ES Journal - 2012

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Quote from JoshDance:

out 78.25 -1.25
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ok, i said i was done for the week, and i am...but i am curious about something:

1) nq/es/ym were more-or-less sitting on their respective vwaps...

...and...

2) ...nq/es/ym were more-or-less sitting at the bottom of their respective 5-minute opening ranges...

...at the moment you closed your long.

i'm not saying you were wrong to do what you did--i don't know your trade criteria and i don't mean to second-guess--but did you consider either of these factors before you hit the "sell to close" button?
 
Quote from tortoise:

but did you consider either of these factors before you hit the "sell to close" button?
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I do not usually watch the VWAP. It's a statistical measure for sure, but no better for me than a moving average. Sometimes it provides great mobile support, sometimes it doesn't. So I just don't use it as I find no value in it. Furthermore, we are above the RTH VWAP, but below the globex vwap. Which one is "right" right now? No value for me. I don't watch YM or NQ either.

I simply lost my read on the market after I entered my long, and would rather sit and watch then get strung along for a repeat of yesterday's -3.25 loss trade, I'll just wait until I see orders going in a clear direction.
 
Quote from JoshDance:

I do not usually watch the VWAP. It's a statistical measure for sure, but no better for me than a moving average. Sometimes it provides great mobile support, sometimes it doesn't. So I just don't use it as I find no value in it. I don't watch YM or NQ either.

I simply lost my read on the market after I entered my long, and would rather sit and watch then get strung along for a repeat of yesterday's -3.25 loss trade, I'll just wait until I see orders going in a clear direction.
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yes, fair enough. and, again, not meaning to second-guess (or suggest that i have an opinion at this point; i'm brain-dead now). just curious. good that you're clear on your criteria--including state-of-mind. you'll definitely come out ahead that way
 
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