ES Journal Archive (2006 - 2008)

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We are at an area where there certainly could form a bearish divergence. However, when I look at longer charts than the 60, it looks like more upside. Perhaps quite a bit. This analysis of course is as we speak. Things can change at any time. I go with what looks like the best probability and right at the moment , that is up. I am still holding Dec long from 1486. :)
 
....yes but this is still premarket... and look at volume....
thru the roof
edit.... this volume is unusually high... even for real time hours.....
edit... i guess this is the result of that powerful IHS pattern....
edit.... or else... somebody knows something.... :)
Quote from Buy1Sell2:

The difference is in timeframe perspective. I see no reversal, only a continuation of uptrend following a bit of pullback.
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a simple question for the intraday emini guy/gal...if you trade with losses being as often as winners, keeping loss small win big, wouldn't it be better if you have a system that filters the losses and shows the highest probability winners only...with a high percentage in your favor....r/r has been around longer than anyone alive today....commissions should not be relevant...entry at a limit "specific point" is weak system again..being concerned about entry being off a point or 2 is extremely costly in the long and short run..... imho
 
Quote from Mins:

Thank for the explanation, as a discretionary trader it is vital to me. However, i can understand how someone following a system based on e.g. Moving averages would not consider it.

I wonder if Buy1Sell2 is a discretional trader or system based.
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Most would call me a discretionary trader. It's a question of semantics.

As far as volume goes, it is an additional piece of info that can be misconstrued so easily, it will have you sitting on your hands or trading in the wrong direction more often than you would like. The more info you have MIGHT be better when making a decision, but it also adds to the number of things that can be interpreted incorrectly. Example: "we just went up on low volume, this must just be short covering" --Rubbish. It could be anything, including a breakout. This is why volume is so subjective. I stick with price and mathematically calculated indicators--they are much more probable to give me the correct answer. :)
 
Quote from Buy1Sell2:

I stick with price and mathematically calculated indicators--they are much more probable to give me the correct answer. :)
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And sometimes, I will be wrong. So what--:)

The best thing to do is to get away from the mindset that has us trying not to lose any money (breakeven stops/2 point stops) and instead focus on not losing too much.

This is the attitude that a successful trader needs to have.
 
as some one who does include volume considerations (secondarilly, because price is king) I have to emphatically state

Sometimes, I will be wrong. So what--

This is the attitude that a successful trader needs to have.
 
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