A check in of the hourly chart shows that we have continued on upwards here. I feel that at some point there will be a shorting opportunity on 60 minute charts. I do not want to get long at this level. I should have been long at 10:30 EST when the hourly signal was bullish. I missed that one because I was fiddling around with the 3 minute chart and as I said earlier not paying attention to it. As well, I wasn't paying attention to the 60 minute either. Now my focus though has changed to the 60 minute and I believe this to be a permanent change. I have peeked just now at the 12 minute chart and I see a bearish divergence on the RSI and the Histogram-- we'll look for that to resolve itself a bit on the hourly chart and then perhaps enter a short.
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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First thing to do is: listen to the market, not to your own opinion.
The only thing i read is short, short, short......
But you're not alone, there are two other journals on daytrading the ES with the same problem. In a +10 points move up only 1 of the three managed to make a long. The profit was 1 point, so less than 10% of the move. All the other trades were shorts.
The only moment to go short was the first 30 minutes after the opening. After that is should have been long, long long.....
None of you ever even considered the possibility that the trend was long; even not after we went up for several hours.
A good trader knows and admits it when he is wrong; that's also the only way to survive. Being stubborn is fatal.
Not certain why you don't see that I am working with different time frames in which I can see all the signals, so as to take the longs as well. I did indicate that there were long signals that I was missing. The way I learn is by trying and failing several times. As I had said , the key here will be to take both longs and shorts off of the hourly charts, so that I am not tied down to the screen all day. The reason that I did not consider the long possibility is that I did not see it due to the inexperience of knowing which time trame I would settle on. Inexperienced in intraday--yes Stubborn--no. Stubborn would be if I was wildly overextended and held on to losers. This is not the case. I will find my way here in a matter of time. With regards to the good trader assertion, I did admit wrongness and stopped out. Don't get me wrong, I appreciate your posts very much and hope you continue to offer your input as it may help others even if you feel it is not helping me.
When i reread my posting he sounds maybe a bit agressive. My native language isn't english so i sometimes perhaps express myself in an unpolite way. It is sometimes difficult to me to use the correct word or phrase.
I don't have the intention to lecture you, sorry it if would sound like that.
BTW: hourly charts are very useful as the basis to define the trend. Smaller timeframes are used to fine tune the entry and exit. To me the long is not over yet. (long around 1304 and still long)
Do you ever trade long buy1sell2 ?
New short here at 1311.00 stop at 1320.00
reasons to follow
It has been my experience that when we see an hourly bar that has a low closing on the bar and comes back into the interior of the BB channel, then or vice versa from the bottom up, that that is a signal to go short/long. This today was accompanied by a failure swing of RSI. It helps as well when the previous bar had a higher high. My stop is set at 5 point above the high of the previous bar which is my intention on these trades. If this trade doesn't work, then the next trade signal I get will involve more units. I am much more comfortable with this strategy now that I arrived at the correct time frame and holding period for my personality. The stop size may change as I go along in this endeavor.
reasons to follow
It has been my experience that when we see an hourly bar that has a low closing on the bar and comes back into the interior of the BB channel, then or vice versa from the bottom up, that that is a signal to go short/long. This today was accompanied by a failure swing of RSI. It helps as well when the previous bar had a higher high. My stop is set at 5 point above the high of the previous bar which is my intention on these trades. If this trade doesn't work, then the next trade signal I get will involve more units. I am much more comfortable with this strategy now that I arrived at the correct time frame and holding period for my personality. The stop size may change as I go along in this endeavor.
certainly. I will be taking some longs here in the short term trading. They are not "day" trades any more. I have settled on the time frames now. I missed longs today and other days because I was using incorrect time frames for my short term trades and don't have the ability to watch as much as I need to. I will not be holding hopefully for more than 2 days. We'll see. I do trade long many times, it's just now that the market is weak and I am looking to have a meaningful gain on the short side. Now that I have settled permanently on the time frames for my short term trading, I look for this to add income (taking longs as well)during the periods when I am building a larger position.
I don't think shorting was a good idea. Going long would have been better i think.
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