ES Greenhorn

Quote from retire45:

... I didn't think I was significantly changing my plan.
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Not true.

You've changed your risk:reward stats, limited the number of opportunities you will have in the market and added on another point of potential loss on a trade that isn't going to make any difference to your bottom line.

If a trade is good it will tend to hold the 2pt threshold, if it is going to retrace (and you are going to catch it you will need a 4 or 5 point stop, not a 3 point stop.

But that is a horse of a different color.
 
Quote from MandelbrotSet:

Not true.

You've changed your risk:reward stats, limited the number of opportunities you will have in the market and added on another point of potential loss on a trade that isn't going to make any difference to your bottom line.

If a trade is good it will tend to hold the 2pt threshold, if it is going to retrace (and you are going to catch it you will need a 4 or 5 point stop, not a 3 point stop.

But that is a horse of a different color.
More...

You are right on most counts there except the reference to what constitutes an "opportunity". Considering my low skill level capturing these micro-swings I hardly see avoiding them as a loss. I happen to currently, on most days see them as nearly random as minor intraday price levels seem to be marginally taken often even if temporarily. There are clear days but not often.

That said I seek (I think we all do) what in my eyes to be the more predictable patterns to exploit which brings me to the 2 to 3 trades limit idea.

Thanks for the pointer on the stops... Simply forces selectivity, which takes more discipline.
 
Looking for 804 to 806 for minor support.. 802 hard support as all know. 820 was very significant on the way down and probably will take some time to clear.. 840 after that. Steep top trendline interesting.
 

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r45,
Have you considered trading the NQ instead of the bot-ridden ES? The back-and-fill of the ES kills many strategies before they even have a chance to ride the trend. A 2 point stop on the ES equals 5 points on the NQ. You might be surprised to see how many stop runs on the ES never reach the same magnitude on the NQ.
Might be worth taking a look at when you're trying to play "small-ball" like me. :)
Good luck either way. I believe you've got the skills to make either contract work for you.
MDT
 
Quote from MiniDowTrader:

r45,
Have you considered trading the NQ instead of the bot-ridden ES? The back-and-fill of the ES kills many strategies before they even have a chance to ride the trend. A 2 point stop on the ES equals 5 points on the NQ. You might be surprised to see how many stop runs on the ES never reach the same magnitude on the NQ.
Might be worth taking a look at when you're trying to play "small-ball" like me. :)
Good luck either way. I believe you've got the skills to make either contract work for you.
MDT
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The key benefit I see there is being able to do 2 contracts, one to swing while daytrading the other should I chose nausea that day.. That said the NQ activity is like Monks and Nuns compared to the Mafia (ES).. Though the reward for properly handling the Mafia will be 2 ES contracts.. hmmmm.. how much challenge do I want?

Thanks for the pointer....

Ooaaooaah.... throw up time..
 
Quote from MandelbrotSet:

Not true.

You've changed your risk:reward stats, limited the number of opportunities you will have in the market
More...

A day like today validates your point of opportunities.. large swings while going nowhere..
 
Quote from retire45:

A day like today validates your point of opportunities.. large swings while going nowhere..
More...
Tell me about it.

Took an early short and had money in the bank ... then tried it again and walked away with beer money. :D

Chop chop today, not a real problem, but I've learned "to be happy with what I've got when the market is in a chop".
 
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