ES Journal Archive (2006 - 2008)

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Quote from Buy1Sell2:

I reentered my 5 longs tonight. Also I have added 5 more units here at 1242.50.
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Again I would like to point out that I know you can take a lot of heat ..... and you are not overextended.

...but I would like to understand what have been the reasons to double your position?? Thanks
 
Quote from hpeganz:

Again I would like to point out that I know you can take a lot of heat ..... and you are not overextended.

...but I would like to understand what have been the reasons to double your position?? Thanks
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At this point, I've done little more than pick profit points from the short positional account--so really not a lot of heat. I have misread the chart so far in terms of outright long positions, and this is why I start small and then add to my position because I am not right all the time. If I had started with max position on the initial trade, the I would have to use hard stops. 2 percent of liquid net worth would always be the place to admit being wrong. Looks like there is a potential this morning for a double bottom on intrday charts. We'll see.
 
Quote from Prevail:

does this correspond to a chart level?
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No. Chart levels are used to get out prior to the 2 percent.

For example if we were to trade below the recent low of 1229.25, that is where I would make a decision as to whether or not we still have upside potential or not. I would also then evaluate that area to see whether or not I add positions or bail. Keep in mind that in effect all I have done so far is offset positions(badly at this juncture mind you) that I have in another account. My short calls have also been profitable. As my name indicates, I hedge with short options when long.
 
I see. support seems to be holding for now.

if it is broken I think it is look out below.

since the futs-cash spread is less than when in june, if the cash retests 1220 the futures low will easily be broken.
Quote from Buy1Sell2:

No. Chart levels are used to get out prior to the 2 percent.

For example if we were to trade below the recent low of 1229.25, that is where I would make a decision as to whether or not we still have upside potential or not. I would also then evaluate that area to see whether or not I add positions or bail. Keep in mind that in effect all I have done so far is offset positions(badly at this juncture mind you) that I have in another account. My short calls have also been profitable. As my name indicates, I hedge with short options when long.
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