grrr it is getting a bit too overbought for my liking so I may have to hold off on this one unless it comes back down to like 1360 or lower on ES8M
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Emini S&P trades
- Thread starter Thundershock
- Start date
as long as it doesn't break 1356.
Long at 1356.25 Will exit position at 1358 or 1353 since it closed at 1356 at 12:45
Out at 1358 for a 1.75 point gain.
going long here at 13:30
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If he's making that call, yeah, he was looking at the "M, (June)" ES contract, not the current quarter.Quote from sandygray66:
The ESU8 never made it that low at that time. Are you trading the M (June) contract? The Sep (U) contract became the front month contract (largest volume) last Thursday.
Quote from Thundershock:
by all means if the trade looks really good, you can hold onto it for longer than 2 points, but I didn't want any emotion getting involved in the trade or I guess I should say subjective thinking because there is nothing that drives you crazier imo than when you could have had a nice profit but held onto it too long and it turned into a loser.
the general rule is cut your losses short and hang on to your winners. You are doing the opposite.
Thanks for the advice. I was trading the June contract. Took a small loss today )-1.25 points) after getting stopped out on the last trade. Was really tempted to take a small gain on the last trade since the market was going back and forth for a few hours in the afternoon but didn't. For the specific strategy I'm doing, after much research I decided on the 2 and -3 limits because it seemed to work best. For example, on the 12:45 trade, if I had let that run I would have been faced with a difficult situation from 1:15-1:30 when it plummeted at one point -3.5 points. I also figure it's better to take more small profits for gains than a few big gains with more losses. Time will tell the best thing to do is.