ES Journal - 2012

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LS and ammo, thanks a bunch. I have read Pitbull and and Rem of Stock Operator. I will reread them and stick to SIM on ES for now. It's cost me 60k+ over the last year to realize that it is not working with my approach. I guess that's why I joined this guys room. Not saying he does not know what he is doing but his approach works for him, not me.

You think doing this for 5 years I would have learned that. Guess it is easy to fall into the same traps when struggling.

Thanks again all for advice.
 
Quote from mastacoli71:

It's cost me 60k+ over the last year to realize that it is not working with my approach.

You think doing this for 5 years I would have learned that. Guess it is easy to fall into the same traps when struggling.
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That`s a pity. You should have a written hard rule for when to pull the plug in terms of drawdown and then follow it.

Either as a percentage of your equity/margin, x number of losses in a row, x number of losing days in a row, then take the week off, etc. Resume trading with small size, pull the plug if you still struggle, etc.

As an alternative, continue trading, but with 1/10th the size and earn the right to return to normal leverage. Trade SPY instead of ES, etc. Not always easy to do, since the natural tendency is to want to bet big in order to make back what is lost. Which of course is completely irrational and will only make matters worse.

I have such written rules myself, but in the past I burned through a lot of money by not being able to exercise it.

For what it`s worth, I think you should take a complete break from trading now if it is as bad as you say and then trade in the simulator after the break. I think simulator training is good for testing strategies and theories, but maybe not to develop them.

As always, my humble opinion. :)
 
Alerts set up at 65 and 68.

I fear that I may get smoked on my short at 63, unless I widen my stop even more, which is an option considering the leverage I`m using.

Macho will probably think I`m insane though. Maybe I will have to average down on this one. :)

Although I think we may creep higher from here and test the highs, I would not be surprised if we drop at least enough for me to get the hell out at breakeven, give or take. :p
 
Quote from Laissez Faire:

Alerts set up at 65 and 68.

I fear that I may get smoked on my short at 63, unless I widen my stop even more, which is an option considering the leverage I`m using.

Macho will probably think I`m insane though. Maybe I will have to average down on this one. :)

Although I think we may creep higher from here and test the highs, I would not be surprised if we drop at least enough for me to get the hell out at breakeven, give or take. :p
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No, I don't think you are insane if you decided to expand your stop. I thought you already did that to 137100.You know what you are doing ,but it sort of surprised me that you said that you were going that far out last night.

I am also looking for 6300-6200.

Selling 6E at 134.28.Nearly there.
 
Quote from Laissez Faire:

Alerts set up at 65 and 68.

I fear that I may get smoked on my short at 63, unless I widen my stop even more, which is an option considering the leverage I`m using.

Macho will probably think I`m insane though. Maybe I will have to average down on this one. :)

Although I think we may creep higher from here and test the highs, I would not be surprised if we drop at least enough for me to get the hell out at breakeven, give or take. :p
More...

Recap - 50 was within a tick of the day low, that tells you they are still very predictable. =)

What now - see if we get a gap and go (i.e. gap up and start zooming higher 5 to 6 points and stay at the top part) by open. If not, it is more likely to collapse on its own weight back to mid gap, PP, and gap fill.

So the boundary is really defined by the open at 9:30.

Good luck on your trade here!

Same to Ammo.
 
Quote from Hooti:

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.
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Elliot Who? =)

Learning from others is fine. But it is important to take a step back, investigate the methods yourself, and decide if that fits your trading profile (i.e. risk tolerence, time frame, temper, etc.)
 
Quote from Laissez Faire:

That`s a pity. You should have a written hard rule for when to pull the plug in terms of drawdown and then follow it.

Either as a percentage of your equity/margin, x number of losses in a row, x number of losing days in a row, then take the week off, etc. Resume trading with small size, pull the plug if you still struggle, etc.

As an alternative, continue trading, but with 1/10th the size and earn the right to return to normal leverage. Trade SPY instead of ES, etc. Not always easy to do, since the natural tendency is to want to bet big in order to make back what is lost. Which of course is completely irrational and will only make matters worse.

I have such written rules myself, but in the past I burned through a lot of money by not being able to exercise it.

For what it`s worth, I think you should take a complete break from trading now if it is as bad as you say and then trade in the simulator after the break. I think simulator training is good for testing strategies and theories, but maybe not to develop them.

As always, my humble opinion. :)
More...

Spot on. Thanks.
 
Hmmmm....touch and bounce of the upward lower tl on ES/SPX, eur pushing hard to next resistance level, endless free money flooding the desks,

and a Bullish Morning Star Pattern from the last three trading days on SPY.

Hard for me to short with any conviction or loose stops.
 
Quote from Lawrence Chan:

Recap - 50 was within a tick of the day low, that tells you they are still very predictable. =)

What now - see if we get a gap and go (i.e. gap up and start zooming higher 5 to 6 points and stay at the top part) by open. If not, it is more likely to collapse on its own weight back to mid gap, PP, and gap fill.

So the boundary is really defined by the open at 9:30.

Good luck on your trade here!

Same to Ammo.
More...

Thanks, Lawrence.

I would prefer us to open gap down and fall, although I may be delusional by entertaining that idea. :)
 
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