ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from Buy1Sell2:
A review of the chart this evening shows that there was some nice consolidation action today. I have decided that the ES position can stand 2 more units here without being overboard with relation to TLNW. I have added 2 more units here at 1553.75
Good trading to all!
interesting decision.....thanks for the update
Quote from Mins:
Im a newbie and i have to say i have read about 40-50 trading books. However, i came to the conclusion 3 months into my training that any book giving you rules how to trade never made me money.
Some books are great at giving you the basics like Fib, trendlines, pattern recognition. However, none can give you exact rules which work without the user having to adjust many parameters. Also, some books are great at giving you an idea that money management is the most important factor in trading and certain rules for risk exposure.
I am starting to become consistent in my trading last couple of months, the system i created is a set of rules and parameters - hardly any of which i have seen discussed in any book. The only book i really used for trading method was Markets in Profile (best trading book imo).
Like Spooz said, if these guys idea worked all the time then they would not be writing books. I don't mind as long as the author is upfront that ideas must be devolped by the user and the book only gives a framework.
I think any individual who wants to prosper in the markets will only do so after much screen time and much thought into creating a trading style.
I still find my brain is my own biggest enemy, and like Spooz i find trend days very hard. Even though i have outlined parameters which keep me with the trend - due to my nature of being a counter trender and constantly viewing the R/R i find it hard entering on trend days - i am constantly concerned about my entries on these days. I have lost my head in the past on a trend day, fighting it till it took me out, now i try to scalp a few entries wiht the trend and sit on the sidelines.
I still have much to learn, and i really need to rewire my brain but i think success in the markets comes to those willing to work hard enough and immerse themselves completely with the ebb and flow of this auction process.
Also, long from near lows of the day.
I agree with you and spooz. My trading experience has been from the school of hard knocks and thats just about it. I have read countless books but nothing works better than watching the markets and looking at countless charts to get a feeling for whats happening.
I used to think that somebody had the holy grail and that if this guy wrote a book or this guy is on TV it must be right. But then my dad said to me if they had all the answers why the hell are they wasting their time on TV or reading a book. So true!
I agree with you also about the trend days. Since im still in high school I am forced to wake up around 3:30 in the morning everyday to trade currencies from 4:00-7:30. I hate the hours but they are nice markets to trade. They are very trendy markets in my opinion. I have a going against the grain type of personality anyway so I found it hard to go with the trend at first and always tried to sell into rallies or buy into breaks. I would get absolutely murdered everytime I did this but I couldn't help but look at the next support or resistance level that I could catch the fade on.
After that I just stuck to trading nothing but with the trend and use nothing but fractals and trendlines on my chart. In my opinion trend trading seems like the only free lunch in this business. Although in this business there are no always.
By the way moore research has 100% seasonals to buy nasdaq and dow on october 25 and 26. Good out of 10 and 11 years. Take it for what its worth guys.
Quote from Buy1Sell2:
A review of the chart this evening shows that there was some nice consolidation action today. I have decided that the ES position can stand 2 more units here without being overboard with relation to TLNW. I have added 2 more units here at 1553.75
Good trading to all!
both your ES and NQ trades will be golden, I was hoping for more of a downdraft to position, but it looks like the strong earnings will swing it around within points of their highs around FOMC meeting.
the FOMC meeting volatility will spill it over, I expect to see 1620 and higher, as the months tic away.
If you've watched Bernies and Paulsons speeches as of late, they are indicating expect another rate cut.
Options expiration will add some volatility for positioning too.
its...19.30 pm est USA time, here is the turn...for new highs....(notice my time stamp)...
Quote from Spectre2007:
both your ES and NQ trades will be golden, I was hoping for more of a downdraft to position, but it looks like the strong earnings will swing it around within points of their highs around FOMC meeting.
the FOMC meeting volatility will spill it over, I expect to see 1620 and higher, as the months tic away.
If you've watched Bernies and Paulsons speeches as of late, they are indicating expect another rate cut.
Options expiration will add some volatility for positioning too.
its...19.30 pm est USA time, here is the turn...for new highs....(notice my time stamp)...
I thought you left ?
This is all about options. We either bounce from 30 or they attack 1500 but after that the journey to 1600 begins.
What about Schwartz and Borsellino ?
There was a lot of talk about "trend" this morning, and I see with interest that B1S2 has added to his long position with Spec07's blessing, but is anyone else bothered by the uptrend break in the daily chart? Captain Obvious (me) noticed this event in reviewing today's daily charts.
(Yes MACD crossed also)
(Yes MACD crossed also)
Quote from Jaxon:
There was a lot of talk about "trend" this morning, and I see with interest that B1S2 has added to his long position with Spec07's blessing, but is anyone else bothered by the uptrend break in the daily chart? Captain Obvious (me) noticed this event in reviewing today's daily charts.
(Yes MACD crossed also)
Redraw it and make it less steep ignoring that first candle and what do you see.
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