thanks for sharing 77.
ES Journal - 2013
- Thread starter Trvlwanderer
- Start date
Quote from Trvlwanderer:
that is one evil looking IHS on the SPX 15. Ghoulish.
DATFED$BEFLOWIN
For ES I want to go with trend on a pullback or counter trend scalp at a resistance that has not been tested more than once during the day. So when I open my charts I look 1st at what type of trend do we have. Is the market going up or down. The market was going up today. I then look to see are we near a pullback where I could go long, or did the market over extend and are we at a resistance where I can short. If we are in the middle between the pullback and the resistance, the best thing for me to do is not trade, or I will probably lose money. Instead I need to either have a limit order ready, or do something else and look at the charts later during the day.
The 2nd thing I do after I open my charts and see what day it is, if for example, the market is let's say going higher and I use a shorter time frame chart and I don't see any resistance levels on my chart. I will go to a free website that lists the PP, R1, R2, S1, S2. Now if one of these levels have already been breached by a candle, they are normally no longer valid for the day. Also, I may use an indicator that pings me when price approaches a certain level and this price level may be valid again in the next few days.
For today, I had to consult the website to get my resistance level since I saw none on the chart. As noted, I next looked at the DOM as price was approaching this level to see if any other traders wanted to either take profits or short around this level. And I did see massive orders.
Finally, I look at my indicator. Now the indicator did not turn down, but it was at the top, and price had already traveled far from any moving average support. So I had enough confirmation to take the trade. As noted the trade went my way right away, so I don't need a big stop. I was willingly to get stopped out if my target did not get hit. I did not move stop to BE since resistance levels can be tested more than once, and I either wanted a profit or a stop.
The 2nd thing I do after I open my charts and see what day it is, if for example, the market is let's say going higher and I use a shorter time frame chart and I don't see any resistance levels on my chart. I will go to a free website that lists the PP, R1, R2, S1, S2. Now if one of these levels have already been breached by a candle, they are normally no longer valid for the day. Also, I may use an indicator that pings me when price approaches a certain level and this price level may be valid again in the next few days.
For today, I had to consult the website to get my resistance level since I saw none on the chart. As noted, I next looked at the DOM as price was approaching this level to see if any other traders wanted to either take profits or short around this level. And I did see massive orders.
Finally, I look at my indicator. Now the indicator did not turn down, but it was at the top, and price had already traveled far from any moving average support. So I had enough confirmation to take the trade. As noted the trade went my way right away, so I don't need a big stop. I was willingly to get stopped out if my target did not get hit. I did not move stop to BE since resistance levels can be tested more than once, and I either wanted a profit or a stop.
B1S2, what happened to you?
Asking 1783.25 for short entry, adding 1798, stop 1815.75
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