ES Journal - 2012

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Quote from Laissez Faire:

Holy crap? What do you mean? :)

I don`t know what will happen overnight, but it is highly unlikely that my original stop at 65 will not get hit.

Since I`m utilizing close to minimum margin, I can afford a 8 point hit. I just don`t want to wake up and see that the market traded to 66-67 before reversing.
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Just that you surprised me with a larger stop than normal. I understand what you mean though to give you room on your trade.:cool:
 
Quote from Laissez Faire:

Holy crap? What do you mean? :)

I don`t know what will happen overnight, but it is highly unlikely that my original stop at 65 will not get hit.

Since I`m utilizing close to minimum margin, I can afford a 8 point hit. I just don`t want to wake up and see that the market traded to 66-67 before reversing.
More...

I believe a vast majority of shorts are trapped because every time the market gives a slight indication of downside, say, a daily red bar, due to it's exuberant extension all the hungry shorts run to short it, well today sort of nullified that as we completed an outside day reversal, encapsulating yesterday's red day so this slow grind up is possibly shorts covering, whats commonly known as a short squeeze, the most logical place where most stops are located is above the last swing highs, so i believe the market will continue moving higher, either in the after hours or tomorrow during the day until most if not all stops are found, there is a very good chance stops at 70s are not safe. If you want to short this animal, you need to do so only and only after the stops are found on new highs and you need to exit conservatively before the retracement ends, otherwise its just plain suicidal until the trend finally changes.
 
Quote from Macho:

So your trade is?
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Short at new higher highs with a loose stop, cover during pullbacks.

Buy weakness, particularly after a higher low has been established, distribute at new highs or get trail stopped and retry.
 
Quote from RedTankEra:

Short at new higher highs with a loose stop, cover during pullbacks.

Buy weakness, particularly after a higher low has been established, distribute at new highs or get trail stopped and retry.
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Nice in theory. Other than that,says nothing.
 
I'll be the first to admit that the market the last 2 months has eaten me alive. Every time I think I have a great entry it proves me wrong. Every time I puke it turns around. Pl wise it is not all that bad but damn psychologically it hurts to grind this long.

I signed up in this room where the guy that runs it is pretty much a long trader only so it messes with my head. I lean short so it is probably just copounding my problems in the market right now.

Any suggestions? I am really struggling right now. Thanks in advance.
 
I sit in an Elliot wave theory class every week, and subscribe to Prichards... web site... not sure I'm spelling that right.
I've seen both do some impressive work.

One says it is highly unlikely to go over 1373.5. Prior big wave one down and now a two up which should be ending. If it goes above 1373.5... and if it closes there.... pfffft.... have to renumber everything.

The other one says that it is to unclear to say what it's doing.
I agree with the latter! at least from that perspective.

Both say if it rolls over while under 1373.5, it looks like a '3' down and could go aways.

Have to wait and see. We are within 10 points!
If it rolls over, there will be plenty of entrys later on.
 
Quote from mastacoli71:

I'll be the first to admit that the market the last 2 months has eaten me alive. Every time I think I have a great entry it proves me wrong. Every time I puke it turns around. Pl wise it is not all that bad but damn psychologically it hurts to grind this long.

I signed up in this room where the guy that runs it is pretty much a long trader only so it messes with my head. I lean short so it is probably just compounding my problems in the market right now.

Any suggestions? I am really struggling right now. Thanks in advance.
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I admit that this slow grind up is not my type environment. I am much better when volatility is higher. Ironically, so far this year all my profits has been on the short side. Go figure!!!!
 
Quote from mastacoli71:

I'll be the first to admit that the market the last 2 months has eaten me alive. Every time I think I have a great entry it proves me wrong. Every time I puke it turns around. Pl wise it is not all that bad but damn psychologically it hurts to grind this long.

I signed up in this room where the guy that runs it is pretty much a long trader only so it messes with my head. I lean short so it is probably just copounding my problems in the market right now.

Any suggestions? I am really struggling right now. Thanks in advance.
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As much as I have always wanted to have someone to talk to / listen to in the mornings, I have always traded horribly while listening to someone. I actually subscribed to a guy in 09 and some of '10, who trades very similarly to me, and I got creamed because I was always trying to interpret what he was saying as a justification for finding a way to get into the market. I do my best with my own entries and my own management. My "blah" 2 weeks has been due to not following rules, as opposed to the market not jiving with my strategy.

In times like yours, I have taken a week off from live trading, and dug into some research. Try looking for a new angle, something that either solidifies or rebuts your current setups. Maybe dig back in with some trading psychology reading or something like that. A breather can be good in a situation like that.
 
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