ES Journal Archive (2006 - 2008)

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come on, JSSPMK, please.

just have a standard hard stop:

I suggest using the March 2003 low (I am not kidding)

Then you will satisfy B1S2's request for a hard stop.

B1S2 hasn't said anything about a trader being required to hold a position until stopped out.

Conditions change constantly and it is imperative that a trader constantly re-assess the evolving PA.

Successful traders have to adapt and react to the conditions of the market. Even B1S2 raises his stops after a comfortable buffer has been established. And, as proven yesterday, he will get out of a trade before it hits his stop.

A trader has to adapt and react to the constantly changing market conditions.
You adapt and react regularly when you get out of a trade because you don't like the way the histo on the 1m starts acting or whatever...

The whole process is managing a trade.

A successful (profitable) trader exits when the terrain looks strange, when the PA is NOT acting in accordance with his/her patterns that have proven to be profitable.

I've already done your homework for you.
On the continuous contract (produced by TradeStation), the swing low in Mar of 2003 was 911.50. Use that as your hard stop and then just update your trades the way you usually do.

Please do not stop posting your trades.
 
This first chart is simply the daily highlighting the highs and lows.
Nothing remarkable at all but a picture is forming of where the daily closes lie in respect to the highs and lows.
 

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Quote from Buy1Sell2:

05-28-08 02:05 PM

05-28-08 12:03 PM

covered 2 contracts at 1383.00 for 7 point loss per contract

Long 20 contracts at 1383.00
Initial stop 1371.75
Stop raised to 1374.25
Stop raised to 1385.50
More...

Your stop is near a r10 target area. Makes zero sense to give up 10 points of profit on a whole position since it is a daytrade. Risking 7 to 12 point on the initial entry and then letting the market stop you out for a 2 point win after it was a 13 point winner is a terrible lose lose strategy in the end.

:confused:
 
Now we take a look at the daily chart but this time we highlight the close rather than the high/low.

Occurrences that existed but were not apparent in the first chart now begin to show up more clearly.
For example, In early April we had an undefeated closehigh at 73.50 ... strong resistance that offered powerful trading points the longer it remained in force.

That resistance has now turned into support in the last few days.

I should add that I see price channels as highlights, I do not regard them as indicators but that is beside the point.

From these two charts I begin to assemble my list of possible turning points for tomorrow.

regards
f9
 

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Quote from JSSPMK:

As a gesture of respect for the OP I will not post trades, this is not a tantrum by any means, it's just that I don't fit the criteria somehow, if a trader looks at an area where to get out of a bad trade then it's up to him to live with the consequences of either being stopped out for larger than estimated stop OR come out a winner for allowing a trade an extra point breathing space. Obviously the ones that say about 2 point stop & later run it into 10 will be questionable.
More...
That's too bad.

Yours are some opf the most honest and open posts on the Journal, with your market calls and sharing of your methodology.

Not that I like it, I personally like a more linear, straightforward approach.

But somone would have to be very silly indeed to have missed the contributions you have made to the Journal. You have taken a method and made it your own.

Good trading
 
Well that is two great day traders who have stop posting. Nice
work to the idiots who just cannot stand the success of others and must find ways of discrediting them.

Well done!

Jss nice work and I wish you much success.
 
Intraday charts.

The orderflow enters ES at the bid and at the ask and is beyond my comprehension and so I bundle it to preserve my brain from frying ..... nothing new so far.

I have seen little evidence that time bundles offer any edge. By this I mean that I have failed to establish any logic in bundling strikes into say 5 minute bars. The tics go where they go depending upon the war of the wall at the DOM.

I used constant capped volume bars for a while and noticed an increase in consistency with my results. This I credited to the smoother nature of the ccvb as opposed to time bars.
Now I prefer range bars simply because they are directly price related.But the principle is more or less the same.

The principle of intraday charts is the same as the daily with a couple of additions.
The numbers to the right are the number of tics from RTH high/low/open.
I am always accutely aware of my distance from the open as it has an attract/repell force that can and will over ride everything else.

The attached chart is a 4 tic range since there appears to be a fondest for points on this thread. I only think in tics, but that is just me.

regards
f9
 

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Quote from JSSPMK:

As a gesture of respect for the OP I will not post trades, this is not a tantrum by any means, it's just that I don't fit the criteria somehow, if a trader looks at an area where to get out of a bad trade then it's up to him to live with the consequences of either being stopped out for larger than estimated stop OR come out a winner for allowing a trade an extra point breathing space. Obviously the ones that say about 2 point stop & later run it into 10 will be questionable.
More...


I think the issue is whether posting here makes you a better trader. For example, I was bullish yesterday and traded that way. Wave whose opinion I respect very much was bearish. The thing is that I have to trade my plan regardless. Buy 1 isn't that good of a day trader and would probably be the first to admit it, so do whatever is going to make you better. I find that posting here makes me better, if nothing else you get some good opinions on where we are in the market cycle. Good trading.
 
Quote from JSSPMK:

As a gesture of respect for the OP I will not post trades, this is not a tantrum by any means, it's just that I don't fit the criteria somehow, if a trader looks at an area where to get out of a bad trade then it's up to him to live with the consequences of either being stopped out for larger than estimated stop OR come out a winner for allowing a trade an extra point breathing space. Obviously the ones that say about 2 point stop & later run it into 10 will be questionable.
More...

Really this is an easy issue to resolve. Just post a wider stop, and adjust it as your trade progresses, or simply close out when you want to.

I almost always use a wide stop in my real trading, let alone this journal. Normally 10-20 points is what I'm comfortable with. But, I rarely get stopped out at that level, because as time goes along I adjust the stop and/or simply close out my position. In my case, the stop is more of a fail-safe.

In real trading, I've done it both ways...hard stops, mental stops. I never quite understand the "mental stop" in the end. The fact is that if it's truly an important level, the price will blow past it so quick that you won't have time to close your position. And, I always wonder what it is that someone is looking at when the price hits a level where you have this "mental stop".

Not to mention these 1-2 point stops that I see alot of you guys using. I don't understand those at all. My personal opinion is that a stop of that type is way too tight, even for a day trader.

Either way, for the purpose of the journal it seems really easy to use a wider stop, the adjust or close out. No need to quit the journal.

OldTrader
 
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