ES Journal Archive (2006 - 2008)

[romik]

Quote from Tanstaafl:

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.

no indicator was used apart from price, also I must add that the last trade was based on a breakout of pennant that I have not back-tested, I've just decided to trade it, which was not the right thing to do really, one must back-test first.

I've added to this position @ 1281.75, I am looking for support of 11am WRB Low.

I am not too good in establishing trend strength apart from the usual 20MA angle slopes, etc., so hoping for continuation of mornings action, according to Spike500.

 

[ksonsinc]

I have to say the ES is holding on preety strong at 1283
and it might take a major sell of to brake it ( especially today )

 

[romik]

Based on 240 I am starting a short position here in my other account @ 1283.50 1 unit, daily shows more upside next week IMO.

 

[Tanstaafl]

Quote from romik:

no indicator was used apart from price, also I must add that the last trade was based on a breakout of pennant that I have not back-tested, I've just decided to trade it, which was not the right thing to do really, one must back-test first.

I've added to this position @ 1281.75, I am looking for support of 11am WRB Low.

I am not too good in establishing trend strength apart from the usual 20MA angle slopes, etc., so hoping for continuation of mornings action, according to Spike500.

Thanks for your answer! I actually almost took the same trade, what stopped me is that it failed to close above the upper trend line.

Good luck on your trade!

 

[romik]

Quote from romik:

no indicator was used apart from price, also I must add that the last trade was based on a breakout of pennant that I have not back-tested, I've just decided to trade it, which was not the right thing to do really, one must back-test first.

I've added to this position @ 1281.75, I am looking for support of 11am WRB Low.

I am not too good in establishing trend strength apart from the usual 20MA angle slopes, etc., so hoping for continuation of mornings action, according to Spike500.

closed 1285.50, here is another angle on this one

average gain 2.92 points

EDIT: EOD average gain 5.17 pts

 

[sosa1974]

No trading for me today just watched it. I have yesterday's positon @ 1280, looking for add in the 1290-1300 range. B1 did you close any of your longs today? Like usual your price targets are being hit. Good trading there too Romik.

 

[romik]

Quote from sosa1974:

No trading for me today just watched it. I have yesterday's positon @ 1280, looking for add in the 1290-1300 range. B1 did you close any of your longs today? Like usual your price targets are being hit. Good trading there too Romik.

thanks man, just trying to hopefully attract more readers to this journal, we have to "fight" Gary over at S/R Journal and hopefully get his followers over here, while he is spending his dough in Vegas! Just kidding

 

[Buy1Sell2]

Quote from sosa1974:

No trading for me today just watched it. I have yesterday's positon @ 1280, looking for add in the 1290-1300 range. B1 did you close any of your longs today? Like usual your price targets are being hit. Good trading there too Romik.

closed longs MOC as usual prior to the weekend and will reenter Sun Night. Thanks for noticing that the initial target was reached--I also raised the target to a test of 1300 after that so we're not there yet, buy yes where I said I would like to see 1285, we did hit that.

 

[Buy1Sell2]

I have been able to get my trading down to a bare minimum of trades which is the way that I like it. Doing the day trading in this journal has reinforced the view that I held before, which is that longer term trading (other than intraday) is the way to trade. There are more opportunities of course day trading, but you have to constantly be attentive to the screen etc. I prefer the longer method much more as I've said before as it gives more time for analysis as well as povides a higher quality of life--and for me anyway more profits as I miss many intraday chances because I am not watching it. I hope that along the way that daytraders reading this may also come to this realization and become more successful and balanced.

 

[Buy1Sell2]

I thought of another analogy for trading as I was driving today and it is a follows: Day trading is like running up and down the radio dial and getting bits and pieces of songs and never getting the full treatment. You are listening to the end of one song and while you are doing that , you miss the beginning of Stairway to Heaven on another channel. It's more desirable to keep it tuned to one station and get the full enjoyment of a full song (Position trading). Now I know that someone will say that while I am listening to only one station, that I am missing opportunities on other stations, but hey every analogy can't be perfect.