar coaster kind of a month. My goal for September is to manage the risk better than I did last month. One of my problems was not having a profit target and looking back at all those trades I realised that I was more careless when I had a profit. I did let profits...

Got stopped out today. The markets managed to rally big time today. Every index was above 1% today except the DOW 30. I will want to short one more time before I can be on the long side. I'm hoping tomorrow to be an up day too so that I can short at the EOD. My bond vs. stock model still...

Short ES at 1206.75, stop at 1216.75