ES Journal - 2017/2018

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zenemini said:
I'm all in if I can keep my stop loss to < 3 points. Over that, I will cut size and add on retraces if I am right. Or, I'll do what I did earlier where I will take a 20% position, add 30% more at a more favorable price, and then the final 50% at a point where my stop loss will be < 6 ticks. That way if I do take the loss, it is a normal size loss for me. No way would I have the stomach to average up like you do though.
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Avg’ing up is ingrained in my brain. Only way I know how to trade.
 
Pro's close and no close is more relevant then a Friday. If we don't fight our way above this closing range quickly on Monday headed back into post fed price action and back to the 200.
 
manonfire said:
Pro's close and no close is more relevant then a Friday.
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I never understood this saying and always thought to be meaningless. The opening is just as much part of the trading day as the closing. Plenty of times the next day the market reverses the "pro's closing", so what is the point of saying this if there is no predictive value in it?

But hey, at least it rhymes!!! (ain't I glass is half full personality?)
 
Pekelo said:
I never understood this saying and always thought to be meaningless. The opening is just as much part of the trading day as the closing. Plenty of times the next day the market reverses the "pro's closing", so what is the point of saying this if there is no predictive value in it?

But hey, at least it rhymes!!! (ain't I glass is half full personality?)
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Situational awareness, just one of many variables. We can all observe how recent closing ranges signal continuation and even previous closing ranges provide support and resistance. If it's not your thing all good.

I myself have never seen a h&S or diamond pattern or any other pattern unfold real time and cannot identify it without it being annotated on a chart. It's a complex co-morbid of a number of learning disabilities. When you eat what you kill you adapt or die.
 
Imho, so long as ES is above 2649 I am by the dip today. I'd like a gap fill pullback, or even a deeper pullback into the mid- to low 2650's to buy, but am mindful of a gap and go potential trend day up as well. GTLA!
 
S77.50
added as usual as I ave down 5 levels
looking to dump half at 4 ticks of original entry
added 78.50
complex H&S has formed
dumped half on all trades of 4 ticks and more
and stopped out of plus one tick at 77.25
I do not recommend to anyone to average down as I do,
but I been doing this for over 20 years and can read price very well.
So ave down were entries of 77.75, 78.00, 78.25, 78.50 & 79.00 but added 78.50, dumping half on all at 76.50, so one can see how playing chop at highs are advantageous, but the key to all of this s reading charts well, identifying where odds favor reversals by identifying rounding patterns and seeing H&S is kiss of death more times than not.
The H&S is showing a nice continuation, but my methods are limited when doing counter-trend as I seek consistency and low drawdowns as it is a trade off for larger profits, but just recently went long on very deep retracement.

Got things to do, hope all do well.
 
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