ES Journal - 2012

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Quote from NoDoji:

These are these lines on my 5-min chart generated by an indicator called "Pivot Points" that I added back during our Skype days. I think you mentioned them, but it might've been Ray. For some reason I never took them off the chart and I noticed that the LOD today went but a single tick below the bottom line before turning. That's why I wondered if your entry (and Dan's call) were based on this indicator.

We should check in at Volente's Bar & Grille, I bet emg announced this morning, "Looking to go long at 1401.50." :p :p

ADD: Never mind, I checked. EMG is in the Twilight Zone today, looking for trades in the low 1300's :eek:
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My mistake - apologies, I shouldn't have spoken for you. Yeah it must've been Ray who mentioned the pivots. If it's those calculation-based ones, I'm with Handle - never touch 'em. :D

And yes, I often check in @ the Bar and Grille and was aware of EMG's 13.75 intention today. I actually had a short @ 12.25 that I scratched out of +1tick, and another @ 15.25, same outcome. Was a little out of sync this afternoon.
 
Quote from tomahawk:

Very interesting. So you average 3 times, to just before your stop, and then if you get stopped you pick another level further away and try it again? It's amazing you can make that work when volatility changes. Thanks for sharing your insights.
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No, actually I get in at EACH price level for total of 13 levels, so like starting at 1414.00, then 1413.75, 1413.50, 1413.25 and so on as last is filled am risking one tick, but cause of my money management rules, targets change cause of trend changes, time, duration against me, price patterns, indicator abnormalities, long term trendlines, big bars relative to past six bars, pinching of Bollinger bands, and news reports due. I never use hard stops, as I could cause my own slippage, so I may want to risk 3.00pts, it can be more in morning first 30 minutes. I cut back size after I reach goal which time is involved, if I nail 4.00 points in first fifteen minutes or 2.00 points thereafter in first 30 minutes, then forced to reduce for lunch regardless if goals are reached till 13:15cdt starts, then afternoon, would be trying to reach goal of 2.00 points and quit for the day. I know how method normally acts and what it should make by the 15, 30 and 60 minute segments, and when it is not doing as norm, I will try to make anything positive.

But I do encounter some huge losing days at times if I have two losing trades in a row, but trading is a numbers game.You can really put the game though very slanted on your side but putting all efforts into not having lossing trades and not on making big profits. Profits will come if you not losing. You have to really focus on having less than 10% losing trades based on weekly stats, and one tick is considered a losing trade even though I made money since I averaged down, all is factored off original position.

The biggest element of scalping is learning to accept small tiny little profits of 1-8 ticks, and I use my emotions when I trade, I know they are wrong 99% of the time, first feeling of giving it more time-I am so out of the position. Emotions always gets in the way of making the right decision, but forcing yourself to learn they can be a good thing, they become that.
 
Quote from Handle123:

No, actually I get in at EACH price level for total of 13 levels, so like starting at 1414.00, then 1413.75, 1413.50, 1413.25 and so on as last is filled am risking one tick, but cause of my money management rules, targets change cause of trend changes, time, duration against me, price patterns, indicator abnormalities, long term trendlines, big bars relative to past six bars, pinching of Bollinger bands, and news reports due. I never use hard stops, as I could cause my own slippage, so I may want to risk 3.00pts, it can be more in morning first 30 minutes. I cut back size after I reach goal which time is involved, if I nail 4.00 points in first fifteen minutes or 2.00 points thereafter in first 30 minutes, then forced to reduce for lunch regardless if goals are reached till 13:15cdt starts, then afternoon, would be trying to reach goal of 2.00 points and quit for the day. I know how method normally acts and what it should make by the 15, 30 and 60 minute segments, and when it is not doing as norm, I will try to make anything positive.

But I do encounter some huge losing days at times if I have two losing trades in a row, but trading is a numbers game.You can really put the game though very slanted on your side but putting all efforts into not having lossing trades and not on making big profits. Profits will come if you not losing. You have to really focus on having less than 10% losing trades based on weekly stats, and one tick is considered a losing trade even though I made money since I averaged down, all is factored off original position.

The biggest element of scalping is learning to accept small tiny little profits of 1-8 ticks, and I use my emotions when I trade, I know they are wrong 99% of the time, first feeling of giving it more time-I am so out of the position. Emotions always gets in the way of making the right decision, but forcing yourself to learn they can be a good thing, they become that.
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Interesting. So do you generally scale out as well, or exit all at once, or does it vary?

Great stuff - thanks.
 
08-10-12 09:18 AM
08-07-12 09:45 PM
08-07-12 07:56 AM
08-06-12 07:44 AM
08-03-12 07:41 AM
08-01-12 08:37 AM
07-31-12 08:24 AM
07-30-12 08:31 AM
07-27-12 09:11 AM
07-26-12 07:57 AM
07-25-12 08:14 AM

--Have buy stop in to enter at 1358.00 with 2. If hit, I will enter and post protective sell stop.
-- If tagged today, then initial stop will be 1317.50
--Trade was stopped in long. Initial protective sell stop is 1317.50 and I will reverse and be short when stopped.
--Protective/reverse sell stop raised to 1325.50
--No change today (Tues 7/31/2012)
--No change today (Wed 7/31/2012)
--No change today (Fri 8/03/2012)
--Stop remains the same today (Mon 8/06/2012)
--Stop moved to 1348.75. Will reverse there as well. (Tues 08/07/2012)
--Stop moved to 1358.50 (Tues 08/07/2012)
--Stop remains the same today (Fri 08/10/2012)
--Stop moved to 1384.50 (Fri 08/17/2012)
 
Quote from tomahawk:

Interesting. So do you generally scale out as well, or exit all at once, or does it vary?

Great stuff - thanks.
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Depending on time of the day and how many, as I never care to show my hand, hit bids/asks fairly quickly to dump, but not ever interested in getting more than 8 ticks as I consider this to be edge of when market lacks control, plus I actually feel emotionally ill-really have trained myself to stick to rules. I simple don't want much volatility, it is more of a biased drift.

John Hills' books from late 1970's spoke about "thrust" bars, which are valued as a way to tell new trend, and most of the time, ES being what it is, hedging market, seldom drives in one direction especially during lunch, generally retracement after thrust bar and showing hand of S/R is cheap place of entry.

There are many tricks or nuances in trading, but someone who does small size or "retail" can't afford to do them, plus one really needs to design their own platforms to take advantage, but scalping is very different than the trader who is going for more, I just was never very good at going for more on timeframes under 60 minutes. Touching five decades, my personality has changed where I just can't handle losses much any more. You do this long enough, you just expect to seldom lose.

What one pattern is a riot to watch, chart enclosed, are trend line breaks, folks getting in one-two ticks beyond obvious trendline, market goes 1-2 ticks in their direction, they getting all happy, then market retraces and uneducated either gets out at breakeven or takes one point loss, where I am first getting in after making S/R, then they only to watch it go in direction they were right about in first place, they throw up hands to get in again based on no method causing market to spike for a couple tics which is where I get out.
When I was first learning, I was one of the multitude of clowns doing exactly this.

Am done for week, got to move office to bathroom, chemo starts again next week. It's a bitch getting older.

Have great weekend all.
 

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A 6 point range for 26 hours and counting.

I will dump my trade at near EOD regardless . I don't ever want to hold an exposure over a weekend.
 
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