very similar (yet steeper) as yesterdays walk up. took me about 7 trades tyo get the damn rythym and to stop selling bottom and buying tops...or worse THE MIDS!
ES Journal - 2012
- Thread starter Buy1Sell2
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very similar (yet steeper) as yesterdays walk up. took me about 7 trades tyo get the damn rythym and to stop selling bottom and buying tops...or worse THE MIDS!
creeping above pivot and recently broken upward/lower tl. Also in the band of yesterdays battle zone.
Gonna set some alarms and vacate the monitors....but I think we have a bigger swing in the mix.
my bias is green...but in reality just another guess.
best.
Gonna set some alarms and vacate the monitors....but I think we have a bigger swing in the mix.
my bias is green...but in reality just another guess.
best.
To me it's starting to look like we are going to erase the entire down move. We never actually got a to-the-tick 50% long entry on this move, which means it will probably be respected at least a little bit if it ends up even being tested. I have a hunch at the moment that the market will keep pushing up until the 50% pullback ends up around 85.25, and then we will pull back to that and then melt faces.
Just a hunch though!
Just a hunch though!
I used to trade "tight." My two point stops used to clobber me. Not any more. Not since I started parking my stops 10 points away from my entries. Not that I ever, EVER let them go that far. Now I know within a point or two whether I'm wrong, and then I'm out. (Every once is a while, it's more, but that's rare).
You want to know what's changed my e-mini trading life? Trading vertical credit spreads on the NDX. Seriously.
WTF? I'll tell you, from one self-identified impatient person to another...
Trading NDX vertical spreads is a little like piloting an 18-wheeler through a kindergarten playground. So doing this forced me to establish a method to identify tradeable biases. It also forced me to become patient as hell while I sat in the trade, often for days, to allow the bias to play out. In the meantime--and here was the blessed training wheels aspect of it all--I had positive theta working for me, offering a for-the-most-part false comfort that even if I was "wrong," I had time in my favor. (Like I said, for the most part, that's a canard, but we do what we gotta do.)
Anyway, this has taken me about -- ohhhh, about four years -- but now I'm at the point where my NDX spread trades are consistently profitable.
Fast forward to ES. Markets really are fractal, with a few caveats, so I'm took this approach that I've used on an interday/interweek basis with NDX and applied it, intraday, to the ES. Here's what happens: I identify the probable bias, wait for the trigger, then enter.
Yesterday, you saw that approach at work in the long I took e.o.d. I never, ever, EVER would have been able to take that trade even three months ago. Now, that was a clean entry, (maybe 2 ticks adverse movement) but it was s-l-o-w. Torture for someone like me.
This morning, I took short with a poor entry, but the bias was not invalidated while I was in it, so I took 4 pts heat for 4 pts profit. Not one for posterity, I know. But, with my old approach, I would have been minus 2 points on the trade, period.
Today, I've been in a long since about 11:00 a.m. If I think too much about it, monkeys will start crawling up the inside of my skull. Otherwise, I'm pretty chill.
I say all this without a scintilla of braggadoccio. (The amount of time I've spent on this is nothing to brag about.) I just offer a perspective, one self-indentified impatient person to another.
Find a way to trade "loose," and your stops will no longer be your enemy.
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