ES Journal - 2015

Brianharvey said:
Out here at 4350 for +6
Best day in months, but still not quite made back yesterdays losses.
Up about $1500 today
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That's great. I don't follow the DAX but your NQ trade was well placed, imo. If you haven't already, you might find it useful to check where the NQ was relative to its range of the last 24 hours. You bought just off the bottom of the range, which, imo, is the best place to buy if demand is present. The key to consistency, rather than -$1800 followed by +$1500 will be dependent upon you developing a consistently profitable trading plan. Step one is learning to find and then trade the extremes of a range, imo.
 
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fortydraws said:
That's great. I don't follow the DAX but your NQ trade was well placed, imo. If you haven't already, you might find it useful to check where the NQ was relative to its range of the last 24 hours. You bought just off the bottom of the range, which, imo, is the best place to buy if demand is present. The key to consistency, rather than -$1800 followed by +$1500 will be dependent upon you developing a consistently profitable trading plan. Steo one is learning to find and then trade the extremes of a range, imo.
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:) See above.
 
fortydraws said:
That's great. I don't follow the DAX but your NQ trade was well placed, imo. If you haven't already, you might find it useful to check where the NQ was relative to its range of the last 24 hours. You bought just off the bottom of the range, which, imo, is the best place to buy if demand is present. The key to consistency, rather than -$1800 followed by +$1500 will be dependent upon you developing a consistently profitable trading plan. Steo one is learning to find and then trade the extremes of a range, imo.
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Cheers.
I actually took another Dax trade (not posted) and it Flew up and i'm actually now up nearly 3k, so feeling better!

You say I bought at the low of the range relative to its last 24 hours? I don't quite understand that. If we start from 24 hours ago, we were down at 4318 or so?

DP, I'm not sure if that post about structure was for me or someone else.
I did read your threads and the sla/amt PDF's but I couldn't really make heads nor tails of it i'm afraid. I know some seem to be able too (40D) but I just felt more lost than before!
 
Dax long 11980, 4 bars ago
 

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Brianharvey said:
Cheers.
I actually took another Dax trade (not posted) and it Flew up and i'm actually now up nearly 3k, so feeling better!

You say I bought at the low of the range relative to its last 24 hours? I don't quite understand that. If we start from 24 hours ago, we were down at 4318 or so?

DP, I'm not sure if that post about structure was for me or someone else.
I did read your threads and the sla/amt PDF's but I couldn't really make heads nor tails of it i'm afraid. I know some seem to be able too (40D) but I just felt more lost than before!
More...

C'mon, dude, where has price been for 22 1/2 of the last 24 hours? Jeesh.
 
Brianharvey said:
Cheers.
I actually took another Dax trade (not posted) and it Flew up and i'm actually now up nearly 3k, so feeling better!

You say I bought at the low of the range relative to its last 24 hours? I don't quite understand that. If we start from 24 hours ago, we were down at 4318 or so?

DP, I'm not sure if that post about structure was for me or someone else.
I did read your threads and the sla/amt PDF's but I couldn't really make heads nor tails of it i'm afraid. I know some seem to be able too (40D) but I just felt more lost than before!
More...

I posted it to illustrate that a consistently-profitable trading plan, even if it's indicators or automated or whatever, requires a structure. Otherwise, one is essentially trading randomly by "feel".

The range is shown in the image I posted above.
 
Brianharvey said:
Yeah, I see what you mean. Just I get confused as I see possible ranges everywhere, lol
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Macro to micro, just as I illustrated, the most important being the range prior to the NY open, as this shows where buyers are not willing to pay the ask (pink) and where sellers are not willing to lower it (blue). As for management, you can use a followstop if you like, which gets you out if price chokes at the halfway point but keeps you in to the other side if it doesn't.

A plan.
 
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