ES Journal - 2019/2020

[Relentless]

nothing changed for me, though. Would probably have added long if I wasn't struggling to get online!

You still long from 3006'ish?

 

[EON Kid]

more trouble brewing

 

[theapprentice]

You still long from 3006'ish?

yeah. Only in my spreadbet account so nothing to get too excited about. It can't hurt me too bad or make me rich! Just like to have something long at the moment whilst we're in 'Fed mode' where the crazy mofo's seem to pull out all the stops on a daily basis to try to get us to all time highs lol

 

[lovethetrade]

Once this market starts rallying it's like a runaway freight train. Worse than Bitcoin 2017!

 

[wiesman02]

I missed the open, then took a few trades off my arch nemesis, the 1 min chart. Gotta make 4 points to get back to even. I hate wasting such an easy day on b/e

 

[tiddlywinks]

I do run multiple contracts and I've been thinking about scaling a lot. The general problem with scaling out is that you're taking losses on full size and winners on reduced size.

True. Newbies do not understand. You've worded it well.

Lately, I've been experimenting with adding to winners instead.

But mostly I'm all in - all out.

Back in the day I learned from Ken Roberts about pyramiding, which is the fancy term for adding to a winner. Those teachings were meant for swing trades, but when I became intraday only, the technique found it's way into the day-trade tool box...

1) First decide if you will add one contract or the size equal to the existing position. The latter is a true double down, and full position stop can handle a significantly large retracement with no loss. However, guideline #2 is critical...

2) Add only when open profit per contract is at least the margin required to put on a new contract. This applies to day-trade margin the same way exchange margin applied in the original swing pyramiding method.

3) for me, my day-trading methods have much more accurate reversal signals (versus swing or longer term), so this becomes a prerequisite filter before an add. But if #2 ain't true, there is no add.

Overall, this is an example of how volatility can be used for profiting. Instead of scaling back, which is what most do. Sustained moves usually require volatility.

Trade On!

 

[wiesman02]

I do run multiple contracts and I've been thinking about scaling a lot. The general problem with scaling out is that you're taking losses on full size and winners on reduced size.

u quoted it best. I wasn’t able to make scaling out work. If I take 1/2 off at 4 points and 1/2 off at 8, we’ll shit I shoulda just held to 6 points. Often times it’s just watching your r:r, percentage likelihood of trading winning, and current volatility

 

[EON Kid]

CNBC.com

Goldman is bringing traders back to offices in New York and London in the 'next several weeks'


Should see some extra volume return, volume signals have been different since the coronavirus

 

[Relentless]

@Laissez Faire -

It just occurred to me that your initial targets down were 2900 and 2860.

Is there a specific reason you bailed so early since it was a swing trade? I know you don't like shorting this market because of the Fed and other obvious reasons but the trade was working well in your favor.

Just wonder what made you change your mind and go flat so quickly since you got in at the sell level you wanted and your targets were much lower.

 

[FriskyCat]

This RUT/RTY outperformance vs NDX/NQ is always late stage stuff. Not implying "the top", just that when the herd rotates into RTY it's about the time the rug is pulled. Also, RTY closed the gap I was watching for. Happened around 5am on another overnight magical carpet ride.