ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Thank you very much for the kind comments.....porgie welcome here..... My system on the 12 minute chart and the 3 minute chart has been playing out well, although just a bit above 50 percent. I have not been posting the actual trades as I am going through a bit of computer upheaval at the moment and it has not been possible. I am getting to the point though where the experimentation is leading me back to the longer terms (relatively) of 60 minutes and above simply because of the time constraints etc. I am certain that I can be successful now on the shorter time frames as well as the long--I just don't know if I want to take the time on the shorter ones. What I may do is adapt a swing trading style of one two or several days , using the system that I have been working up. I would have that system aside from the positional builds that I do longer term. We'll see. I enjoy the day trading, but I have other interests as well.
Everything on line with the bigger picture, so far still everything green, trendstrength even lower, a negative monday is a good sign for further strength the rest of week in a bullmarket, there is more danger with a positive monday. Just a random marketnoise so far. Change sight not before pattern resolves to different one and/or trenddirection/strength changes.
Crude is advancing and any potential breakouts above $75 will have an almost definite short-term affect on the markets, creating more opportunities on the short side IMO.
Reviewing my afternoon trades there were no mistakes or irrational decisions taken. +2.25 points on 3 min WRB and -2 points on the WHP formation, that was just a typical trading day where there are good trades and bad trades, tomorrow is another day. I am happy for all that managed to profit from yesterday's afternoon decline. Next time I'll have to treat price action on 3 min charts with more patience.
EDIT: It would be interesting to hear from other traders reasonings, who went short around 10ish, to stay in the trade until late afternoon.
Reviewing my afternoon trades there were no mistakes or irrational decisions taken. +2.25 points on 3 min WRB and -2 points on the WHP formation, that was just a typical trading day where there are good trades and bad trades, tomorrow is another day. I am happy for all that managed to profit from yesterday's afternoon decline. Next time I'll have to treat price action on 3 min charts with more patience.
EDIT: It would be interesting to hear from other traders reasonings, who went short around 10ish, to stay in the trade until late afternoon.
B1S2, why not use both time frames in sync? Maybe look at the higher time frame and see where the market is and use the lower time frame to fine tune your entry/exit. I personally think that a multi-timeframe approach has more success but that is just my opinion....
As I remember also Spike and Porgie are using a multi-timeframe approach. They certainly know why......
By the way are you still short with 9 contracts and if yes when do you exit? Do you have a profit target or are you waiting for a exit signal?
Thanks.
the thinking on my end tells me that the reason ym and nq are better trading is simply the pictures you get intraday.........it is not the points involved at all, it is the range........the longer runs.......the range..........it might be equivalent dollar wise but system development is so much more compatible with ranging markets.......... es is fine........just not best for me and i traded es and started trading initially with company of 10 traders 4 contracts each with 10 pt stops default set and never adjusted , trailed, etc....6 point targets........inverted risk reward will kill your success and it did.........bigtime...boss was multi million guy and then some........he was playing and gambling........porgie doesn't buy lotto tickets .......i don't gamble........super high% stuff ain't gambling.......... .....range then was 20 pts average end to end of runs.........and more.........apparently daytrading killed the beautiful ranging emini s&p.........it was beautiful.....the most orderly runs you could imagine........the system was based on slow stochastic and 6 crossing the 14.....5 minute chart only.....no other time frame allowed...........i use 1 time frame..........i don't use sma crossings..........i use freaky stuff, but accuracy is what gives the edge........the sma crossing is a very good place to start intraday es nq ym........do the few thousand combinations and never fall into the trap that if you miss the entry at the crossing all is lost..........learn to trade the bars on for instance the 15 min chart...........or the 30......the shorter the chart time frame the harder to get a read on the important information it is feeding you..........you get too long on time frame and the waiting for next picture gets you sleepy and distracted.........intraday speaking only......
Good questions mujoh. The answer to the query about multiple time frames is a good one. I should be able to use that with daily and weekly and hourly, Ths issue is--I am not certain that I want to sit in front of the screen all day on 3 and 12 minute charts looking for entry. With regard to the 9 units, that is my long term positional short build using weekly charts with a glance at dailies. I don't have the position size on just yet that I would like to for what I believe will be a sizeable downward move.
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