ES Journal - 2023/2024

Added one more at 87.50. Average is 79. Giving it two points of risk on the entire position.

I'll be around to monitor and re-enter if I'm stopped and still like it. As always, RTH is king, so let's see what transpires on the RTH Open. If we catch a bid on the Open, I think 5710 is a good initial target and if that's not sold, we can easily squeeze up to 20 or 30 on the day.

If the market really goes crazy - 5750 is within the realms of possibillity. Not a prediction at this point. Just seeing it as a possibillity.
 
added the L back on. didn't get as low on that dip as I wanted but maybe that was all they're gonna give, so chased it here

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Laissez Faire said:
Added one more at 87.50. Average is 79. Giving it two points of risk on the entire position.

I'll be around to monitor and re-enter if I'm stopped and still like it. As always, RTH is king, so let's see what transpires on the RTH Open. If we catch a bid on the Open, I think 5710 is a good initial target and if that's not sold, we can easily squeeze up to 20 or 30 on the day.

If the market really goes crazy - 5750 is within the realms of possibillity. Not a prediction at this point. Just seeing it as a possibillity.
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Do you have some sort of rule for adding, in order to avoid heavy-top positions?

As in, for example, add only on the first 25% of the move to the original target: long at 100, target 120, add only before 105. Or never add if adding brings the average price above x% of the expected move. Or add only after it's pulled back x, etc.
 
Picaso said:
Do you have some sort of rule for adding, in order to avoid heavy-top positions?

As in, for example, add only on the first 25% of the move to the original target: long at 100, target 120, add only before 105. Or never add if adding brings the average price above x% of the expected move. Or add only after it's pulled back x, etc.
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Not really. Ideally, the next add is on a new buy signal or a dip. I added too early on today's Open on the initial breakout and stopped out my entire position at 83.50 (!) for a tick of profit.

I was just about to give it one extra point when I stopped out.

I'm back in long at 91 now with some size. Action not playing out as smoothly as I hoped, so don't think I'll add more today.

Watching for a 5710 print now. The rest will be a bonus if it happens. :)

EDIT: Will also stop out 91 B/E and reassess if that hits.
 
Laissez Faire said:
I'm back in long at 91 now with some size. Action not playing out as smoothly as I hoped, so don't think I'll add more today.

Watching for a 5710 print now. The rest will be a bonus if it happens. :)

EDIT: Will also stop out 91 B/E and reassess if that hits.
More...

Sitting nicely in this one, now. Locked in profits at 5700.

Market appears to be breaking out to the upside and I see PLENTY of people in other channels trying to short this, so I figure 5720-30 is possible today.
 
Laissez Faire said:
Sitting nicely in this one, now. Locked in profits at 5700.

Market appears to be breaking out to the upside and I see PLENTY of people in other channels trying to short this, so I figure 5720-30 is possible today.
More...

Nice timing.

Feel free to tell me to bugger off :D but I have another question: do you have a rule on what drawdown are you willing to take on an open profit position?

For example: long at 100, target 120, stop loss 97. You risk 3 points to get 20 (which of course may or may not be a good trade depending on your win/lose ratio, but that in principle looks good, even if you have only 30% winners).

That's the R/R at the start of the trade, again in theory, blah, blah, blah.

Then the trade moves in your favor and market is at 118. Let's say that you already moved your stop to breakeven (plus/minus a tick/point, etc.). What's your approach here: do you let the trade be and risk a move back to 100 in order to try to capture those extra two points? Do you tighten your stop? Do you dynamically adjust both a trailing stop and your target (i.e. you bracket 118 with a stop loss at 166 and an increased target at 123, etc.)?

I know you move your stop to breakeven quite aggressively, but I'm clueless as to what you do with your open profits.

Again, feel free to tell me to mind my business, etc. :D Just trying to understand, learn and improve.
 
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