ES Journal Archive (2006 - 2008)

[romik]

BLD on 3 min RSI 1-2 point play, the key is to have a clear objective to exit after 1 and perhaps max 2 points IMO

EDIT: another reference point in respect of estimated profit targets while scalping BLD/BRD type trades is to exit once price hits the initial price of formation of the divergence. In the attachment chart that PT would have been 1254.75+/-

 

[romik]

Quote from Buy1Sell2:

I see that , but also see the CCI as down on the 240. Your 60 minute long is probably tradeable, however, I am staying with my short for now based upon the longer term chart. My stop is at 1270.75.

I have gone to the 240 so that I can cut down a bit on the lack of tradeable info in the overnight session.

I see the point, though for every TF there is a longer one (ie 300min), which could give another signal, what do you think?

 

[Buy1Sell2]

Quote from romik:

I see the point, though for every TF there is a longer one (ie 300min), which could give another signal, what do you think?

Yes. It is just dependent on how active you want to be and where you decide to get out. One man's breakout is another man's pullback etc. I think longer frames require more pain and patience during pullbacks as the shorter term trader is in and out several or many times.

 

[romik]

Quote from Buy1Sell2:

Yes. It is just dependent on how active you want to be and where you decide to get out. One man's breakout is another man's pullback etc. I think longer frames require more pain and patience during pullbacks as the shorter term trader is in and out several or many times.

spot on commentary B1

 

[Buy1Sell2]

Quote from Buy1Sell2:

Journal to date results

109 Trades 49 winners 44.95 %

Total profit including commissions= $11,108.28

I erred in the number of trades here on the most recent update. I mistakenly added 18 trades in with 4 being winners. In actuality, it was only two trades with a total of 18 units--one trade was a winner and one was a loser.

Journal to date results

93 Trades 46 winners 49.46%

Total profit including commissions=$11,108.28

 

[romik]

BLD on 5 min RSI, PT 53.75+/-

 

[Trader273]

Quote from romik:

BLD on 5 min RSI, PT 53.75+/-

Im just curious why you use 3 oscillators. To me, and again this is just my opinion, they tell you the same exact thing. I like to keep things simple. Just wondering thats all, dont mean to step on anyone's toes by any means.


-Nick

 

[romik]

Quote from Trader273:

Im just curious why you use 3 oscillators. To me, and again this is just my opinion, they tell you the same exact thing. I like to keep things simple. Just wondering thats all, dont mean to step on anyone's toes by any means.


-Nick

That's fine Nick. As you can probably see divergences overall offer really good set-ups, you can see a divergence on 5 min RSI and not see it on CCI though MACD could be almost there, on another occasion you can see divergence in all 3 indicators simultaneously (strong signal), sometimes there is a BLD on 5 RSI and a BRD on 30 CCI, sometimes there is a BLD on 1 RSI, followed by 2 CCI and followed by 5 MACD, etc. By no means this is easy and I have never said or expected it to be. So the bottom line would be awareness of something that might take place to either secure your open position or prepare to enter into one.

 

[Trader273]

Romik,
Thanks for the response. I'm always curious to see what other traders are looking. I think it boils down to personality. If having 3 oscillators works for you, which is seems to be, thats great for you. I think i would fail miserable with that type of system. I guess thats why the markets are such an intriguing place huh?


Nick

 

[romik]

I would like to hear views on volume analysis from other traders, it seems some use it others don't. IMO it has little value in positional trading, though for day trading (depending on strategy used) it can be beneficial in determining strength of an underlying signal.

To me volume determines the strength of a possibility of further price action. What is an average trade size on ES for a retail trader? How many retail traders day trade ES? As we know the majority of retail trades would only serve as a continuation of a price action started by a major trading equity and it is safe to assume that commercials would want at least 1 point gain, so monitoring initial large volume blocks on say 1 min TF can give an edge to a trader willing to jump on a bandwagon and scalp .50-1 point within a very short period of time. On the other hand large blocks @ the Ask can be overthrown by even larger trades @ the Bid.

Anyway, would like to hear others on this subject.