ES Journal - 2019/2020

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Sorry NQ it took me so long but here are my charts

Th trades done before 14:00 can be ignored as they refer not to my main strategy.
You can clearly see, that around 14:00 in the 1 min timeframe it looked several times like 2900 held, also made a "lower low" confirmation that it held, why I entered. But if you switch to 5 min candles it becomes clear why I got stopped out. It wasn't confirmed holding as when I entered. This is why my problem was solvable with a higher timeframe.
I also have to admit that I'm new to daytrading, have done swinging before and got in DT burnt with the lower TF.


I'm currently reading The Measured Move, thanks for the hint.
 

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I'm currently reading The Measured Move, thanks for the hint.

In my opinion, you have decided to skip grammar school, middle, school, high school, and college and go straight to grad school. And the course you are taking is ancillary and elective and not a main part of the degree you seek to earn.

I git a question regarding the Measured Trade: he relies to the Daily pivot as price attractor. Which pivot method should I watch? Floor pivots or standard (IB) pivots?

Let me be clear: I recommend Halsey's book for a specific reason and I will share that reason with anyone who can prove to me they completed the first three steps in my post above. Halsey's book is the fourth and final step I outlined above. My use of those parts of his material that I use will not make sense without the surrounding contextual framework that you would develop from having completed the first three steps. I do not trade Halsey's trading plan. You are so out in front of yourself with respect to what I suggested in my prior post that I just can't help you.

But this might help: David Halsey gives you the formula he uses right in the book. As I do not use artificial pivots at all I couldn't tell you what the formula is from memory as I never had any reason or interest in even testing it. But I do know that he puts the exact formula that he uses right in the book in black and white. It is a simple calculation as I recall. If you are unwilling to do basic math, you may want to rethink whether trading is the appropriate hobby for you.

Again, I do not trade Halsey's system. I trade by price, and I have adopted a couple of ideas from Halsey that I have found useful in engaging the market day to day. However, my trading plan is far more similar to what one would develop coming out of a study of Brooks.

If you want to learn to trade Halsey's system you should subscribe to eminiaddict.com
I just checked and it is free for the first seven days and then $29.99/month. "eminiaddict" is David Halsey. He's a good guy and he knows his trading plan. I can't teach you his system as I do not use it as a trading system - but he can teach it to you.
 
Let me preface this by saying what follows is my answer to your question. It is not the only answer. But it is the only answer that I know to give.

1a) There is no substitute for a period of sustained market observation with no thoughts of trading or looking for "set ups." Live with the 5 minute bar interval real time chart for 30 days, 20-22 market sessions - ONE MONTH. Just watch it, tick by tick, bell to bell. You should take notes but only when something strikes you. Do not put undue pressure on yourself to have frequent flashes of insight. Insight is the objective and it will come. But don't force it. Watch price, its rhythms, its flow. I say "tick by tick" to emphasize that the bar is merely a collation of data. Price is live, it is flow, and it should not be confused with being the "the bars."

You should journal this activity. And I do not mean open an ET journal - I mean get yourself a notebook and a pen or pencil and physically (not electronically) journal your thoughts and observations daily - even if your only thought is you have no idea what you just watched for the last 390 minutes. The objective is not to identify "set ups." The objective is to learn the character of the market you wish to trade. That is all. And the ES does have character.

I cannot stress just how strongly I believe in the superiority of the 5 minute bar interval to all others specifically for learning the character of the ES market. I also cannot stress enough that there is no substitute for this exercise of simply watching the market unfold tick by tick, minute by minute, hour after hour for six hours and 45 minutes each day for 20 RTH sessions. None. But nearly no one does it. Skip this step and go to the next ones and you might still manage to put together a plan and succeed. But skip this step and no matter what success you might muster in the future, it will be a fraction of what could have been.

Also, more bars are not better. Resist the temptation to look at any bar interval less than 5 minutes. And yes, for swing trading big picture is monthly, weekly, daily, 240 minute and 60 minute ... but specifically for learning the character of the ES relatively quickly where the price action will correlate with larger bar intervals over longer timeframes, the 5 minute is king.

1b) Co-requisite: Read Zen and the Markets by Edward Toppel. Start the meditation exercises now. It will augment your fitness for the mental and emotional pressures of trading.

AFTER completing 1a and 1b:

2) Read The Trading Rule that Can Make you Rich by Edward Dobson

3) Study Al Brooks's Trading Course. What will you get out of his course? Take the exercise I suggest above - sit and observe 20 to 22 market sessions bell to bell of simply observing price action, one month of market observation - and multiply it by 60 - that is the knowledge and experience you can pour into your brain by intently studying Brooks's price action course. But you will get even more out of his course if you do the exercise in step one above first.

