ES Journal Archive (2006 - 2008)

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Agree to some extend. I think that if Spike came to me and offered me his system "for free", I wouldn't trade it. So I can understand why is it that not everybody wants to trade with "longer" term horizons.

It comes down to our personality. There is no right or wrong as long as we become successful.

Still I take my hat off to guys that can make a living trading intraday because I can't do it. As b1s2 has pointed out I also believe it is much easier to make money trading out of noise than inside of it, intraday trading is brutal imho.

I personally trade very little. 95 to 97% percent of my time is spent doing research and studying the markets. I work all day at this, everyday.

(As part of my research I have started reading this thread from the very beginning, on page 167 now) :)



Quote from Buy1Sell2:

My comment is that with markets like corn or mini beans, a trader can get in and trade for the long term. You could use profit targets there as well. The more exciting markets, it may take a bit more money, but I would rather have the grubstake and trade for position especially for a newer trader. That's the issue with the markets--the newbie goes to daytrading before they should be trading at all. It just gives the rest of us liquid places to get in and get out.
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i think this is the first grail i recognized before the fact. so after you get in on a long grail your stop is the reaction low or short grail, correct?

b1s2 did you see it too?
 
Quote from m4a1:

i think this is the first grail i recognized before the fact. so after you get in on a long grail your stop is the reaction low or short grail, correct?

b1s2 did you see it too?
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Yes, I did see it but only when you mentioned it as I am not watching the intraday charts much anymore. I am holding forth with my "position trading is best" stance. By the way, the answer is yes, you should let the trade run until you see reversal or the significant reaction low breached. If you are one who has a profit target, whatever you decide that profit target is, then you exit there and do not reenter until you see fresh signals. So , you have 3 outs--reversal, breach of reaction and profit target. If using a profit target, I recommend it to be larger rather than smaller. You'll notice that using say a five minute chart, even though there is a lot of chop, you can still make out significant reactions and define a "trend" however minor , everyday. This strategy will entail giving back profits from time to time. That's part of the game--Don't be scared--play to win --don't play to "not lose".
 
Daily ES chart --Overbought!

Weekly ES Chart--No where near Overbought.

Monthly Chart---Overbought and perhaps diverging a bit, however no sign of obvious reversal just yet

What does this mean?

Most likely scenario

Pullback possible on Daily --perhaps even a decent size one, but plenty of uproom on the weekly--Stay long or add on dips. When Weekly weakens and diverges, get short and trade to the bottom of the move and begin looking for bullish divergence that should create itself. When Monthly diverges to the downside which it will eventually, get short for the long haul.
 
can you post your weekly and daily chart?

Quote from Buy1Sell2:

Daily ES chart --Overbought!

Weekly ES Chart--No where near Overbought.

Monthly Chart---Overbought and perhaps diverging a bit, however no sign of obvious reversal just yet

What does this mean?

Most likely scenario

Pullback possible on Daily --perhaps even a decent size one, but plenty of uproom on the weekly--Stay long or add on dips. When Weekly weakens and diverges, get short and trade to the bottom of the move and begin looking for bullish divergence that should create itself. When Monthly diverges to the downside which it will eventually, get short for the long haul.
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Quote from m4a1:

shortgrail at 12:30 chicago time? 5 min chart.
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Yes, especially with 3 peaks. These signals are ok intraday but are much more meaningful on longer charts.
 
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