ES Journal - 2019/2020

[Builder17]

Understand i'm talking scaling at different pts and times . Like yesterday as an example. I was very very certain we'd have a pullback . Although i didn't know the exact top i did a 2 ,4,8 scale . Now I think of that total trade as 1 trade and put a stop based on my avg price . I don't look at it as averaging in a LOSER. Instead of doing 14 es short at 2830 i'll do 2 at 2830,4 at 2836 and 8 at 2844. My avg price now instead of being 2830 is now 2839 or so. My 10 pt stop is 2849. If not i would have been stopped out at 2840. Now the downside is if i shorted at 2830 the full amount and we tanked i have a nice trade. But since i'm scaling i only got 2 contracts in . But in very volatile mkts like the last 6 weeks that works great as the moves are huge and i can usually get my full scale in . In mkts that don't move much i can only get part of my full scale in but i'm ok with that. Multiply that by doing this 5-10 times a day and the difference is huge . I'm just giving my self better odds for success. Again everyone must trade according to their comfort level and personality .Yes this also works on adding to winners on a trend day on pullbacks within the uptrend.95% of trading is psychology and being in control. Not getting emotional and scared out of your trade. By going into a trade in smaller pieces it allows you to feel more relaxed and less anxious having smaller size at the beginning and scaling up in size. Again the key is thinking of the total scale as one trade and not 3-5 trades. The end result is all that matters .Instead of posting my trades which does nobody any good i try to share knowledge which can help people grill their own fish for a lifetime .

Do you scale out too?

 

[NQurious]

CNBC: Retail sales fall more than expected.

More than expected?

No one is buying anything but for groceries and toilet paper. And there is only so much we can eat of the former, which necessarily limits the consumption of the latter.

 

[wave]

Up we go

 

[NQurious]

Up we go

​

This is what the market was waiting for on 4/13 ... slight delay. A red close today in the lower half of the day's range means a break of that low tomorrow begins the hunt for lower lows on the year.

Izzy bottom about to take a $hit.

 

[EON Kid]

Long 2759.5 tight stop

 

[NQurious]

 

[wave]

2740s next buy zone

 

[IB_Dude]

If I can get it, I'm looking at the 2733 range. Immediate target is 2778 - 2785.
I'll cover some of my short SPY verticals if we hit those targets

 

[hafez50]

Do you scale out too?

Depends but most of the times yes

 

[vanzandt]

Under 20$ CL is a bargain.

Sorry... had to say it.

No need to be sorry.... but like I said yesterday, oil is a true market. Only supply and demand can decide whats a fair price. Right? $20 sure looks like a bargain. It may be a steal. I tend to agree, but right now that's what the market thinks its worth. If you had a 500,000 gallon tank in your backyard hooked up to Cushing via a pipeline, you'd be golden. You could sit on it for a couple years and then pump it right back to Cushing when its $40. But that's the problem... no one has any place left to store the stuff. We have to work through that inventory, and in the meantime, the industry has to deal with shutting down rigs because.... the oil has no place to go. Until the demand steps up and the inventory is worked off, its not gonna move.

We do get the EIA inventory #'s at 10:30 today. Any surprise on the drawdown side should certainly help. I'm sure there's a lot of traders that are gonna be glued to their terminals at 10:30 EST today.