ES Journal Archive (2006 - 2008)

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Quote from mechtrader41:

I can`t really describe all the signs to define a coming trendday, but i did lost much $$$ earlier by figthing trenddays, i have an eye for it now, this is a 100% trendday closing LOD or not far from it...and I know of Reversaltraders losing the money of 1-3 months by adding to positions in trenddays..
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Yes-- here is a situation where the short term chart provided numerous false reversals. As long as I keep those probes to small losses, I should be in the black as I increase size.

Still plenty of time here for a full test of 1300.
 
Had I continued the system and shorted the 2 units size at 1307 , I would be looking here to take profit. As time, goes on I will have more conviction in staying with the probes.
 
Quote from Buy1Sell2:

Yes-- here is a situation where the short term chart provided numerous false reversals. As long as I keep those probes to small losses, I should be in the black as I increase size.

Still plenty of time here for a full test of 1300.
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I agree with fake reversals. Whenever S/R levels are taken out on strong volume, IMO, most reversals are not worth participating in (unless aiming for 1-2 points), until a definite trend is established and/or same levels are reverse broken on high volume. Neither happened today. All we had since S2 been taken out today on high volume is choppy trading, making it way too risky to participate in, at least for me.

Have a nice weekend guyzzz

EDIT: To me one of the main resistance levels @ 1309 has not been broken @ 2.30pm-3.00pm, to me that would have been a definite sign of a reversal about to happen.
 
I closed out the two short termers that I had short at 1305.50 . I closed them at 1303.75 at closing for a 3.5 pt gain. I will post the day's results soon
 
April 7,2006 Results

8 trades 4 winners 4 losers--9 units

12.5 pts profit= $625
total commission =$56.43
Net profit=$568.57
 
Quote from romik:


By the way it's really weird calling you B1S2, it's like talking to R2-D2 :)
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now that would be a real mechanical trader--no offense intended Mechtrader41
 
Quote from romik:

Hi B1S2, as you know building up a positional short trade in the S&P500 is different to short selling stock of an XYZ company, whose fundamentals do not match current valuation. Even that does not work a lot of the times, unless you really want to stick it through the pain.

I am just wondering how do you establish whether the S&P500 is overbought. Do you monitor all main stocks in the S&P or rely on your TAs?
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No I don't monitor any stocks. I just use technicals on weekly charts and daily charts.
 
Longer Term positional account status

7 units short

1287.75
1293.25
1296.50
1308.00
1308.50
1316.75
1316.75


Average price 1303.92
 
If you want to become really successful in intraday trading, you have to find a system that takes the big moves.
Friday you had to go short and stay short till the close. As long as you cannot see these kind of trades in your system you have a
problem.

Friday was one of the easiest and biggest trades you could make.
I had to go short at 1321 and stay in till 1303. These kind of trades unfortunately don't happen very often, but if you cannot see them your system is not good enough. This trade should have been visible, even with your eyes closed.
 
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