ES Journal Archive (2006 - 2008)

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Quote from thebuzzkill:

I have a question for Romik & B1S2 and I hope that it is not viewed as an attack in any way because I respect both of your views and analysis.
When the market broke down wednesday I understand why you both held your longs as there was some support levels there. But by the open thursday it seemed that the trend would be down for the next few days, why did you both decide to hold your longs and not reverse and profit from that trend that was so strong.
I was long myself but I felt i had to cover and go short thursday am as it seemed the trend would be down for the next few days. I do hope that both of you are right in your analysis, but I was just simply curious as to why you both held on and didntcover and try and find a better entry. I understand that it is a longer term play but to weather a 50 point drop on the ES seems like a of pain to maybe capture a move on the rebound of this.
I base this question on a quote that I read that really stuck with me.
"Traders don't predict, they react."
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1. I don't agree on trend being strong on daily, if you refer to down trend;
2. Oil futures making new highs had to cause market reaction in a form of a sell-off;
3. I relate your quote to my short TF trades, but there is always a certain amount of predictability present anyhow;
4. Indeed, I've done quite a bit of reversing in my short-term account, based on WRB action;
5. This way of trading is new to me and I could be very wrong, that's why I try and control risk by opening a minimum initial position and averaging in and also offsetting current losses in the other account;
6. I am hoping for a double bottom here and a bounce off 100MA on weekly, I guess this is my main reason to stay in the trade right now;

Romik
 
Hi 4re, Piggie,

No not yet. I'm betatesting the EFS for www.tradingpro.com.

They are about to launch a study that integrates with eSignal.
I'm testing it as a subscriber to their web based service and it is great so far. The results have been great.

Today it made $696 per traded contract only in the ES

Date Type Target Entry Time Exit Time Entry Value Exit Value P&L P&L Result
7/18/2006 Short 5.05 10:15 11:35 1235.89 1231.76 4.13 $206.50
7/18/2006 Short 4.98 13:05 13:55 1229.29 1226.54 2.75 $137.50
7/18/2006 Long 5 13:55 14:40 1226.54 1233.59 7.05 $352.50
Total $696.50

Have a nice evening.







Quote from 4re:

Yes,I am curious about that as well. Is it a paid subscription or something E-Signal offers
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Quote from dan05:

Hi 4re, Piggie,

No not yet. I'm betatesting the EFS for www.tradingpro.com.

They are about to launch a study that integrates with eSignal.
I'm testing it as a subscriber to their web based service and it is great so far. The results have been great.

Today it made $696 per traded contract only in the ES

Date Type Target Entry Time Exit Time Entry Value Exit Value P&L P&L Result
7/18/2006 Short 5.05 10:15 11:35 1235.89 1231.76 4.13 $206.50
7/18/2006 Short 4.98 13:05 13:55 1229.29 1226.54 2.75 $137.50
7/18/2006 Long 5 13:55 14:40 1226.54 1233.59 7.05 $352.50
Total $696.50

Have a nice evening.
More...

If their probability is within 75%, than there is no need to pay the subscription, but simply learn to trade something like a DDF system as Clayburg suggests that it is also 75% accurate. That way you would not be forking out subscription fees every year.
 
Quote from thebuzzkill:

I have a question for Romik & B1S2 and I hope that it is not viewed as an attack in any way because I respect both of your views and analysis.
When the market broke down wednesday I understand why you both held your longs as there was some support levels there. But by the open thursday it seemed that the trend would be down for the next few days, why did you both decide to hold your longs and not reverse and profit from that trend that was so strong.
I was long myself but I felt i had to cover and go short thursday am as it seemed the trend would be down for the next few days. I do hope that both of you are right in your analysis, but I was just simply curious as to why you both held on and didntcover and try and find a better entry. I understand that it is a longer term play but to weather a 50 point drop on the ES seems like a of pain to maybe capture a move on the rebound of this.
I base this question on a quote that I read that really stuck with me.
"Traders don't predict, they react."
More...

Basically, I am trading longer term. My plan is to have an overall bearish view and then trade around my position by picking long entries using the intraday charts. (60 minutes and longer). If I was simply trading without having short positions already set up ,then yes, I would have been looking at initiating shorts, however, I have the luxury of already having short positions on. Note: One of the main reasons for support/resistance is the fact that all traders are not trading the same time frames. ie you have people trading the 5 minute chart and others trading monthly and yearly charts. If everyone was trading the same time frame and selling at the same time, the price would go to zero.

I would say that the statement about traders reacting is inaccurate at best-- Good traders "position" themselves for moves.

Additional note: I have not been trading the charts less than an hour, but yesterday afternoon,there was a very strong 5 minute BLD that occurred just prior to the rally.
 
Quote from Buy1Sell2:

Basically, I am trading longer term. My plan is to have an overall bearish view and then trade around my position by picking long entries using the intraday charts. (60 minutes and longer). If I was simply trading without having short positions already set up ,then yes, I would have been looking at initiating shorts, however, I have the luxury of already having short positions on. Note: One of the main reasons for support/resistance is the fact that all traders are not trading the same time frames. ie you have people trading the 5 minute chart and others trading monthly and yearly charts. If everyone was trading the same time frame and selling at the same time, the price would go to zero.

I would say that the statement about traders reacting is inaccurate at best-- Good traders "position" themselves for moves.

Additional note: I have not been trading the charts less than an hour, but yesterday afternoon,there was a very strong 5 minute BLD that occurred just prior to the rally.
More...

Thank you both for your answers. I hope that neither of you took offense to my question. I guess the point is that there are many ways to make money in the market. And it is imprtant to find a way that suits your individual style.
It looks like you could both see a profit fairly soon on your trade.
Best wishes.
 
Quote from Buy1Sell2:

...there was a very strong 5 minute BLD that occurred just prior to the rally.
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yeah, i posted that one in 4REs journal yesterday, I would class that one as a strong BLD as one could spot it in the making from 1min TF giving enough time to estimate entry/exit/etc.
 
Quote from Buy1Sell2:

I believe that we are in a basing period here where longs can be added. Stops would need to be outside the reaction low and should be placed where your study has shown them to be most comfortable for your trading style. I believe that the current selloff from today's high is pullback rather than reversal at this point.
More...

I believe this to still be the case. Adding longs on pullbacks should prove profitable in my view.
 
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