ES Journal Archive (2006 - 2008)

apex82 · Apr 3, 2007

Quote from apex82:

Get ready for a big move today... trending day in one direction

Today has definately been a grinder.. I dont like them myself because they never give me conservative entries to hold for the rest of the day. For example, it missed my buy order in the er2 this morning by 2 ticks that I was planning to hold into the close and I didnt get another signal the whole day...

wave · Apr 3, 2007

Quote from Wittgenstein:

Don't fight the trend...

I never do. There are many patterns and reversals a market can make other than a straight trend. I make sure I always have a winning position off which to play. In other words, there can be approximately an equal number of winning and losing trades, but the winners are always twice as big and all the while I am hedged.

Follow the rules taught here of not scaling out and placing stops outside the noise and you will be prosperous.

romik · Apr 3, 2007

Quote from wave:

...Follow the rules taught here of not scaling out and placing stops outside the noise and you will be prosperous.

Sometimes I find myself in situations when a signal changes within S/R area, so if the same happens to you, then would you cancel that trade even though it hasn't breached a level outside "the noise" or would you intervene before it gets there?

wave · Apr 3, 2007

Quote from romik:

Sometimes I find myself in situations when a signal changes within S/R area, so if the same happens to you, then would you cancel that trade even though it hasn't breached a level outside "the noise" or would you intervene before it gets there?

Intervening would imply you know which side is going to run, right? There will be times when you will be long and short at the same time. The rules you have defined should cancel the trade and the "reactions" are the key. You will lose a little on the event that fails and press the side that runs w/o scaling out and your winning position that has run will always give a little back at the end of the run when it is stopped out.

Let the rules stop you out or stop you in.

JimmyJam · Apr 3, 2007

Out at sctrach (+1pt).

The market isn't going to give me time to make it up if it reverses, so I'd rather just call it in today and come back another.

JJ

romik · Apr 3, 2007

Quote from wave:

Intervening would imply you know which side is going to run, right? There will be times when you will be long and short at the same time. The rules you have defined should cancel the trade and the "reactions" are the key. You will lose a little on the event that fails and press the side that runs w/o scaling out and your winning position that has run will always give a little back at the end of the run when it is stopped out.

Let the rules stop you out or stop you in.

Because B1 is using weekly & daily TFs, the stops outside the noise are a lot more obvious to define in comparison to a signal derived from a 2 min chart

So one does require perhaps more of a gamble involved in asserting stop distance as they are more related to a current price behaviour. In principle I agree with your statement though. One thing I have realised is that intraday it does help a hell of a lot to seek out entries near HOD/LOD, obviously keeping in mind I am referring to my methods.

wave · Apr 3, 2007

Quote from romik:

Because B1 is using weekly & daily TFs, the stops outside the noise are a lot more obvious to define in comparison to a signal derived from a 2 min chart So one does require perhaps more of a gamble involved in asserting stop distance as they are more related to a current price behaviour. In principle I agree with your statement though. One thing I have realised is that intraday it does help a hell of a lot to seek out entries near HOD/LOD, obviously keeping in mind I am referring to my methods.

A 2 minute chart will give you many more false starts and a higher TF might have you giving back a bit of the run if you are trading intraday. As Buy1Sell2 suggested, enter and exit on the same TF or maybe devise a system that combines both.

romik · Apr 3, 2007

I think it's worth noting that FTSE & DAX on 240 have both indicated a bullish stance prior to US markets actually following suit yesterday & today we saw all markets rally. I think this is interesting bit of info at best.

wave · Apr 3, 2007

Quote from romik:

I think it's worth noting that FTSE & DAX on 240 have both indicated a bullish stance prior to US markets actually following suit yesterday & today we had all markets rallied. I think this is interesting bit of info at best.

Romik-

If you can quantify this and prove it has merit then treat it as a separate system or it will foil you and your other systems if you combine them. The goal is to eliminate emotion and indecisiveness, the last thing you want is your primary rules-based system having many inputs and unable to make a quantifiable decision.

romik · Apr 3, 2007

Quote from wave:

Romik-

If you can quantify this and prove it has merit then treat it as a separate system or it will foil you and your other systems if you combine them. The goal is to eliminate emotion and indecisiveness, the last thing you want is your primary rules-based system having many inputs and unable to make a quantifiable decision.

I was simply referring to analysing near-term direction of markets, I recall B1 saying he is bullish a couple of days ago & by looking at price in relation to the 20MA on 240 I was able to assert a level of conviction. It only matured yesterday. When he called bullish, his position went ~-20 against him. So by comparing how markets are lined up can only be a bonus, correct?