ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from Buy1Sell2:
Yes, I don't see a need to bail just yet. Keep with it! It is brewing some downside but nothing concrete yet. 3 and 5 minute charters are licking their chops at downside potential.
Yeah its hard to tell. Pullbacks are healthy for any larger move. It allows the big boys to reload and retail shorts to jump in to propel the next move. Just hard to tell reversal or pullback? Im looking for a lunch time move up. Only passing 1295 by 3 ticks is a worry.
Quote from Buy1Sell2:
Yes, I don't see a need to bail just yet. Keep with it! It is brewing some downside but nothing concrete yet. 3 and 5 minute charters are licking their chops at downside potential.
One has to mention, that the chart pattern is very similar to yesterday, apart from a double top, which I am sure a lot of techies are looking at right now and some probably have already positioned for a down move, let's see who wins. My bias is still long, crush the shorts and give me 2 points.
Gentleman and perhaps Ladies,
I have come to a realization--an epiphany of sorts. I would like to share this with you as I feel it is good to communicate these thoughts in my efforts to discover my true self. The realization is that I am a very bad day trader. I believe that the ability to recognize one's weaknesses is integral to being successful. Every successful trader must define his weaknesses and strengths and cater to the strengths and away from the weaknesses. It didn't take me very long this time around to reaffirm to myself that I am not good at it. I found myself not paying attention to the daily trend, letting myself out of long trades without consideration of the daily reaction lows etc. For whatever reason, be it lack of ability, lack of focus or poor system, I just cannot cut it day trading. My strength, I feel is in position trading and always has been. For one, the charts look different, and I can see things much better--I would encourage you folks, my friends, to continue posting your intraday trades and thoughts as I do find them interesting and I will be posting longer term stuff. I have no positions in the short term account right now( I should still be long, but am not due to intraday). The only variation I will have from my previous years experience is to glance at the 60 minute if I am bullish on the daily looking for an entry for adding postions etc and vice versa. Positions will now be held overnight and many for long periods. You can see how well I did when I wasn't day trading in this journal and I now aim to have that continue. Best regards and I look forward to reading your posts as usual. By the way, I will never day trade again--it is not my forte.
I have come to a realization--an epiphany of sorts. I would like to share this with you as I feel it is good to communicate these thoughts in my efforts to discover my true self. The realization is that I am a very bad day trader. I believe that the ability to recognize one's weaknesses is integral to being successful. Every successful trader must define his weaknesses and strengths and cater to the strengths and away from the weaknesses. It didn't take me very long this time around to reaffirm to myself that I am not good at it. I found myself not paying attention to the daily trend, letting myself out of long trades without consideration of the daily reaction lows etc. For whatever reason, be it lack of ability, lack of focus or poor system, I just cannot cut it day trading. My strength, I feel is in position trading and always has been. For one, the charts look different, and I can see things much better--I would encourage you folks, my friends, to continue posting your intraday trades and thoughts as I do find them interesting and I will be posting longer term stuff. I have no positions in the short term account right now( I should still be long, but am not due to intraday). The only variation I will have from my previous years experience is to glance at the 60 minute if I am bullish on the daily looking for an entry for adding postions etc and vice versa. Positions will now be held overnight and many for long periods. You can see how well I did when I wasn't day trading in this journal and I now aim to have that continue. Best regards and I look forward to reading your posts as usual.
By the way, I will never day trade again--it is not my forte.Quote from Buy1Sell2:
Gentleman and perhaps Ladies,
I have come to a realization--an epiphany of sorts. I would like to share this with you as I feel it is good to communicate these thoughts in my efforts to discover my true self. The realization is that I am a very bad day trader. I believe that the ability to recognize one's weaknesses is integral to being successful. Every successful trader must define his weaknesses and strengths and cater to the strengths and away from the weaknesses. It didn't take me very long this time around to reaffirm to myself that I am not good at it. I found myself not paying attention to the daily trend, letting myself out of long trades without consideration of the daily reaction lows etc. For whatever reason, be it lack of ability, lack of focus or poor system, I just cannot cut it day trading. My strength, I feel is in position trading and always has been. For one, the charts look different, and I can see things much better--I would encourage you folks, my friends, to continue posting your intraday trades and thoughts as I do find them interesting and I will be posting longer term stuff. I have no positions in the short term account right now( I should still be long, but am not due to intraday). The only variation I will have from my previous years experience is to glance at the 60 minute if I am bullish on the daily looking for an entry for adding postions etc and vice versa. Positions will now be held overnight and many for long periods. You can see how well I did when I wasn't day trading in this journal and I now aim to have that continue. Best regards and I look forward to reading your posts as usual.
Identifying strength and weakness is paramount in trading. Lately I have been extremely hesitant to take day trades. I have been on the sidelines for almost a month. Only 1 ES entry in this span of time for a total of 31 points. I've been getting too many intraday mixed signals and this has led to uncertainty, even though all the signals pointed up. Fighting for crumbs is not worth it. The real big money is being made overnite thru gaps and positionals, and intraday action is chop. I guess finding the balance between positional trading and day trading is very complicated. Im still experimenting on finding the right balance.
B1, you bring a lot to the table. Stick to what works for you and thanks for all the information you brought to this thread.
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