ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
You never have to hope. Just follow the trend and trade the trend of the day. Don't break your head on the trend to come and how to build up a position. I will break my head on a short once the trend has changed. At this time it is useles.
I'm long and i don't regret it.
personally i don't follow trends, neither i go against them. I didn't have a good morning session, though made up for the earlier loss now. Anyway, i don't see any positive trend forming during the morning and early afternoon sessions, could have gone either way. I think you are more experienced than me in identifying trends, since it is in your system trading to establish trends and go with the flow.
Hi Buy1Sell2,
Here's the question...after you've been adding to a losing position and possibly will continue to do so all the way up to the 1450 ES price area...
Do you ignore your Long signals because without a doubt you are going to get some Long signals while your in this Short position.
My point or question is this...
What's your plan B when those Long signals appear?
Do you exit your Short position (take the loss) and then open a Long position or do you ignore the Long signal?
Mark
(a.k.a. NihabaAshi Japanese Candlestick term
Great question!! Due to the fact that I am very conservative in my approach in building the short, I do generally ignore the long signals positionally(not a word I don't think). Now in the day/short term trading experiment, I am going to add longs to the picture, but right now I am deciding the correct time frame for my short terms that will net the best trades. For example: today was a poor day for the hourly chart, but a fantastic one for the 2,3 and 5 minute charts. Other days have been better for the hourly. It is here as I experiment trading live, that I am still working the bugs out for time frame and stop placement. There were excellent long entries on the very short term charts today, but my focus was hourly today. I should eventually be able to switch between them intraday etc, but I need more live trading to hone that in.
Let me know how your able to psychologically handle this type of traversing in the same trading instrument with Long term, Short term and day trade positions at the same time.
I've tried it and find that type of multitasking too stressful and caused me to make some mistakes I normally don't make because my perspective got cloudy sort'uv speak.
However, I found it a lot easier to have a Long term position in one trading instrument and a Short term position in a different trading instrument and day trades in something else that's also different for those few times in the trading year when everything just happens (not intentionally) at the same time...
Regardless if they are correlated or not in their price movement.
It also prevents me from getting confused about my options when things don't go as planned.
Mark
(a.k.a. NihabaAshi Japanese Candlestick term
There is without question, a strong class A bearish divergence between ES price and MACD histogram on hourly chart forming. In addition, there is a class B bearish divergence with respect to ES price and RSI on hourly charts. I am very interested to see here how well these types of divergences will pan out and whether or not they will serve me as well as the ones on longer term charts have for years. Stop moved to 1330.00 for evening session on two short term units.
- Status