ES Journal - 2012
- Thread starter Buy1Sell2
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Prior resistance did indeed act as support on the pullback. Nice when the market behaves as expected. 
Now, why did I not hold onto this trade for more?
ES up 2% at 1455 and also R20.
I also have a gap (prior close) that's unfilled at 46,75, but not sure if that's accurate with rollover since it's so old. Probably better to look at SPY for that. Will look into it.
EDIT: It's the close on 18th of October if anyone got SPY by the hand.
Now, why did I not hold onto this trade for more?
ES up 2% at 1455 and also R20.
I also have a gap (prior close) that's unfilled at 46,75, but not sure if that's accurate with rollover since it's so old. Probably better to look at SPY for that. Will look into it.
EDIT: It's the close on 18th of October if anyone got SPY by the hand.
Thanks. Like I mentioned earlier, I considered going long WAY lower, but I was afraid to do so myself. Entering up here was even scarier, but I knew there was upside potential still.
I recognized this day for what it is and reminisce all the the times I've shorted shallow pullbacks for losses on similar days. I guess I finally learned. It looks scary to go long at the highs, but usually it's the right trade on a day like this.
Oh god, I've lost the bulk of my starting funds due to the lack of recognition between trending and non-trending time periods and a general lack of market characteristics/sentiment.
13 ym points from 13301 sh <-- point being; I would have traded larger and longer on a typical day. Feels ridiculous to depend on shorting to achieve a profit today.
13 ym points from 13301 sh <-- point being; I would have traded larger and longer on a typical day. Feels ridiculous to depend on shorting to achieve a profit today.
Well, the good news is that if you learn that, you've come a long way in mastering trading since that is one of the most difficult things to learn. There is many different templates in the market and each day will match one of them.
To really become good at day trading, you need to recognize all those templates and when a certain template is recognized you trade that template. Slow grind up with shallow pullbacks is one of the templates. So far today, there's really not been any good short signals, except one during the open period.
Oh, and to be clear, I have not mastered these templates and I still have a long way to go, but I am improving.
You could for example look into market internals. Ammo posted the up volume/down volume of NYSE issues earlier. When up volume exceeds down volume by a wide margin, it's generally a bad idea to be shorting. However, a day may start out with a wide discrepancy between the two only to cross over later in the day. When that happens, it may be time to change bias.
It's important to be taking the pulse of the market throughout the day.
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