ES Journal - 2017/2018

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Buy1Sell2 said:
Nice. Since you weren't planning on holding overnight, I can see the reasoning for the smaller stop that you used. One question though---when you took the first trade, SPY was overbought or nearly so on the 5 min chart. When you took the second trade, we had had pullback. Why did you take the first trade?
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First trade I thought we were in the midst of a breakout to the upside, and I got in on a very small pullback assuming that the shorts were trapped. I was wrong.

Second trade was a different kind of setup.

But I gave up 'proper trading' a good year or so ago so don't listen to me. You may (or may not) remember me from this thread! I just trade small size as a hobby now. I actually enjoy it, but the idea of making a living out of it was something that I had to give up on after about 6 years of giving it my best, fulltime.
 
Checking in here this morning. Looks like we have had some good long movement for my position overnight. I will be monitoring as the day progresses.
 
A large portion of the real moves happen outside of Regular Trading Hours. Looking at the bigger picture is extremely beneficial.
 
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Eddiemorra said:
First trade I thought we were in the midst of a breakout to the upside, and I got in on a very small pullback assuming that the shorts were trapped. I was wrong.

Second trade was a different kind of setup.

But I gave up 'proper trading' a good year or so ago so don't listen to me. You may (or may not) remember me from this thread! I just trade small size as a hobby now. I actually enjoy it, but the idea of making a living out of it was something that I had to give up on after about 6 years of giving it my best, fulltime.
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My belief is that breakout trades need much larger stops and likely need to be held overnight unless perhaps they are being taken on the 1 minute chart. --Tight stops would be more in an oversold/overbought condition with fresh momentum.
 
Sell signals today should be looked at for profits of 2 or 3 pts only. If it goes farther than that, that's fine, but 2 or 3 is all that should be taken and then move on. ---Until a sell signal on larger frame presents itself.
 
If you took the short signal on the 1 minute chart at 2293.00, you may want to take your profit at 2290.25 here and re-assess.
 
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