ES Journal Archive (2006 - 2008)

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Quote from spike500:

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)
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No it's ok-- I just wanted you to understand that I am making adjustments and as anything else, a person (trader) needs to find their own way to be really successful. This is why Gurus are a joke--people listen to them but fail to realize that when it comes to execution , then the Guru is not there to make the decision (this didn't refer to you, I was just off topic a bit). Your comments however are welcome and I do learn things from them . Please keep them coming if you would be so kind. Perhaps it will turn out that my journal shows short termers how not to trade--it certainly is not the way to trade undercapitalized--I'll grant you that.
 
Quote from spike500:

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.
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who is the one with the long position and one point may i ask ?

thanks
mishwar
 
Don't get me wrong, I love shorting, but why would you want to trade form the short side today when everyone who wanted to sell already did on that 13 point waterfall from yesterday ?
 
Quote from volente_00:

Don't get me wrong, I love shorting, but why would you want to trade form the short side today when everyone who wanted to sell already did on that 13 point waterfall from yesterday ? [/QUOTE

the two signals I took today were on the 3 minute chart still and were not good signals. I have now changed that back to 60 minute chart and will be using that from here on out. The 60 minute would have actually had me long during the overnight.
I will be initiating and/or exiting sometimes in the overnight session. I am glad to be back holding overnight. Again, I intend on holding 2 days or less.
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I will maintain this short overnight. I like the double top RSI with the lower second peak on the 60 minute chart. This is also a double failure swing. Also MACD is already above zero line and will more likely to reverse. In addition, the final RTH bar should end on a downer inside the BB.
 
Buy1Sell2,

I see a simple flaw in your ST effort... a 3 min chart is roughly useful for say what will happen in the next 7-10 min and a 60 min chart is for say the next 5-8 hrs .. approx... no wonder you are getting caught on the wrong foot sometimes ..
the reason is because there are several waves on the basis of 3 min and in relation to a 60 min chart ..

This, of course, assuming you are indicators .. (Say MACD, RSI, and so on)

The waves within larger waves are getting you .. there is a simple way to avoid this .. and that is by keeping your stops smartly ... a 3 min chart is a 3 min chart ... try relating it to a chart at the next time frame .. say a 5 min or a 10 min chart .. it will work just fine ..

let me knw if you need any more info.

thanks
mishwar
 
Quote from Buy1Sell2:spike500

No it's ok-- I just wanted you to understand that I am making adjustments and as anything else, a person (trader) needs to find their own way to be really successful. This is why Gurus are a joke--people listen to them but fail to realize that when it comes to execution , then the Guru is not there to make the decision (this didn't refer to you, I was just off topic a bit). Your comments however are welcome and I do learn things from them .

Please keep them coming if you would be so kind. Perhaps it will turn out that my journal shows short termers how not to trade--it certainly is not the way to trade undercapitalized--I'll grant you that.
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Interesting post; Spike500 /Buy1sell 2
English is my first language 50 plus years ,
and never would have guessed it wasnt your first language.

Helpful points Mishwar;
however like to include 60 minute charts[intraday],
and larger timeframe more than 60 minutes for 20 days intraday candlecharts .:cool:

Not saying 60 minutes is king, nor saying it should be main chart.:cool:
 
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