ES Journal - 2012
- Thread starter Buy1Sell2
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Plus 4/8
Getting in on a Stop Run of taking out the double top highs at 1453.75, if it is a real move, I won't risk much, normally would have risked 2 ticks but there was a pivot high on the 12:28 cdt I was concerned about, so I extended stop one tick.
As you can see, I simply don't have time to post as my trades happen fast, when I see price action developing for a push into certain direction, I will add on heavily but all will be signal trades, and have experience of knowing at certain times of the day, patterns exist for the market to have reactions as well.
Time for a nap.
Thank you all, when you have traded the same market for over 25 years, well...it becomes a friend. Indicator on bottom is a TSI, when it goes extremes of 50, I feel market is over extended and will look for Secondaries. It works here and very nicely in Crude oil market.
I use to trade all day long, but just can't do the concentration that is needed any more so for approx 2.5 hours a day, I can usually last, but can become hectic cause of having several Doms going for each signal.
hey bud, did you decide to go long after the divergence that was shown at 12:40? It seems that from 1240-1245 the price was still dropping, but the indicator was turning up. Seems like an ideal spot to put a long position on?
Bond traders hedge fund managers are looking for 1.2% on 10 year notes .. There is multiyear channel that the credit bubble is adhering to. If yields will be driven to 1.2%, what does that imply for equities?..
Resistance in credit markets is usually broken with sellside capitulation in equities. Even though equities are brought back up, gains in credit markets aren't retraced to the degree downturns in equities are retraced. It means basically the pattern has been sell equities to break resistance in bonds but buy equities back up. That's why your seeing credit and equities at their highs. To make further gains equities will be have to come under pressure since 10 year yields are 1.6-1.7 range.
Resistance in credit markets is usually broken with sellside capitulation in equities. Even though equities are brought back up, gains in credit markets aren't retraced to the degree downturns in equities are retraced. It means basically the pattern has been sell equities to break resistance in bonds but buy equities back up. That's why your seeing credit and equities at their highs. To make further gains equities will be have to come under pressure since 10 year yields are 1.6-1.7 range.
buy the dips?
In hindsight looks like an ideal place to go long, but I use indicators a bit different, they either stop me from taking a trade as in double divergences or alert me when speed of the market is at an extreme. One of the major problems so many have trading TA, they read same books and believe that is where education stops, but in actual it only begins, you have to go beyond what books talk about. All books discuss divergences and taking opposite trades, certainly feels good at getting in at extremes, but this happens so few times, I use Price Action when Scalping much more than most. In sustained trends, you could lose all day long by trading divergences. prefer to compare differences in pivots to notice when market is "rounding" as a way to get in near extremes.
The other day I mentioned that trading "00" and "50" was nice places to go long/short for 3-4 ticks. On todays' open I went short 1450.00, I got out of 80% of my contracts at 4 ticks and kept runners for 2/5 points and only cause it is the first 30 minutes of day session, whereas if it happens past first 30 minutes, it is much less likely of a sustained move. I don't recall the stats, but normally the HOD/LOD happens in first 45 minutes of day session, and this pattern has nothing to do with TA or Price action, more of an emotional patterm. Trading the ES like all the other markets, each instrument has their own personalities, many nuances.
The speed of the ES has always been very interesting to me, market dropped hard and fast till 7:45MDT, TSI went extreme and Secondary formed after that to go long, but soon after, getting many equal highs, so market telling me it is stalling out, take profit and eventually go short. But remembering the lows were made cause it went hard and fast, I can more safely place a buy limit 2 ticks below these lows, whereas if the market is slowly grinding it way downward, no way do I want to try to pick off the bottom for 4/12 ticks.
I look at a chart and the easiest places to make money is one question you have to keep asking "where is the little guy going to get screwed", where are his stops going to get tripped, and I am taking the other side of their stops for a quick profit. Like going long on the 8:22 and 8:50 bars today, fun for me, but huge emotional pain for the inexperienced, we all been there.
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