No need to be shy. There's still time to get short.
ES Journal - 2016
- Thread starter Buy1Sell2
- Start date
I suspect some rolling chop down to 80-82.50 then the bounce, but who knows.
I have studied Megaphones long time and always see different possibilities but when I test them, not so grand. So I avoid anything where I am getting in close to that 18sma or beyond, I will take Counter-trend trades. Major problem with Megaphones, you have to identify quickly or you end up being trapped, good think about Megaphones is they not known to expand too quickly so if you have wide enough stops, they won't get tripped. Even when Megaphones end cause other pivots develop, if they are within the highs/lows, they become range chop, so breakout trend trades are still no no, till new highs/lows happen.
Good signals happen then gone, any time price hangs around my entry, not very good as a Scalper since I am trying to make 1-8 ticks, I find using 3 bars gives way enough time to see if price goes my way, and if at a loss, new target is plus one tick. Much rather make one tick profit than a loss and have no feelings at all if trade does go to 8 ticks, there are many trades in a lifetime, missing one of something is nothing.
Starbuck time.
Good signals happen then gone, any time price hangs around my entry, not very good as a Scalper since I am trying to make 1-8 ticks, I find using 3 bars gives way enough time to see if price goes my way, and if at a loss, new target is plus one tick. Much rather make one tick profit than a loss and have no feelings at all if trade does go to 8 ticks, there are many trades in a lifetime, missing one of something is nothing.
Starbuck time.
Attachments
Raising stop from entry to lock +15 minimum still shooting for those new highs.
Well played...
This time it worked, thanks
One thing of interest...this rally is a carbon copy in time and price of the Apr 12-20 swing...76 ES pts (which projects to 2098).
I tell you what does not work beyond the flip of a coin, divergences.
For those who trade short term, I use a very long 144sma that helps me quickly see chop or possible reversals. After a handful of bars 144sma between the Bollinger Bands, often times chop happens and eventually reversals, but what it will do for me is stop me from taking trend trades that are breakout entries, if I have like great support in uptrend, I will buy it, but has to be very near bottom of support, I reduce risk from 3points to 3 ticks and change Time Stops to 1-2 bars. I constantly watch where price is in latest swing as don't want to be last to the party and be buying 7-10 points from lows. For me trading is always about risk, too easy to dream how much you can make when you in a trade, I dream of nil losses. If you seldom loss, account goes up. Try it out, if you don't like it, don't use it.
