This dip should be short lived.. Just stop run below. Based on price action that took us up here, this dip will just add more fuel.
ES Journal - 2016
- Thread starter Buy1Sell2
- Start date
Trading with the trend provides better opportunities for extended gains. Sure you can make money countertrend trading but your gains will be smaller and your losses more ample. It's just better to focus only on trend trading.
are you just saying this because the trend is your friend?
You are better able to let profits run with high margin and use tremendous patience if you trade with the trend
Another important hurdle for silver, have a look at weekly chart, MACD creeping higher. Something is brewing. As if it's hiding behind the bushes and watching, 'what's going to happen'? Any meaningful weakness in financial markets and silver will bounce big time. There's still a possibility of a 3rd lower high on weekly indexes, if we get it, then volatility will go through the roof.
Not necessary true. Granted when I enter initially for long term commodities, I am going against trend and can take several or two dozen tries to find the extremes, the "last" trade has nearly been the best trade as I am now staying is much longer than before, am going for minimum of 75% of the last nine years. And occasionally, I might get 1-4 times of hitting the first target of $4,800 to $10,000 to help out going long periods of trying to find the extremes. It is expensive as I hedge on every single entry, in beginnings it is straight outrights and eventually Debit spreads to help cover losses in futures, and I always leg into the spreads. Add-ons are no different, and often trend is considered going other direction. Case in point got short Live Cattle 2/26/16 as add on and bought Call Debit Spreads, stopped out at breakeven on 3/4 in futures and kept Debit Spread till 3/11, made a little then 3/15 two minute chart showed to go short futures again and did Debit Call Spreads again, at some point took loss on long call and keeping short calls.
I never was able to find consistency in trend trading models when I was doing testing long ago without staggering drawdowns. In last 3-5 years I have made changes to my long term system of taking add-ons, staying in much longer, and hedging open profits plus do credit spreads when market is trending. Changes have altered bottom line hugely and my passion for longer term has come back more than day trading, as more are automated, my desire to day trading is fading.
As with whether you day trading or long term trading, have to back test till you have lengthy sample size.
short 2047 stop loss 2130
i don't know if this is the top, i can see the market going up to 2080
i don't know if this is the top, i can see the market going up to 2080
Looking at that chart, Feb 24th seems like 6 months ago...But I do remember that day stuck out to me...Had a decent failure up in that 1940 area and the market was weak early on and then the cavalry arrived...Again on 2/29 the market had a decent sell-off in the afternoon, traded down to about 1920-22 area in the evening (ES) and then 3/1 was panic buying the entire session...Then the Draghi sell-off on 3/10 was very clean action that was bought in the final hour and carried over into the next session...