ES Journal - 2023/2024
- Thread starter Buy1Sell2
- Start date
Nice timing.
Feel free to tell me to bugger offbut I have another question: do you have a rule on what drawdown are you willing to take on an open profit position?
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.
No fixed rule, but maybe I should have?
The prior trade went from a high at 5718.75 and I stopped out at 5700.25 - effectively being low ticked as that was all I "felt" I could give back. I had a limit sell order at 25. When we pulled back I decided to give it some space in case we just tested the breakout point at 5708.25 and when we came on fast towards that I decided to give it even more room.
Normally, I don't give back that much, but with the size I had on today, 25 would have made it a tremendous day, so I decided to swing for the fences.
When going for larger moves I think it's always difficult to know where to trail your stop. In hindsight for today, I should have simply trailed tightly behind market as it was such a one sided momentum move and rather gotten back in on a retrace. But in practice, that isn't always easy either and you can often end up getting a worse price.
The only rule I have is that I will never let a winner of some size turn into a loser.
Oh, and don't be afraid to ask questions. I'm just a retail amateur gambler and most certainly don't have all the answers. And I don't mind discussing these matters.
Same. The morning was predictable (unless I was lucky), but right now it's uncertain.
Would assume back up as long as the LOD holds. And if the LOD breaks - pretty sure there's a bid not far below as usual.
i meant generally, capital preservation is rule number one. i’d rather not trade in this type of market. you thought last weekend event would create lot of uncertainties. anyway, thinking go short on djt.
adding an nq on this drop - just looking to grab a piece of the enevitable rally to close the add on and hold original
Crazy tape and crazy price action. Still not a single red print the past 2 days which is so typical in this market. Amazing goaltending like always. Even when they knock it down, they still can't bring this market down! Always fights back with a V. We are halfway though July and only 1 red day this entire month. Every dip is being met with the world famous V.
Nice V attempt
Will close the NQ add on soon and leave the original as planned
Will close the NQ add on soon and leave the original as planned
As suspected...6.75 points below the current LOD before it snapped back up. 6 points shy of the gap.
Unless you're shorting near a major high (which is always difficult for me when it's a strong bull market), it's very tough to short this currently beyond a minor scalp. I'll leave that to the experts.