ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Same here. It was if someone was reading my mind when they wrote it.
I moved my post to here. I didn't realize this was a journal when I first posted. My apologies for intruding.
http://www.elitetrader.com/vb/showthread.php?s=&postid=1809353#post1809353
Carry on!
st
WHATYAKNOWBOUTDEM10:30BOYS
Done, and done.
Reached back to the screens just in time to see my MIT order hit and filled at 1385.25, which closed the 1372.75 long with a result of +12.50pts.
It's really amazing when a plan comes together like this.. the market is at times willing to hand out those gifts even when you least expect it..
Looking for a pullback (don't chase trades, and I sold my contracts too soon), so I have a moment.
Does the rule of 10 work?
Today, open at 74, after overnight low at 71.
Goes down to 72.50, and then to 81.25. Rule of 10 from 71 overnight low to 81.25, but 72.50 from 81.25 is 8.75, not 10.
From 81.25 to 73.75, next swing low, is 7.5, not 10.
73.75 to, what, 88 and climbing,(OK, now 90) definitely NOT 10.
Does the rule of 10 "work"? Sometimes, yes, but sometimes no. It works, except when it doesn't. It is a good thing to know (then again, what isn't?), and it helps to know that sometimes moves come in 10's, 15's, 20's, and even, long-term, in 100's. In Hong Kong, moves often come in 100's. The Dow, too, sometimes, and even the Nasdaq moves in increments that end in zero.
Unfortunately, whether or not the rule works AT THIS PARTICULAR MOMENT is apparent only after the move is over.
I'd love to be able to trade the past. That would be so, so easy.
Does the rule of 10 work?
Today, open at 74, after overnight low at 71.
Goes down to 72.50, and then to 81.25. Rule of 10 from 71 overnight low to 81.25, but 72.50 from 81.25 is 8.75, not 10.
From 81.25 to 73.75, next swing low, is 7.5, not 10.
73.75 to, what, 88 and climbing,(OK, now 90) definitely NOT 10.
Does the rule of 10 "work"? Sometimes, yes, but sometimes no. It works, except when it doesn't. It is a good thing to know (then again, what isn't?), and it helps to know that sometimes moves come in 10's, 15's, 20's, and even, long-term, in 100's. In Hong Kong, moves often come in 100's. The Dow, too, sometimes, and even the Nasdaq moves in increments that end in zero.
Unfortunately, whether or not the rule works AT THIS PARTICULAR MOMENT is apparent only after the move is over.
I'd love to be able to trade the past. That would be so, so easy.
KISS
You are not folowing the rule.
IT IS 10 POINTS FROM A PREVIOUS SPIKE OR DIP at a support or resistance level, not a pivot, not a r1, a previous dip or spike level where that acted as resistance or support.
81.75 to 71
71 to 81.25
now that would put next signal at 81.25 + 10
~91.25
market went 89.75, can't win them all
last night numerous bounce of of 1381 area, subtract 10 and your next reaction point is ?
KISS
I'm not using floor trader pivot levels (R1, S1, and such). I am using what I see on my charts.
Why wouldn't it be 81.25 MINUS 10, or 71.25? Why is it 81.25 PLUS 10, after a ten point positive move?
I think the rule has usefulness, albeit limited. But most rules have little to no use at all, so "limited" is actually a compliment.
So you don't see a low of 71 and then a failure at 81.25 ?
You don't see a move from 81.75 to 71 on your chart ?
You don't see the 81 support from last night that broke 10 points to 71 this morning ?
Maybe my charts are wrong
You don't see a move from 81.75 to 71 on your chart ?
You don't see the 81 support from last night that broke 10 points to 71 this morning ?
Maybe my charts are wrong
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