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Clowns ES Daytrading Journal
- Thread starter ESclown
- Start date
Nice commentary, and you're right.Quote from ESclown:
Trendline held and 60 min forming bullish hammer. However, im not playing this just yet, waiting for a decent entry or higher probability trade. Right now im not seeing any trend just a weak LL and no weak HH.
Sidelines till i get a play.
There's no point in playing the chop when a trend will give you much higher prob plays.
Quote from MandelbrotSet:
Nice commentary, and you're right.
There's no point in playing the chop when a trend will give you much higher prob plays.
That used to be my main problem, thinking i have to register the $$$$ everyday, so taking plays which did not confirm - sometime sthey went well and you get some nice action but in the long run you are destined to lose if you keep getting involved in chop.
As of now i try to only trade is a play presents itself, if not then no trades for the entire day. I figure the market will give plenty of opportunities so only need to take the good ones.
Patience patience and patience.
Inverse head and shoulder on 15 min chart. Personally i don't like playing patterns but also with wedge breakdown, expecting a move to atleast yesterdays and tuesdays value zone 55-58.
Want to see how price reacts to 63-64 which should be decent resistence now.
Lets see if this broadening formation holds with 60.50 right on lower trendline on 1min chart.
So far HH and LL meaning chop. Decent action for a scalper i guess.
Want to see how price reacts to 63-64 which should be decent resistence now.
Lets see if this broadening formation holds with 60.50 right on lower trendline on 1min chart.
So far HH and LL meaning chop. Decent action for a scalper i guess.
Quote from ESclown:
Even though my daily chart is showing considerable upside till we reach atleast 1400 again my 15 min chart gettin me a bit nervous.
Wedge is being formed with clear 5 wave, and hitting right into resistence.
The catalyst for the downward break could be the Intial Claims coming out today.
Again i will play what price tells me to play.
Sometimes fib numbers and resistance zones work very well together. That Fib 161.80% projection nailed that 71 high which was also resistance zone on 60 min chart i displayed.
Wedge breakdowns are usually my favourite patterns if any.
Minor trend is now down so let see if we can get a play from this.
Quote from ESclown:
Inverse head and shoulder on 15 min chart. Personally i don't like playing patterns but also with wedge breakdown, expecting a move to atleast yesterdays and tuesdays value zone 55-58.
Want to see how price reacts to 63-64 which should be decent resistence now.
Lets see if this broadening formation holds with 60.50 right on lower trendline on 1min chart.
So far HH and LL meaning chop. Decent action for a scalper i guess.
Price right into value zone, many buyers in this zone so nice retrace from here.
I sometimes wonder if financials really do lead the way. Everytime financials are tanking the ES finds it very hard to stay above water. That is one sector i really like to check during the day.
first of all...great trading to you...YES, that is AMAZINGLY conservative!!!...I think I would be throwing at least 20 ES contracts at $300 daytrade margin 'all in and all out' at once...seriously...with $30,000...but, to each their own..the best to you!Quote from ESclown:
No more will i be trading more than 1 contract. For every $30000 dollars in my account i will trade 1 contract. This is very conservative for some
Quote from increasenow:
first of all...great trading to you...YES, that is AMAZINGLY conservative!!!...I think I would be throwing at least 20 ES contracts at $300 daytrade margin 'all in and all out' at once...seriously...with $30,000...but, to each their own..the best to you!
Well i understand your point, i am not a risk averse person but from my trading mistakes i realised that when i trade to big i am uncomfortable in my position and then don't have a clear head to analyze the markets to see what really happening.
If your basically focusing on your PnL with your big positions it limits your attention and leads to many mistakes.
Also, this is more of a confidence issue right now, if i build up the account and my confidence i will increase size. I used to trade 6-8 contracts which on good days was great, but on a bad day where i had completely gone mad and lost all sync with the market it was absolutely terrible for my PnL.
My own stats show that wherever i had larger position size my win ratio was terrible compared to when I'm cool and composed.
Quote from ESclown:
Price right into value zone, many buyers in this zone so nice retrace from here.
I sometimes wonder if financials really do lead the way. Everytime financials are tanking the ES finds it very hard to stay above water. That is one sector i really like to check during the day.
Wanna see this bounce back 62 so maybe i can get a peice of a short. Again thses are just random thoughts as the day progresses, nothing set in stone.