ES Journal - 2021/2022

I'm going to take it easy with trading next week due to back pain and high blood pressure. Also, I dislike to pay too much taxes to uncle Sam lol.
 
I’ve always viewed Mondays as a brand new market for PA… not a continuation of the previous…. That said, I rarely, if at all, trade the morning Monday session along with a mindset of making Mondays strictly an observation day, unless there is an absolute cherry set up… Good traders are counter punchers that patiently wait for their opponent to Telegraph and leave themselves open to be scored upon…. Tuesday’s thru Friday mornings provide tremendous opportunity to score a KO… We have the luxury/ edge to observe without being exposed.. we only engage when we choose to engage … that alone is an edge & proper mindset!
 
Spooz Top 2 said:
I’ve always viewed Mondays as a brand new market for PA… not a continuation of the previous…. That said, I rarely, if at all, trade the morning Monday session along with a mindset of making Mondays strictly an observation day, unless there is an absolute cherry set up… Good traders are counter punchers that patiently wait for their opponent to Telegraph and leave themselves open to be scored upon…. Tuesday’s thru Friday mornings provide tremendous opportunity to score a KO… We have the luxury/ edge to observe without being exposed.. we only engage when we choose to engage … that alone is an edge & proper mindset!
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Exactly man, great words of wisdom. Practice patience, keep your self out of the mistakes (getting trapped) wait for others to get trapped and make a mistake, than you capitalize. A lot of nuggets in this thread.
 
Certainly is upside potential in the short term. Mid to longer term I expect lower prices and would not be surprised to see price rally to the "X" before turning lower.
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Spooz Top 2 said:
I’ve always viewed Mondays as a brand new market for PA… not a continuation of the previous…. That said, I rarely, if at all, trade the morning Monday session along with a mindset of making Mondays strictly an observation day, unless there is an absolute cherry set up… Good traders are counter punchers that patiently wait for their opponent to Telegraph and leave themselves open to be scored upon…. Tuesday’s thru Friday mornings provide tremendous opportunity to score a KO…
More...

Quoting a post I made referencing Mark D.Cook who traded lightly on Monday and took the Friday off:
Not long ago I read one of the Wizards books by Schwager. There's an interview with Mark D. Cook. Interesting fellow, by the way.

He had long term data which clearly showed that Friday was his worst day of the week - while Tuesday was his best. He reasoned that after a weekend, he needed a day to warm up and by Friday he was getting tired or reckless.

Based on this findings, he stopped trading Fridays and traded more aggressively on Tuesdays than the rest of the week. Allegedly, his performance improved strongly.
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Spooz Top 2 said:
We have the luxury/ edge to observe without being exposed.. we only engage when we choose to engage … that alone is an edge & proper mindset!
More...

No doubt. The ability to sideline when things are not clear is very important and can probably make or break a trader.
 
This drop currently bottomed out at 12.37 % down and the 10% down (blue line) level have been repeatedly bought. I imagine some players have made a bet that this is it.

Lots of possibillities here and I for one do not have a strong opinion as of now. Even if we see a strong week next week we can still reverse for continuation lower.

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Laissez Faire said:
Quoting a post I made referencing Mark D.Cook who traded lightly on Monday and took the Friday off:





No doubt. The ability to sideline when things are not clear is very important and can probably make or break a trader.
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Thanks for posting... quote by Cook has a ton of merit, as some times, less is more!

After analyzing my weekly performance back in `07... I realized that my best performing days were Tuesday thru Friday mornings.... worst performing days were Mondays, particularly Monday mornings , hands down.... I see the week as a 10 Rd HW fight... morning & afternoon sessions... First 2 rounds are Mondays... feeling out/ observation rounds!
Win the fight/ week followed by the War/ month... Objective is to win 16 to 18 Trading days out of a 20 day trading month.
Hence, hands high… chin tight….

Position account is an entirely different animal/ Separate entity/ different approach…
 
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