ES Greenhorn

Getting better... slooooowly... Greatest problem is changing mind quickly on the fly as it seems to me as rule breaking..

Still I would like an expalnation of the 841.5 reverse.. Would have completely changed my day..
 

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Explanation for the 841.50 reversal was the previous days low which was support to get long....I did the same thing and shorted.....killed my day with a -5k loss......
 
Quote from Get In Get Out:

Explanation for the 841.50 reversal was the previous days low which was support to get long....I did the same thing and shorted.....killed my day with a -5k loss......
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Thanks.. Sorry to hear that... Hopefully 5k is less than 1% of your account..:D That would wipe me out..

SUBJECT: STOPS..

I am close to not using them at all or doing 4 to 5 point minimum stops.. (i.e. get better capitalized to afford larger stops) These 2 entries would have become exactly what I planned.. The first was an overnight and I probably should have left the stop at 2pts.. Woke up to see it had made a 20pt round-trip and was back at 54-ish... There was a VERY clear H_&_S pattern on a 15 min (854.75_860_854.75) I was sure was going to take us to 840... In front of the 8:30 reports, I figure things should be soft, the MAYBE strong after.. I go take a shower.. come back to see the most untimely stop-out and it's at 847 now... Choose not to chase but decide to go long 840.25... miss by .25.. aaarrgh!!!

ES seems to be capable of doing ANYTHING in small time-frames...
 

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Quote from retire45:

Thanks.. Sorry to hear that... Hopefully 5k is less than 1% of your account..:D That would wipe me out..

SUBJECT: STOPS..

I am close to not using them at all or doing 4 to 5 point minimum stops.. (i.e. get better capitalized to afford larger stops) These 2 entries would have become exactly what I planned.. The first was an overnight and I probably should have left the stop at 2pts.. Woke up to see it had made a 20pt round-trip and was back at 54-ish... There was a VERY clear H_&_S pattern on a 15 min (854.75_860_854.75) I was sure was going to take us to 840... In front of the 8:30 reports, I figure things should be soft, the MAYBE strong after.. I go take a shower.. come back to see the most untimely stop-out and it's at 847 now... Choose not to chase but decide to go long 840.25... miss by .25.. aaarrgh!!!

ES seems to be capable of doing ANYTHING in small time-frames...
More...

I trade the 30min and up chart. Looking at the lower time frames always got my stops caught in the bigger waves.
 
Quote from trackstar:

I trade the 30min and up chart. Looking at the lower time frames always got my stops caught in the bigger waves.
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Good idea, Im going to try that on the sim tomorrow. Been trading ES live on a 5 min and my account has taken it on the chin.
 
Quote from trackstar:

I trade the 30min and up chart. Looking at the lower time frames always got my stops caught in the bigger waves.
More...

This is slowly sinking in... Unless an artful scalper, the swings in bigger frames should at the very least reduce trading which is the bane of most traders, ESPECIALLY those new at this. Bigger benefit is you are less likely to be surprised by a price level.. Lastly the pace of activity on a 3 minute downright vicious
 
This shows more than any other what the newbie is up against... Very skilled traders.. why most traders will lose at micro trading... myself included..

Had an overnight contract with a cover at 826 (who knows?).. The breakouts were 837 up or 833 down.. The thing breaks to 837.25, next bar breaks 832.75, then proceeds to 843.. Granted things are thin in Globex and stops shouldn't be that close but the precision of the operation is uncanny.. cannot and is not random. There are sharp traders that get involved ONLY in high greed and fear areas.
 

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