ES Journal - 2012

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Quote from JoshDance:

Agree LF and as...
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I know you don`t trade on quick tips and there is nothing wrong with discussing price action and asking what the guys think or see, unless it have a huge bearing on your trade management.

You just seemed a little uncertain about your trade and planned on adding one more lot to that uncertainty. :)

I like being extremely certain on my trades and that is a certainty I can`t get from others, even if it was Jesse Livermore who stood up from the dead and told me his opinion. The tough part is of course to wait for those trades where you almost know that you will win and drop the rest.

Nice catch, though.
 
Quote from ammo:

cover the add at 80,battle here at 80 ,don't know why here but maybe these vol spike buyers this morn were initiating,now fighting for the move into close
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This was my premise for the long (early morning volume);

why 80 in particular, I don't know, but 80.75 is y-low, where sellers seem to be responding.
 
Quote from gmst:

You are long here?
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Yup! I'm long. The setup said long so I went for it. I'm not looking for a rip your face off rally, I'm looking for a good entry to get my stop to b/e, and then after that I just hang in there to see what happens. You saw the other day that I was wrong 2-3 times in a row, but luckily due to trade location, they were just break evens. That's always my goal.
 
Quote from JoshDance:

This is one reason I am cautious of EMAs, because it's above the 5 minute 20EMA and touched around 78.50 ... I do not have these up anymore and had to load it just to check what time frame you're looking at (probably 15m?)
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LOL. Take the posts in perspective. I was giving several items that a trader may have as part of what he uses to execute his edge.

In the face of the items I list, it would negate his edge and therefore his risk conceptions to go long at that point. Why would he long? A spike? A Tip?

Meanwhile, the other succesful trader's tools show his edge is ready for a trade. He executes using the tools he sees.

The beauty is, there are so many things a persone can use to develop and edge, but the trade must be executed and managed.

Without these? how does a person define the stop? As I showed with a simple channel, risk is relatively easy to calculate if the trade goes wrong.

It can USUALLY be a much more effective technique than "hope".
 
Quote from bigsnack:

Yup! I'm long. The setup said long so I went for it. I'm not looking for a rip your face off rally, I'm looking for a good entry to get my stop to b/e, and then after that I just hang in there to see what happens. You saw the other day that I was wrong 2-3 times in a row, but luckily due to trade location, they were just break evens. That's always my goal.
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No doubt you are a skilled player and very disciplined as well :)
 
Quote from bigsnack:

Yup! I'm long. The setup said long so I went for it. I'm not looking for a rip your face off rally, I'm looking for a good entry to get my stop to b/e, and then after that I just hang in there to see what happens. You saw the other day that I was wrong 2-3 times in a row, but luckily due to trade location, they were just break evens. That's always my goal.
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Stop to 79's target at 81.75's
 
Good trade, I did not enter long around that area due to speed of sell off was scary.

Personally, looking back at chart, I may have been counter trading a bit for my longs. What's funny is I did one short on ES earlier today and got stopped out right when it reversed hard. Looking back at my stop, I should have added at that point or had stop a little higher since I see that was resistance area and I had my stop inside resistance since I did not want to take a bigger stop on the trade. Sometimes standard stops and targets are just not correct, you need to watch the chart. Considering my first 2 trades of the day were losing trades even though I was right on direction, I am still happy to end up with a winning day. If I had a little bigger stop on some of my trades, it looks like I would have had no losing trades for the day.

However, the truth especially for ES, is that if you use a good setup, it does not matter what your bias is assuming you don't have for example a major crash due to news event, and in that case hopefully your stop protects you.

For next week, I need to focus more on where to place my stop levels, and if I am not willingly to have a wide enough stop, I should either not take the trade or wait till I can enter on my terms. Also, if I am in a trade, I need to give it room to wiggle around, and not move stop up due to not wanting to take a loss.

Quote from JoshDance:

closed 79.75 (+3.00)
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Quote from bigsnack:

Yup! I'm long. The setup said long so I went for it. I'm not looking for a rip your face off rally, I'm looking for a good entry to get my stop to b/e, and then after that I just hang in there to see what happens. You saw the other day that I was wrong 2-3 times in a row, but luckily due to trade location, they were just break evens. That's always my goal.
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If it can break through the HOD, it might melt some faces up to the pivot, or, who knows, yesterday's high... stranger things have been known to happen. That buying this morning at the low was the highest volume I have ever seen in one minute except for news, open, and close. Maybe they will be motivated to take it higher, only time will tell.
 
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