tough to put in words....more feel than anything.... right around that 60 zone had offers being taken aggressivly despite some weak bids along with that spikey action off 60 says the buyers were bid right there,snapping price action up.....IVB followed by that OVB was the closer for a quick rip ^ on that final spike at 59.50.
ES Journal Archive (2006 - 2008)
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tough to put in words....more feel than anything.... right around that 60 zone had offers being taken aggressivly despite some weak bids along with that spikey action off 60 says the buyers were bid right there,snapping price action up.....IVB followed by that OVB was the closer for a quick rip ^ on that final spike at 59.50.
you have to understand the mindset of the largest players, these index discounts are created to buy their darling stocks they love. The worst part of the crisis is over for the time being..
but this market is headed up, one should be looking to make a fortune, with large moves versus, trying to make a few points here and there..
the funds that dumped, have to reload their equity exposure, the worst feeling in the world is to be out of stocks when the indexes rally and make new highs, how are you going to be able to explain it to your clients?
market is headed back up,
the largest players will force everyone to pay a premium to get back into the market.
but this market is headed up, one should be looking to make a fortune, with large moves versus, trying to make a few points here and there..
the funds that dumped, have to reload their equity exposure, the worst feeling in the world is to be out of stocks when the indexes rally and make new highs, how are you going to be able to explain it to your clients?
market is headed back up,
the largest players will force everyone to pay a premium to get back into the market.
I once read that all discretionary traders end up on the losing side. Do you agree with that as an intraday emini futures trader? Cheers, bb
Hourly trend continues to be downward. The 5 minute provided a bounce late in the day with a Bullish divergence. I only take divergences in the direction of the current trend. Therefore I did not trade the 5 minute bullish divergence that would have netted about 7 points. I prefer to identify the trend as I see it and then trade only that direction. This has me missing trades, but it also has me in larger winners, so one can feel more comfortable in their position size. Example: Hourly trend was long at 2 PM EST last Thurs. Then long grails appeared on the shorter term charts overnight, most specifically in the 45 minutes before the Fed announced the rate cut Fri morning. Thus, long was the order of the day and there was a large benefit.--- It is possible to trade against the trend with close stops and profit targets, but trading with the trend allows a trade to really run, either with a larger profit target or just letting it run. Each trader must learn to identify trend for themselves.
There are numerous other examples in the past several weeks that would have you on the winning side during the big runs, just by being in a trade that is with trend instead of against it. Just look at the afternoons of 8/01 and 8/08 and 8/10. By trading with the predominant trend, it would have been nearly impossible to lose money. --Yes, there were intraday trend changes.
Stops are being placed much too close to the trades in my view. If you are with the trend, the stop can be much farther away. In fact, although I advocate hard stops, I really am just championing them for the newer traders. I use stops but they are mental stops. When I am with the trend and taking signals correctly, it is very hard for the trade to move against me. I evaluate my signals and if it still makes sense to be in the trade, I stay in. My indicators and signals warn of the time that I need to be out and anyway, I am not in danger of blowing the account out because of a quick market move. Not because of a lot of capital, but because of proper management of that capital. Of course, most traders need to use hard stops.
I would never place a stop of 2 points even mentally. I'm more comfortable with 6 to 10 points, but then you need to realize that I only take the best signals and I am very very patient.
Good trading to all.
There are numerous other examples in the past several weeks that would have you on the winning side during the big runs, just by being in a trade that is with trend instead of against it. Just look at the afternoons of 8/01 and 8/08 and 8/10. By trading with the predominant trend, it would have been nearly impossible to lose money. --Yes, there were intraday trend changes.
Stops are being placed much too close to the trades in my view. If you are with the trend, the stop can be much farther away. In fact, although I advocate hard stops, I really am just championing them for the newer traders. I use stops but they are mental stops. When I am with the trend and taking signals correctly, it is very hard for the trade to move against me. I evaluate my signals and if it still makes sense to be in the trade, I stay in. My indicators and signals warn of the time that I need to be out and anyway, I am not in danger of blowing the account out because of a quick market move. Not because of a lot of capital, but because of proper management of that capital. Of course, most traders need to use hard stops.
I would never place a stop of 2 points even mentally. I'm more comfortable with 6 to 10 points, but then you need to realize that I only take the best signals and I am very very patient.
Good trading to all.
We must be very careful advising new traders to follow the experienced traders as they have advanced to higher levels of accuracy and expertise. And almost few individuals can successfully trade the emini's intraday. For the intraday trader, lessons will be learned quickly, if they trade real money quickly. Problem is, they will be out of business before they are really in. To reach the higher level of success intrady trading emini's, one must spend more time and effort than most will be willing to give. 2 things worth noting. Trade real time charts only, and demo trade with realtime demo platform. Not, coulda, shoulda, woulda, with pen and paper in hand. Position or daily trading is different animal.
Your statement applies to all types of trading in my opinion. Position trading is no easier than intraday.
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