3) Read Trading the Measured Move by David Halsey ... My only complaint about this book is that the charts are nearly useless. They suck. Terrible. But the material is invaluable to understanding the underlying structure of the ES as it is exploited by today's algorithmic trading systems.

You can do the above and, assuming you have the mental and emotional fitness for active trading, and you'll be running a profitable operation in six months time. Or, don't do any of it, and instead do what everyone else here does, and 20 years later you'll be like some here who tell us that they are (finally) "just getting started."

Prove to me you've gone through all the above, and I'll help you put it all together. But do all the above, and you may not need me to help you put it together. But if you do all that and you feel you need a little more direction, you'll get it.

Wow. Allow me to start out by saying I'm floored by your kindness and generosity. I had thought about sending this in PM (and I still may take up conversation with you privately at a later time if you are open to it) but I am glad I did it here so that it may be of great value to others here trying to accomplish the same end.

Obviously this gives me plenty to study for some time now but I will ask one quick question here in case anyone else is curious as well: Why is it that the 5 minute chart is king? I'm guessing that is a conclusion that has been reached through a combination of rigorous time sitting and watching charts + statistical research / data. Genuine curiosity of course - not because i'm skeptical to be clear. I know @speedo for example runs tick charts (at least some of them). So its always very important and interesting to me to determine why successful traders choose specific / differentiate in their methods. Also as a quick aside - the 5 minute is what Al Brooks uses as well IIRC?

I have ordered all the books you recommended and will be attacking Al Brooks material as well.

I will definitely prove to you that I have done ALL of the above because you've offered to help even further upon doing so. That is not an opportunity I am willing to pass on.

Once again and I'm sure it seems redundant from me at times, but I appreciate all of the time you dedicate here in general and towards me specifically thus far. Your time spent and advice given will not go wasted.

Thank you! :):thumbsup:
 
As a quick aside just wanted to let everyone else here know I am grateful and respect your contributions as well. Don't think I won't go after you at some point to for advice lol :p. I'm opportunistic and outspoken so I have no problem going after value when I see it. It's definitely here to be had if you want it bad enough.
 
Let me preface this by saying what follows is my answer to your question. It is not the only answer. But it is the only answer that I know to give.

1a) There is no substitute for a period of sustained market observation with no thoughts of trading or looking for "set ups." Live with the 5 minute bar interval real time chart for 30 days, 20-22 market sessions - ONE MONTH. Just watch it, tick by tick, bell to bell. You should take notes but only when something strikes you. Do not put undue pressure on yourself to have frequent flashes of insight. Insight is the objective and it will come. But don't force it. Watch price, its rhythms, its flow. I say "tick by tick" to emphasize that the bar is merely a collation of data. Price is live, it is flow, and it should not be confused with being the "the bars."

You should journal this activity. And I do not mean open an ET journal - I mean get yourself a notebook and a pen or pencil and physically (not electronically) journal your thoughts and observations daily - even if your only thought is you have no idea what you just watched for the last 390 minutes. The objective is not to identify "set ups." The objective is to learn the character of the market you wish to trade. That is all. And the ES does have character.

I cannot stress just how strongly I believe in the superiority of the 5 minute bar interval to all others specifically for learning the character of the ES market. I also cannot stress enough that there is no substitute for this exercise of simply watching the market unfold tick by tick, minute by minute, hour after hour for six hours and 45 minutes each day for 20 RTH sessions. None. But nearly no one does it. Skip this step and go to the next ones and you might still manage to put together a plan and succeed. But skip this step and no matter what success you might muster in the future, it will be a fraction of what could have been.

Also, more bars are not better. Resist the temptation to look at any bar interval less than 5 minutes. And yes, for swing trading big picture is monthly, weekly, daily, 240 minute and 60 minute ... but specifically for learning the character of the ES relatively quickly where the price action will correlate with larger bar intervals over longer timeframes, the 5 minute is king.

1b) Co-requisite: Read Zen and the Markets by Edward Toppel. Start the meditation exercises now. It will augment your fitness for the mental and emotional pressures of trading.

AFTER completing 1a and 1b:

2) Read The Trading Rule that Can Make you Rich by Edward Dobson

3) Study Al Brooks's Trading Course. What will you get out of his course? Take the exercise I suggest above - sit and observe 20 to 22 market sessions bell to bell of simply observing price action, one month of market observation - and multiply it by 60 - that is the knowledge and experience you can pour into your brain by intently studying Brooks's price action course. But you will get even more out of his course if you do the exercise in step one above first.

3) Read Trading the Measured Move by David Halsey ... My only complaint about this book is that the charts are nearly useless. They suck. Terrible. But the material is invaluable to understanding the underlying structure of the ES as it is exploited by today's algorithmic trading systems.

