149 points to be exact, based on his entry at 1962. We never heard from him since, so it's safe to assume he took a loss on this trade.
ES Journal - 2014
- Thread starter murica
- Start date
I reckon he'll be back to book profit, but at much higher levels at a guess, bearing in mind how much heat he had to take on it. I bet he'll be back when we are trading at 2050's or something to take profit.
Still, who knows.
Scaleout.Scalper
Guest
I believe all these no stop averaging down posters to be of the paper trading camp.
Filled.. -3. Now bidding 1996.75 to engage the market from the long side, adding 1970.25 - GTC.
Before I joined this forum, I spent years trading a bit like Pinkman (only with much worse entries!) and averaged in again and agiain, and it was most definitely with real money!
So I don't think it's always necessarily the case.
I trade with small stops nowadays, but it often feels like 'death by a thousand cuts' and I find myself tempted to go back to a pinkman style of trading.
What I really want is to find a way to trade profitably all the time!! lol. (daily/weekly consistently profitable. obviously having losing trades)
From my research, charts aren't much of a help, but i'm yet to find out what proper traders use to make trading decisions, so i'll persevere lol
If you are only trading ES, in my opinion, the ES doesn't provide enough opportunity to trade it everyday. I find its problem, a lot of the time is its too liquid. Too many players, so its hard for price to find that confluence where its moving in tandum. Therefore, you get lots of mean reversion, chop, and minimal opportunity from a Risk to reward standpoint. With less trading and more patience, ES is very rewarding. The problem is, people think they need to trade it everyday. Hence where you get the death by a thousand cuts.
And one way to to be more profitable is to change your perspective. Instead of trying to guess where price will go, look to see how a majority of traders will be wrong on direction. Once you see them scared and wrong, just be their liquidity. Stop looking for candle patterns and indicators.
Strip the chart, just look at price. Look at controlled buying (HH's and HL's), power up trends, and sharp increases in volume. Look at how a large percentage of traders will be wrong in their direction, figure out a strategy to be their liquidity. This is often done by watching multiple time frames and multiple trends. Make $$
Strip the chart, just look at price. Look at controlled buying (HH's and HL's), power up trends, and sharp increases in volume. Look at how a large percentage of traders will be wrong in their direction, figure out a strategy to be their liquidity. This is often done by watching multiple time frames and multiple trends. Make $$
OUT here at 2004 for +3