ES Journal Archive (2006 - 2008)

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Quote from romik:

I would enable pre/after charts if I were you, you need to see all data related to an almost 24 hour traded instrument, otherwise your indicators on longer TFs will screw up signals.
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Romik;

Glance on 24 ES charts;
but hardly ever trade with them, maybe 10-15% of time may see something, but usually make a note of something of interest.

And then use regular trading hours charts,ends 3;00 chicago time

Nice uptrend ,ES.SPY, NasdaQQQQ looks extended;
as Buy1sell2 says, strong time of year:cool:
 
Quote from murray t turtle:

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Romik;

Glance on 24 ES charts;
but hardly ever trade with them, maybe 10-15% of time may see something, but usually make a note of something of interest.

And then use regular trading hours charts,ends 3;00 chicago time

Nice uptrend ,ES.SPY, NasdaQQQQ looks extended;
as Buy1sell2 says, strong time of year:cool:
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Understood, but if a trader relies on a signal like yesterday's W (long grail) and misses it due to limiting his chart data hours, then he would miss out on the opportunity.
 
B1, when considering initiating a position, would you always look at monthly first, then weekly and daily or would you sometimes take signals of the daily chart even though it is in contradiction to weekly/monthly charts?

thanks.
 
do you guys use tradestation? how do you set the time period from 1530 to 1515 which is the full trading hours of ES? if i try to use that time period it says "error - cannot be longer than 24 hours"
 
Quote from romik:

B1, when considering initiating a position, would you always look at monthly first, then weekly and daily or would you sometimes take signals of the daily chart even though it is in contradiction to weekly/monthly charts?

thanks.
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I start by lookng at the monthly and working backwards. I do take counter signals on the daily chart if I would like to be adventurous. That does provide more activity and feeds the need. Basically in a set up where you are using monthly, weekly and daily, the trades made on the daily chart are tantamount to "day trades" . It's all a matter of one's time perspective. If the trade on the daily chart is against the weekly and monthly, then it is best to use more caution in my view. Let me give you an example: Go to the Euro FX daily chart (EC). Looking at the continuous chart, you will notice that on 04/06/06, you had a bearish Histogram divergence with double RSI failure swing. However, if you were to look at the weekly chart (and daily), we were in the middle of a strong upward 20 MA trend. So, if you were to take that signal, you would have been very very careful. You can see what happened next---
 
Quote from Buy1Sell2:

I start by lookng at the monthly and working backwards. I do take counter signals on the daily chart if I would like to be adventurous. That does provide more activity and feeds the need. Basically in a set up where you are using monthly, weekly and daily, the trades made on the daily chart are tantamount to "day trades" . It's all a matter of one's time perspective. If the trade on the daily chart is against the weekly and monthly, then it is best to use more caution in my view. Let me give you an example: Go to the Euro FX daily chart (EC). Looking at the continuous chart, you will notice that on 04/06/06, you had a bearish Histogram divergence with double RSI failure swing. However, if you were to look at the weekly chart (and daily), we were in the middle of a strong upward 20 MA trend. So, if you were to take that signal, you would have been very very careful. You can see what happened next---
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I see, btw I've realised what was happening to the 240TF, QuoteTracker only provides back-fill for last 10 days on intraday charts, no wonder the first peak became smaller, it is now pretty much non-existent.

I recall reading one of your posts where you state that scaling out is not an acceptable principle in your trading. So does that mean that you would only close a position once you get a reversal signal? But, what if the reversal signal is different to the signal upon which you normally initiate positions? I think I am improving at spotting divergence based entries, but exits are still hit and miss.
 
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