ES Journal Archive (2006 - 2008)

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Quote from joeyata1:

i've been full time trading 18 years and thats every minute of every day and i've seen 1000 traders come and go. each person on here needs to develop his own style and not look for somebody to do it for you. i seen people hot as a pistol and gone fast. have confidence in your yourself and follow nobody but yourself. take care and good trading [/B]
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That is one of the best pieces of advice I have ever seen on ET:cool:
 
Quote from mbusch:

Good morning, all!

It looks to me as if ES has just broken above a descending price channel that started yesterday in RTH from a peak of 1445. I am turning bullish here and looking to go long on a pullback. Presently flat. I will consider my analysis wrong if 1399 or lower paints again.
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Went short for a scalp from 1403.50, closed at 1400.50 for a quick +3.

Long from 1401.00
Stop 1399.50 (6 ticks).
If I'm wrong, I give back half my scalp. :)
My anticipation on this long is not a scalp, but rather long yardage. First PT is 1414 (13 points).
 
Interesting note ... was just watching Bloomberg and cnbc simultaneously, and both had interviews of fund managers being asked the same question - how much of their portfolio was currently in equities.

Can you guess their responses? ... no surprise - Bloomberg guy: <25% ... cnbc guy : 100%.
 
Quote from mbusch:

Went short for a scalp from 1403.50, closed at 1400.50 for a quick +3.

Long from 1401.00
Stop 1399.50 (6 ticks).
If I'm wrong, I give back half my scalp. :)
My anticipation on this long is not a scalp, but rather long yardage. First PT is 1414 (13 points).
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Stopped out at open. That's what I was afraid of. Was hoping to get well above my stop before the open, because it always whips around in the first few minutes. Presently flat.

EDIT: Still unclear about market direction here, so remaining flat for now.
 
price action extra choppy this morning.. not surprising, but tight stops more likely to get hit quickly.

yesterday's low finally reached.... down so far looks like up to me! :)
 
When trading with the longer term trend, stops can be expanded away from your entry. When trading counter to the longer term trend, that 's when they need to be tighter. :)

It is very hard to lose big money when trading with the longer term trend-----very very hard.
 
Long here from 1403.75, with 6-tick stop.

EDIT: Stopped out. Memo to self: If I'm going to trade with these close stops, I have to wait for better confirmation before entering. (I can see B1S2 smiling.)

EDIT: Move from 1392.50 to 1409.50 to here (1397) is way more than a standard 50% retracemnt, so I've gone from bullish to neutral. Back to being unclear on direction and on the sidelines. Too anxious to get in the action for my own good this morning (i.e., overtrading).

EDIT: Wonder whether today will be trendless sideways consolidation here around 1400+-, more suitable for scalping than long-ball hitting? Seems to me we haven't had one of those for quite a while.
 
Looking at daily chart, two things strike me:

1. We haven't had a daily range less than 20 points in ages. Perhaps one is overdue.

2. Presently trading within 10 points of the bottom of a 90-point-wide descending price channel. This makes long-term trend down but most probable intermediate-term direction is up.

Of course, this analysis is +-10 points, which doesn't help too much tactically when trading with 6-tick stops. :)
 

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