ES Journal - 2012

[gmst]

Quote from Laissez Faire:

Why were you so correct on that position? Did you not take heat from the moment you entered? And then switched short when the market made new highs?

Hindsight is always 20/20.

Not a question of hindsight. I was correct in my morning assessment that it was a great day to be long the whole day. When in the afternoon, I switched short, I deviated from my well-laid out morning plan and that a mistake.

As far as the morning trade (my initial plan was concerned) I had entered at an average price of 2633 on NQ, maximum adverse excursion was when NQ went to 2624.5 - that is a drawdown of 8.5 points. NQ ended the day at 2660 - that would have been a return of 27 points.

27 points profit with a 8.5 point drawdown falls in the category of an excellent trade. Anyways, whats done is done. Lets hope both of us make money today.

 

[Laissez Faire]

Quote from gmst:

Anyways, whats done is done. Lets hope both of us make money today.

Agreed.

I guess I was wondering what made you so convinced it was a great trade, because I certainly did not see it at the point of your entry. It would have been a very good long indeed.

 

[gmst]

Quote from Laissez Faire:

Agreed.

I guess I was wondering what made you so convinced it was a great trade, because I certainly did not see it at the point of your entry. It would have been a very good long indeed.

Myriad of reasons why it appeared yesterday at the beginning of day that a long would be the trade:
1) Great unemployment numbers
2) Santa rally time
3) Market sold for 3 consecutive days
4) Market action on Friday, we bounced off almost 3 times from the lows and it was kind of apparent that we are going to go up.
5) Bernanke had said only positive things but market had sold off. It had to rally after selling off.

 

[ammo]

Quote from ammo:

add 26

flat 30 75(- 7 75)

 

[gmst]

Quote from ammo:

flat 30 75(- 7 75)

why do you think you won't get a better price during rth hours to get out of this trade?

 

[ammo]

this market is never more gamed than december,could see the 28 mark,there will be plenty of chances to get back 7 pts with better odds

 

[gmst]

Quote from ammo:

this market is never more gamed than december,could see the 28 mark,there will be plenty of chances to get back 7 pts with better odds

alright, thanks.....just wanted to hear your thoughts. good practice to take small losses.

 

[Builder17]

long 28.25
stop 25.5
target 34

 

[mastacoli71]

Quote from Laissez Faire:

I agree that the most likely direction is up from here, but it's not fair that you can have a big mouth without backing it with something and when shit hits the fan (like has happened before) you take a silent exit.

Since you don't have the balls to do it yourself, I'll do it for you:



You bought the close yesterday. Let's see what happens. It's a no brainer, so you should be safe. Leveraged to the hilt.

LF, don't waste your time on someone that has no other intention in life other then to bust chops.

 

[Builder17]

Quote from Builder17:

long 28.25
stop 25.5
target 34

stopped