ES Journal Archive (2006 - 2008)

[Chuck Krug]

/b spy oct 151 puts @ 1.8 adding (averaged in at 2.00)

 

[satchel]

33 some support, 30 is bigger. 1525, but might have to take 30.

 

[mbusch]

Short ES from 1536.75, close stop.

 

[satchel]

Best is slice 33 or game over.

 

[satchel]

Quote from mbusch:

Short ES from 1536.75, close stop.

Is this a hold for the day? Close stop?

IMO this morning will get bought and we close above 1540.

Unless I misunderstood.

 

[satchel]

Bouncing around 33, looking for a clean break down...

 

[saxon22]

Quote from volente_00:

nice trade saxon

Thank you Volente. Coming from a high caliber shooter like you means a lot to me.

BTWit was nice chatting with you late yesterday and my success could not have happened without you and other fine traders on this forum. THANX!

 

[mbusch]

Quote from satchel:

Is this a hold for the day? Close stop?

IMO this morning will get bought and we close above 1540.

Unless I misunderstood.

If you're right, I get stopped out (stop now at breakeven) and may go long.

Initial target for this short is 1531.25, assuming we can break through support at 1533.25 which so far is holding..

 

[saxon22]

Guys, since everybody is in a good mood this morning. I am having trouble with my stops. I generally place an order with a 2 point stop and 4 points gain. Once I am in, I try to take half the profit which is generally 5 cars at 2 points and the rest at 4. How can I improve on this strategy? Is it a good one?

 

[smilingsynic]

Quote from saxon22:

Guys, since everybody is in a good mood this morning. I am having trouble with my stops. I generally place an order with a 2 point stop and 4 points gain. Once I am in, I try to take half the profit which is generally 5 cars at 2 points and the rest at 4. How can I improve on this strategy? Is it a good one?

This approach suggests a lack of confidence. Why take off half the position half way through if you're right? Do you take off half of the position when you are half way through to your two point loss?

All you're doing is turning a 2-1 risk/reward to a 1.5/1. You may make a profit, but cutting winners short is the wrong way to go, imo.

The market right now is in congestion, not sure if it wants to "fill the gap" or go to new highs. There is a greater likelihood that close stops are going to be hit.