ES Journal Archive (2006 - 2008)

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Quote from romik:

I think trading a proven system is a lot less stressful in comparison to discretionary trading, unless one is really disciplined. Whenever I used to make trade decisions based on what my intuition used to tell me including indicators and market analyses, it was bloody hard to close a loser. Too much bias present.
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Most successful intraday emini discretionary traders are trading a proven system. That is to say, a method that has rules, but usually requires a degree of judgement as well.

Discretionary trading does not necessary mean discretionary traders are trading by gut feel alone.
 
In my trading development, I "try" to implement things at my own level and work my way up slowly but I have to know where the danger is... If I don't know where the danger is then I might not even have a chance to get to the next level of development. :(
 
Quote from LondonUSTrader:

Most successful intraday emini discretionary traders are trading a proven system. That is to say, a method that has rules, but usually requires a degree of judgement as well.

Discretionary trading does not necessary mean discretionary traders are trading by gut feel alone.
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I just typed a long reply and pressed refresh. I don't feel like re-typing it now.

Basically, I interfered with my system's rules this afternoon by exiting at entry, when I did have a predetermined stop level, which has almost been triggered on a prior pullback. What made me interfere? Looking at it now, I would say fear. I will try and elaborate more over the weekend regarding this trade.
 
The temptation is very strong I think to try to trade against the reaction lows/highs on the intraday charts. This something that I have known on position trading, but never applied it to the intraday when I was doing it. My point today was to "vocalize" my intraday thoughts while not actually taking the trades. I believe one should identify reaction lows/highs and remain in trades until those are broken or there is an obvious reversal divergence. This takes most of the guesswork out of trading and allows you to remain in the trade for longer, although you'll notice that today I suggested profit taking at 1304.50 when an MOC order would have been better. :)

I did close my long positional MOC and will reenter Sun Night. As you know I never hold longs over the weekend.
 
B1, what upside target do you have at this point. I figure they will @ least test the 1331 hi. As per usual, your targets are getting hit. But what makes it so impressive is that you call these numbers out months before they happen. Thanks.
 
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