ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Thanks. B1, hedged perfectly as usual!! Long/short, excellent.
Just my thought, it looks like the next few sessions will be lackluster until Bernanke, Cpi, biege book and fomc minutes come out later this week. Im going to wait for the big boys to get positioned and then see if we break to new lows. Of course any escalated Middle East violence reports will warrant quick short scalps.
By the way, your humble host was wrong on the BLD at 1260. It just wasn't there--it had no confirmation from RSI , the MA was not flattening enough etc etc etc. I just jumped the gun. By the way, I have decided to use RSI and not use CCI. The very next hourly bar was a contiunation short entry, that should have been reversed. I decided to stay long because I had only gone in with 5 units and had the hedge on. Again, I would caution against emulating this style and use hard stops instead placing then outside recent reaction highs/lows. Luckily, I was not at max position when I misread the chart, but someone with a 5K account is at max(overmax really) position on the first entry with just one lot. YOU MUST USE STOPS if that is you. 
If anyone needs an explanation of reaction high/low, just ask.
If anyone needs an explanation of reaction high/low, just ask.
Quote from Buy1Sell2:
By the way, your humble host was wrong on the BLD at 1260. It just wasn't there--it had no confirmation from RSI , the MA was not flattening enough etc etc etc. I just jumped the gun. By the way, I have decided to use RSI and not use CCI. The very next hourly bar was a contiunation short entry, that should have been reversed. I decided to stay long because I had only gone in with 5 units and had the hedge on. Again, I would caution against emulating this style and use hard stops instead placing then outside recent reaction highs/lows. Luckily, I was not at max position when I misread the chart, but someone with a 5K account is at max(overmax really) position on the first entry with just one lot. YOU MUST USE STOPS if that is you.
If anyone needs an explanation of reaction high/low, just ask.
I am not afraid to ask ...??
I used today's chart and marked a couple. These are the true support and resistance areas and stops should be placed outsided of them. It means that these are the points where the price "reacted" the other way. Do a lot of backtesting and find the distance outside these points where you are comfortable placing stops. You need to make them far enough away so that are not hit all of the time, but close enough that you do not lose big each time. In your backtesting, start with 2 or 3 points and see how it works over time. What would it have done with the chart misread of 1260 as a BLD?Quote from hpeganz:
I am not afraid to ask ...??
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