ES Journal - 2023/2024

[Laissez Faire]

I think ES can hit 5800 today. Not a bold prediction as we're already close, but anyway...

 

[NoahA]

I recently reviewed some of the "Unknown Market Wizards" and a key theme among the three I was interested in reviewing was specifically the idea of learning to wait for the right day/trade and only press then. Don't waste your bullets (capital and mental energy) trading a poor market being depleted when the big opportunity comes.

This certainly makes sense, and it jives well with what QTrader was saying about waiting for the right volume to come in before a big move can happen. But he of course is keeping his lips sealed about any specifics... LOL

Edit.... I should add though that in my opinion, volume doesn't seem to matter. This entire move higher after the Fed meeting was during the overnight session, so the volume was tiny. But I think what Qtrader was getting at was having some way to maybe forecast when the large move is going to come and not necessarily high volume trading.

 

[schizo]

Short 83
SL -10

 

[Picaso]

I think maybe you got the wrong idea about my style as I'm pretty sure I already said that 120 points on a single day was an outlier day for me. I was simply an early short during a window of weakness and decided to press that one since I had a very early entry and high conviction of a sell.

Generally, my aim is to exploit the daily range/day type shooting for relatively large moves relative to my risk. And that is in my view still a solid strategy as some days the range will be 20 points. Some days 50. Some days 100 +. They key is to not ask more than the day gives.

For example, I want to avoid risking 5 points if I can't reasonably expect to get at least 10 points from it. Doesn't mean I will always get it of course. I had plenty of small green days lately where I simply called it a day as I didn't believe there was much more to expect and that I would be more at risk of losing due to poor conditions.

That said, I have plenty of room for improvement. Specifically learning when not to trade and even skipping the day completely if I believe there's a range bound session coming up. I heard some day traders who would focus only on red folder days as they associate those with movement. It may not be a dumb idea.

I recently reviewed some of the "Unknown Market Wizards" and a key theme among the three I was interested in reviewing was specifically the idea of learning to wait for the right day/trade and only press then. Don't waste your bullets (capital and mental energy) trading a poor market being depleted when the big opportunity comes.

All good points.

I would add that, on top of what the market is doing that day (range-bound, trending, big-news day, etc.), you have to account for your own circumstances.

Maybe some day is great for trading, but it's not great for you (too much work, personal problems, just before or after a holiday, etc.).

Or viceversa, maybe some days seem to be range-bound with meh-action, but if you're aware of this and in your zone, you make a bunch of money scalping a small range over and over.

 

[Sekiyo]

Don't waste your bullets (capital and mental energy) trading a poor market being depleted when the big opportunity comes

Richard Dennis one of the best trader ever (as per track record, +100% p.a for several yrs)

Edit: Go tell what is suboptimal in advance
But yeah strong moves have usually little to no backfire (less than 10pts on ES?)

You got a strong push off the extreme,
Price might consolidate within that push,
Then price breaks out, small consolidation, repeat.

 

[schizo]

I don't wanna jinx this marvelous rally (seriously), but I think we're done for the day. We will either chop until the close or return at least 1/3 of the day's gain. All in my head, of course.

 

[Bad_Badness]

GM All: 6 trades 2 win 2 loss 2 BE: net -38 ticks. LOL new code running on the GAP day, so big gains-loss today. Letting it run....

Make that 7 trades and another win now at -4 ticks for the day

 

[mervyn]

i don't chase highs, never.

 

[flash crash]

Can a

I will gladly watch the videos. Are we allowed to post our sim trades here as I do not currently have a funded account right now?

I'm new here from June and I was posting trades from a prop sim account for most of the first two months. We're all in our own spot and we're all in the same stew together. I'd say "post away!"

And good luck!

 

[schizo]

I don't wanna jinx this marvelous rally (seriously), but I think we're done for the day. We will either chop until the close or return at least 1/3 of the day's gain. All in my head, of course.

If we give back 1/3 from the top, I reckon we'll be at around 5762-ish, which is at the bottom of the channel. Nice.

If you're a bull, don't worry. We'll very likely get another rally tomorrow.