ES Journal - 2012

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Quote from Handle123:

NoDoji, you talking about these?

Pivot Level: (High + Low + Close)/3

Once the Key Pivot Level is known, the support and resistance levels can be calculated using the previous day’s high and low numbers.

R3: R1 + High – Low
R2: PL + High – Low
R1: (2 x PL) – Low

PL: (High + Low + Close)/3

S1: (2 x PL) – High
S2: PL – High + Low
S3: S1 – High + Low

I stopped using them some years back as they didn't offer low enough losing percentages for my style of trading and as older traders retire, many of new traders use them even less. IMO.
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From what I know of NoD, I think she means actual price pivots (H's and L's).
 
Quote from tomahawk:

From what I know of NoD, I think she means actual price pivots (H's and L's).
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These are these lines on my 5-min chart generated by an indicator called "Pivot Points" that I added back during our Skype days. I think you mentioned them, but it might've been Ray. For some reason I never took them off the chart and I noticed that the LOD today went but a single tick below the bottom line before turning. That's why I wondered if your entry (and Dan's call) were based on this indicator.

We should check in at Volente's Bar & Grille, I bet emg announced this morning, "Looking to go long at 1401.50." :p :p

ADD: Never mind, I checked. EMG is in the Twilight Zone today, looking for trades in the low 1300's :eek:
 
Quote from NoDoji:


We should check in at Volente's Bar & Grille, I bet emg announced this morning, "Looking to go long at 1401.50." :p :p

ADD: Never mind, I checked. EMG is in the Twilight Zone today, looking for trades in the low 1300's :eek:
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hummm..I think he has been drinking his lunch! I'm sure he meant 14... but who knows. :confused: BTW nice to "see" YOU around.
 
Quote from EON Kid:

nice entry, glad you made a profit but 3 points risk for 1.5 profit :confused:
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And I average down the full 3.00 points on each level, I often get many plus one tick trades, so for me, averaging down makes lots of sense and dollars, LOL. But I never recommend to anyone to do this. But I have also backtested my method going back on 11 years of tick data, so I understand what "mean" drawdowns, best targets for times of the day or swings, which price patterns work for my style and which don't. Been at the game for 34 years, day trading since 1986 I think it was, it was just so much easier back then when a good day was a three point range day, big S&P traded in nickels, each was $25, and only cost $19 for a roundturn, call down to the floor with my order, I use to risk 3-4 ticks, a full point was $500, NOW I got to trade ten times as many for same bang for the buck, so you can see how much more comm is now as to back then. It actually costs so much much more today than back then, if I can't get my target and have to give up a tick it is .25 cents, but back in good old days, if I gave up a tick it was a nickel so I am losing 20 cents cause the tick increment has changed and big S&P doesn't have volume and it has been cut in half.

It is funny, now when there is a six point range day, so many lose and it is heaven for me.
 
Quote from Handle123:

And I average down the full 3.00 points on each level, I often get many plus one tick trades, so for me, averaging down makes lots of sense and dollars, LOL. But I never recommend to anyone to do this. But I have also backtested my method going back on 11 years of tick data, so I understand what "mean" drawdowns, best targets for times of the day or swings, which price patterns work for my style and which don't. Been at the game for 34 years, day trading since 1986 I think it was, it was just so much easier back then when a good day was a three point range day, big S&P traded in nickels, each was $25, and only cost $19 for a roundturn, call down to the floor with my order, I use to risk 3-4 ticks, a full point was $500, NOW I got to trade ten times as many for same bang for the buck, so you can see how much more comm is now as to back then. It actually costs so much much more today than back then, if I can't get my target and have to give up a tick it is .25 cents, but back in good old days, if I gave up a tick it was a nickel so I am losing 20 cents cause the tick increment has changed and big S&P doesn't have volume and it has been cut in half.

It is funny, now when there is a six point range day, so many lose and it is heaven for me.
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Very interesting. So you average 3 times, to just before your stop, and then if you get stopped you pick another level further away and try it again? It's amazing you can make that work when volatility changes. Thanks for sharing your insights.
 
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