You can do the above and, assuming you have the mental and emotional fitness for active trading, and you'll be running a profitable operation in six months time. Or, don't do any of it, and instead do what everyone else here does, and 20 years later you'll be like some here who tell us that they are (finally) "just getting started."

Prove to me you've gone through all the above, and I'll help you put it all together. But do all the above, and you may not need me to help you put it together. But if you do all that and you feel you need a little more direction, you'll get it.
I read this post and the first thing I looked at was the time it was posted.
You had to be drinkin'. :cool: :fistbump: :thumbsup:
 
Why is it that the 5 minute chart is king? I'm guessing that is a conclusion that has been reached through a combination of rigorous time sitting and watching charts + statistical research / data.

A Zen master had a visitor who wanted to know more about Zen. Instead of listening the visitor simply wanted to show off his ideas as the master was pouring tea. The master poured tea into the visitor's cup until it was full and then kept pouring. Finally the visitor could not retrain himself.

"Don't you see that my cup is full?" he asked. "You can't get anymore more in."

"You are right," said the master. And he stopped.

"And like this cup of tea, you are filled with your own ideas. How can you expect me to give you Zen unless yo offer me an empty cup?"

The answer is found in the work.

I had thought about sending this in PM

I would not respond. I get too many.

I have ordered all the books you recommended and will be attacking Al Brooks material as well.

"I have always known that at last I would take this road, but yesterday I did not know it would be today."

"I would continue on this road, but the road is hard, and there are other paths that beckon."
 
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I read this post and the first thing I looked at was the time it was posted.

You had to be drinkin'. :cool: :fistbump: :thumbsup:

lol

I had started it, and then saved it, and then said screw it finished it. That post almost word for word could be a summary of a conversation @speedo and I had about three hours before I saw relentless's question. I felt like it would help me to get it out. And it has. This has been a very productive weekend for me in terms of better understanding how I understand myself.

BTW, I do not drink at all, ever. I'm just strange.
 
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Wow. Allow me to start out by saying I'm floored by your kindness and generosity. I had thought about sending this in PM (and I still may take up conversation with you privately at a later time if you are open to it) but I am glad I did it here so that it may be of great value to others here trying to accomplish the same end.

Obviously this gives me plenty to study for some time now but I will ask one quick question here in case anyone else is curious as well: Why is it that the 5 minute chart is king? I'm guessing that is a conclusion that has been reached through a combination of rigorous time sitting and watching charts + statistical research / data. Genuine curiosity of course - not because i'm skeptical to be clear. I know @speedo for example runs tick charts (at least some of them). So its always very important and interesting to me to determine why successful traders choose specific / differentiate in their methods. Also as a quick aside - the 5 minute is what Al Brooks uses as well IIRC?

I have ordered all the books you recommended and will be attacking Al Brooks material as well.

I will definitely prove to you that I have done ALL of the above because you've offered to help even further upon doing so. That is not an opportunity I am willing to pass on.

Once again and I'm sure it seems redundant from me at times, but I appreciate all of the time you dedicate here in general and towards me specifically thus far. Your time spent and advice given will not go wasted.

Thank you! :):thumbsup:
It's true that I've used the tick charts exclusively for years for my 930 (a term coined by my late friend and teacher Mike Bruns) strategy. While I've certainly harvested more ticks in the recent volatility, I realized that not enough of the moves was optimized.

It was NQ, whose insights and ideas I respect who encouraged me to take a look at the 5M and study Al Brooks and David Halsey. I've known Al for years and traded with him for a couple of them in the early millennium. He sent me a copy of his first book when it came out but I found it to be tough reading and was doing fine with the 930s anyway. Well, I recently started studying Al's work in earnest and was frankly astonished at the level and depth of his scholarship with regard to price behavior and development. As long as I've been trading, I have been learning much. If the price of $350 doesn't scare you and the lessons learned should pay you back in many multiples, the video course is quite a bit easier to learn from than the books and contains many hours of instruction. I do not shill for Al and have not communicated with him for 4 or 5 years, the recommendation is based on my respect for his work and nothing else.

I have also at the recommendation of NQ built minute charts with the 5M being central and am developing strategies based on Al's work as well as the HWB concepts of Halsey. As NQ stated, he does not trade Halsey's trade plan. Despite any influences from any sources, each of us will have our own way of trading...there may similarities and some may be close similarities but as we are all different, we will all trade somewhat differently. As to why the 5M, many of the algo bots are designed around it but you will still want to look at larger time frames IMO to see the bigger picture, the forest containing the 5M trees if you will.
 
lol

I had started it, and then saved it, and then said screw it finished it. That post almost word for word could be a summary of a conversation @speedo and I had about three hours before I saw relentless's question. I felt like it would help me to get it out. And it has. This has been a very productive weekend for me in terms of better understanding how I understand myself.

BTW, I do not drink at all, ever. I'm just strange.
:D
 
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