ES Journal Archive (2006 - 2008)

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OK, the last two trades stopped-out ... but the previous 5 generated substantially greater profit (if held for duration) than those two, so I'm still net very profitable when trading the dominant trend.

Now, having established this as a fact (for the purpose of this exercise), can I improve on my performance?

ABSOLUTELY

But it is only by working with what we do know that we can improve on it and learn what we don't.

which is why I do this process

Good trading,

JJ
 
Quote from JSSPMK:

covered 2nd for 4 points
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nice man... tough holding short through this today eh? I am still short 2 units as well.. I still think we got some more downside to go.. will take some more off at 1524
 
Quote from apex82:

nice man... tough holding short through this today eh? I am still short 2 units as well.. I still think we got some more downside to go.. will take some more off at 1524
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I am helped by Osorico's trade what you see logo, just had to stick it out, it wasn't really going up anyway. I have seen it on quite a few occassions when price is locked within a range late afternoon and then breakout occurs with nice momentum, just have to trust your entry reasoning. thanks. just 1 more contract short left.
 
Quote from apex82:

shorting es right here at 1531 add on at 1532.50 stop 1533.50

target 1 1521.50
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taking profit 2 right here at 1523.50..... +7.5pts

Unit 3 now on a trailing stop

High of day 1531.25.... :)
 
around noon time tomm, we should have some volatility. Everyone pretty much wants to short it, and shorts are again being built up, maximum pain is when the stops are taken out on the upside, similar to what happened last week on the downside.

in essence the participants are playing a breakout preemptively. Which basically means stop runs on both sides of the range for the summer.
 
You probably won't see anything productive from that comment, but it is understandable...

I didn't trade it today (golf day) but I did see the chart and read the posts. I notice that Apex shows his levels to you, usually the night previous. I wonder if any of you do the same homework? I mention it because one of the subjects I was thinking of commenting on is how to orient yourself to the open. There are a number of ways to do it and if there is interest I can open a thread elsewhere.

As for Apex countertrend trade at the 1530 level, I would like to point out that MP uses a couple of techniques to uncover reversal areas including "singles" and "P" and "B" trades, based on the distribution of trades "TPO's" during the day.
 
For those who sometimes ask Apex how he finds his S/R levels, here is one way. This daily chart shows previous times where price has backed off of a price level.
 

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Here is a 60 min chart. You can see how price opened, how it turned around in the second hour, and a possible place to look for long entry at the end of the second hour..
 

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