ES Journal Archive (2006 - 2008)

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Quote from mbusch:

AI smell those buy-stops...
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And there they are! :)

PT1 is 1447.75 for +16.75. Will hold half for higher.

Is it my imagination, or did we just blow right past the pivot without stopping for breath?
 
Quote from mbusch:

Yipes, I *never* lower a stop. Why does almost everyone (save Apex) think that being stopped out is a bad thing. Seems to me more often than not it's a good thing because it lets you recover from a mistake (or a bad guess) for just chump change...at least if you use 3- to 6-tick stops the way I usually do.

The best homerun hitters in baseball all get twice as many outs as hits. It's part of the game.
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It is definietly ok to get stopped out, but when I'm asleep (or others may be at work) I may not be able to re-enter the trade. So overnight trade I made, I didn't want to get stopped out from noise from CPI, and not be able to get back in. Most of my trades are for 2 pt stops with the aim of getting 6 points, and with trailers sometimes I'll get more than just 6.
 
Ok we have broken the daily pivot and I am now long at 1442.50 on a retest. Looking for HOD with stop just below 1440 for risk reward of about 2.5 to 1.

Edit: stopped out
 
depending on scale, 60 minute ES chart also shows a potential descending triangle bottom or consolidation pattern for next move lower.

I see a strong break below 1436 (maybe today) or above 1450 (maybe tomorrow) as signal for next trend move.
 
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