ES Journal - 2012
- Thread starter Buy1Sell2
- Start date
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No problem gents. Please bear in mind that my approach is always to wait for the trend to ID itself first, and then buy / sell the first pullback. My rules regarding this stuff is based off of continuing to buy pullbacks in a trend until that trend eventually fails. There might be other ways to view the info if your goal is mean reversion or scaling into a position with resistance to lean on.
Basically, I have rules that help me with my trading style, so I don't know if they apply across the board. Maybe it's something we can keep an eye on.
Wait--you didn't have a -600 at 11:47 EDT?
http://screencast.com/t/UGpBdyeDV
EDIT: you mean a close below I think, nevermind
Mine DID close below then, and another reason I dislike the concept of intraday "closes" as it's pretty luck-of-the-draw because the TICK could be at -630 at 11:45:58 and then at 11:46:00 it is at -500 and it doesn't count as a "close" whereas if it's at -630 at 11:46:00 and at -500 at 11:46:02, then it did close below -600 ... grr.
Yeah, I should clarify. It's a CLOSE below. I've set up my chart so that if a 1 period SMA prints a value below -600 (essentially a close), I have it fire off a red dot. Now I just look for either a red dot or a green dot and that gives me my bias. Speaking of which, we did just have a close below -600, as I have some red dots.
Now, I'm not gonna be selling / buying every red and green dot, but if I'm biased long and I get a red dot, I'm hopefully going to have the self control to just sit tight and wait for my setup.
I've bitten the bullet and I will now consider channels and trend lines on 30 minute and above charts. What was it LF, "observing the market work in diagonals"... I guess I'll go back to doing some observation.
http://screencast.com/t/6oti0Yojve3
http://screencast.com/t/6oti0Yojve3
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