ES Journal Archive (2006 - 2008)

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I look at trading as somewhat of a baseball game/season. The longer term winning team is where you want to be, although each game(day) can be a winner or loser and inside of that day, each inning can be a winner or loser and inside the inning, then you have the batter and inside the batter you have each pitch etc. -- If the longer term charts(team/season) are saying one thing, it's best to try and find ways to trade that, just as I did when I saw the weekly chart(team/season) weakening earlier this year. Right now the daily chart (individual game) is showing strength and has been for some time. The individual inning (240) began to show weakness to me , but so far has been turned around. If the daily would have been weak, I would have been out of my longs on the 240 today, but I stayed in (helps to be hedged of course). I evidently erred on my NQ trade, but that happens .

(Perhaps I should have said Cricket?)
 
Quote from Buy1Sell2:

I look at trading as somewhat of a baseball game/season. The longer term winning team is where you want to be, although each game(day) can be a winner or loser and inside of that day, each inning can be a winner or loser and inside the inning, then you have the batter and inside the batter you have each pitch etc. -- If the longer term charts(team/season) are saying one thing, it's best to try and find ways to trade that, just as I did when I saw the weekly chart(team/season) weakening earlier this year. Right now the daily chart (individual game) is showing strength and has been for some time. The individual inning (240) began to show weakness to me , but so far has been turned around. If the daily would have been weak, I would have been out of my longs on the 240 today, but I stayed in (helps to be hedged of course). I evidently erred on my NQ trade, but that happens .

(Perhaps I should have said Cricket?)
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It all makes sense now that you compared it to cricket LOL, I understand what you do and the reasoning behind it. I am still fascinated at the thought that no fundamentals are being used. I mean for shorter term trades I understand, but for longer ones I am starting to see it more clearly now after your posts. Fundamentals are reflected in price action and TA monitors reactions following price oscillations and direction of the trade is being established.
 
I would have gone short here 82.25 with PT @ 1280 based on a BRD 3-5 min TFs, but I am not going to do it.

EDIT: I will go short 78.25, if we get there today, still based on a 11am WRB.
 
Quote from romik:

stop/reverse

main reasoning 3 top didn't trigger sell-off and price poped out of the flag
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Hi Romik, did you use any of the indicators when you decided to reverse your short position when the price popped out of the flag formation? I couldn't find any confirmation of the break out. I'm not criticizing, just trying to learn.

Thanks.
 
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