ES Journal Archive (2006 - 2008)

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Quote from hpeganz:

Excuse me - Could you please so kind to summarize the basics -
Thank you, Helmut
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By the basics i mean that the hourly chart should be the basis on which you trade. So look at the hourly chart before trading on divergences in smaller timeframes.
Romik indeed tries to do that but he is not yet mastering it, because he shouldn't have taken the divergence.
But the only way to learn it is by doing it. Trial and error can result in a good system.
 
Quote from spike500:

I personally don't believe in divergences. But if you do trade them i think you need to watch the hourly chart to be sure that at least the basics are OK.

I went short at 1261 and just closed my short.
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I personally think Spikes posts are littered with nuggets of wisdom that you would glance over without giving each piece the analisys and observation that it deserves.

The first question I ask is how the hell did he know to go short at 1261. If in my mind I belive it is possible then it will find a way. OK back to the drawing board.:)
 
Thanks for the chart B1S2...

So at this point I presume your original entry is
underwater, but I also presume you are confident
of the retrace upward to your original target of
a range of 1290 - 1310..

Am I correct with this analogy?

If not, please clarify..

Thanks again

Monaco
 
Quote from MONACO11:

Thanks for the chart B1S2...

So at this point I presume your original entry is
underwater, but I also presume you are confident
of the retrace upward to your original target of
a range of 1290 - 1310..

Am I correct with this analogy?

If not, please clarify..

Thanks again

Monaco
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Yes, underwater for now. I could have exited the trade on the hourly chart and bought back in on the next hourly bullish sign, but I felt content at the moment to just hold and add if I see bullish signs. There are numerous days--perhaps many in a row where I don't make anything in ES.
 
Sorry for not answering back and defending my case :) OK, no system is perfect and only probability ratio would vary from one system to another.

I closed initial long position that was based on daily BLD as in my view an important support has been broken, as I use pretty high leverage, I simply can not afford the luxury of holding through the pain, I personally thought that ES would simply plummet after breaking 1251 and I was forced to close NOT to incur a huge loss. That BLD might still work and I believe my second re-entry @ can be justified when one looks at 5, 10, 15, 20, 30 and even 60 TF.

Obviously it is difficult for me to see what Spike sees in an hourly chart (any chart) as I've got no idea what criteria he uses to enter/exit trades. I believe it is a very good system though.

So, my last long IMO is a good call, as both CCI/RSI are pointing to a bounce from these levels and I am almost certain that I will make good return overnight to cover my loss on the "positional" long.

Also, I must add that I am still trading quite a few 1-2 point trades that offset my losses from divergence based trades as I persevere to get a better win ratio.

So, I am not disagreeing with anyone, just trying to defend myself :)
 
Quote from BoyBrutus:

I personally think Spikes posts are littered with nuggets of wisdom that you would glance over without giving each piece the analisys and observation that it deserves.

The first question I ask is how the hell did he know to go short at 1261. If in my mind I belive it is possible then it will find a way. OK back to the drawing board.:)
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Could it be that simple - trendline - moving average?
 
No one is expecting a defense Romik, I must say you
are spot on in your analysis. Short of the tardy bearish
divergance of this am, I take many of your indicators
to heart in making my decisions to long or short.

Both you and B1S2 are relentless in your persuit of the next
few bars...(hickup)...:cool:

I think you are doing a fine job for a (former) restauranteer... :D

Best of luck in the future.

Monaco:D

EDIT spelling
 
Romik,
I don't think you have to defend yourself or your trade at all. We all have losing trades and no system is perfect. Otherwise Bill Gates would be asking us for a loan. You are one of the few guys with the balls to put your trades out there for all to see and criticize and for that you are to be commended.

I just hope that 1251 level doesn't become as strong a resistance level as it was for support. Please be careful with that.

Your Friend,
4re
 
Quote from MONACO11:

No one is expecting a defense Romik, I must say you
are spot on in your analysis. Short of the tardy bearish
divergance of this am, I take many of your indicators
to heart in making my decisions to long or short.

Both you and B1S2 are relentless in your persuit of the next
few bars...(hickup)...:cool:

I think you are doing a fine job for a (former) restauranteer... :D

Best of luck in the future.

Monaco:D

EDIT spelling
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I'll cook you a sausage for this post Monaco :D
 
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