if i do its by accident,theres an undefined way of looking at these,thats a 3 month chart,if you look at yesterdays,last nites,it was a 1 year and the cleave was 54-55 spx,basically your playing with the momentum in your head or fading after its too big of a lie in this case and then looking for targets ,if i had the dough i would have shorted the 1370 and then ride it to 1237 or 1185 or 1087, i dont so i'm riding to 1334 area,much in the way the 2 point scalper trades the 30 minute day chart,you trade the context of the larger timeframe, the settings your asking for dont matter,but the switching from larger to miniscule timeframes allows you to use the same premise in the paragraph you cited to use a smaller timeframe for entry /exit adjusting 3 or 4 points at a time to protect yourself when wrong,averaging up and down in your position price to stay in the game,not getting killed by taking out 1000 paper cut stops
ES Journal - 2012
- Thread starter Buy1Sell2
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Thanks Ammo. Appreciated.
Thanks for the heads up. I have gone through Steenbarger's blog (per Josh's request earlier), but I haven't really digested the whole thing.
I am plotting conditions in excel and categorizing screenshots based off of morning behavior:
1. Did the market gap up / flat / gap down?
2. Where did the TICK open?
3. What did the morning session do movement wise?
4. What TICK values justified a change in trend for each respective day?
a. This becomes the most important research. For instance, what if on gap down days the TICK consistently needs to hit X value before the trend has officially changes to bullish?
b. What if TICK values are similar for my typical entry points based off of the "type" of day we are dealing with?
I'm hoping to try and categorize days a bit better, so that I can further pinpoint what I should be expecting before getting in. I'm working towards upping my contract size soon, so I want to make sure I haven't left any stones unturned before doing so.
Quote from austinp:
Well either all that if you have lots of time to waste, or you could simply let the market's own daily roadmap tell you what it intends to do with one simple glance
You know just as well as I do that it is not that simple. It's true that the market finds it's way to your fib numbers quite often. However, there are also days that they are never touched, or days where it makes a move towards one of your numbers, and then reverses and comes right back to the opening price. Like most discretionary plans, the money management makes or breaks this system. Either that, or there are nuances to it that you are leaving out, which is misleading if you come in here and say that trading is as easy as marking your lines and waiting for them to be hit.
Where does one get in? On the first pullback after a breakout of the opening 5 minute range? Where is your stop, and where do you add? That's the real edge IMO. If you are willing to share any of that insight, I'm all ears.
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