Daytrading the ES

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Port1385

I have had a lot of luck lately daytrading the ES and thought I would post a journal. I've moved to exclusively daytrading the ES as it seems rather simple to predict intraday moves versus long-term swings. I've made the most money from daytrading while my longer term portfolios remain in the red (and will probably be stuck in the red for a while).

Im not going to post to this journal 8 hours a day as there are times where I just get up and leave or too busy to think about it. However, I can get in a morning call or two and probably a few updates.

Feel free to post here your thoughts, charts, etc. as the purpose is to gain some additional ideas from others and learn new techniques that can be used for later trading.

I dont really use my own charts. I pick up my ideas from others on the internet through a list of blogs from known characters. Why should I create my own charts when there are a bunch of free ones already out there with better information then I could ever dredge up.

I utilize trailing stops...my exit price will always be a stop price. You pick the entry, the computer and fate picks the exit.

I wont post account statements or size. Im not here to show anyone that information. Im here just to learn from the thoughts of other people and hopefully those will be constructive...
So here we go...
 
How about sharing your blog/chart sites. I've not seen any free charts sites that you can reliably day trade from!
 
I took some trades this morning pre-market fading the index from 872. I got stopped out a few times, but loosened the stops on the way down. Made some points. Overall, its been a great day so far.

We are in a tight range from 840 to 875 and looking for a breakdown to occur. The long term bias is to the downside and thats my trades have been purely fades (shorts) today.

Two charts below are from the "ball site". Below is the 20 day, 5 minute bars that I use to study the longer term trend which is down.

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Stopped shortly afterwords.

Im looking at this chart now. Im thinking there might be a breakdown later in the day. Notice the vertical green line suggesting around 12pm there will be a good downturn. Then by 2-3pm it will be on fire flaming in where I will be looking for that failure of the 840 level and a good sized drop.

Looking to get short again.


 
I cant name the sites or else this journal will be deleted by mods. I can say that one of the sites is by the founder of a certain web based technical analysis program and from there he lists other sites to go to with more detailed analysis. Those are the sites I use. Then I will make my own charts as well based off of the charts on those sites.
 
Look at the 2 day chart I just posted. Look at the horizontal green line that traces down right at 12pm. There is the main trend line at the bottom and then another trend line going up. What is happening is called the BARF or Bump and Run Formation. The price is in the middle of taking a BARF.

There is also a third overhead trend line completing the triangle. The vertical line line on the chart is not a trend line but a marker for where price intersects with the third (overhead) trend line. My thesis is that price will bump down that line until about 2pm and then will be the test of the bottom line and probably the ultimate dump.

I have tight trailing stops on all trades. I had a few unprofitable trades today, but the ones in the morning were pretty good. I looked at the trend the last 5 days and right at 2pm each day things go haywire. Lets see what happens and if I get taken out again. Right now in the green on my fade.
 
Here is that chart again. Still have it up on the other monitor. I am **betting** that price will bump down the overhead until price failure around 2pm. It looks like we might have that retest a lot sooner though.

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