ES Journal Archive (2006 - 2008)

[m4a1]

buy 1385.5

 

[romik]

Quote from m4a1:

buy 1385.5

What type charts are you working with (bar/candle)?

 

[m4a1]

bar, latest trade is based on 5 min

btw, someone pmed me yesterday and showed me how to get my Tradestation chart to show 24/7, so i have it working now.

Quote from romik:

What type charts are you working with (bar/candle)?

 

[romik]

Quote from m4a1:

bar, latest trade is based on 5 min

btw, someone pmed me yesterday and showed me how to get my Tradestation chart to show 24/7, so i have it working now.

Since you are working off grails have you tried working with a consolidated line chart in conjunction with a bar chart?

 

[m4a1]

what's a consolidated line chart?

Quote from romik:

Since you are working off grails have you tried working with a consolidated line chart in conjunction with a bar chart?

 

[romik]

Quote from m4a1:

what's a consolidated line chart?

it consolidates OHLC of the last time period you are using, otherwise you can look at a line chart, but it will not be as smooth as consolidated one, you can see grails on a line chart.

 

[m4a1]

sold 1384.50

 

[m4a1]

          entry       exit        pnl
short     1379.25     1381.00     -1.75
short     1380.50     1380.00      0.50
long      1385.50     1384.50     -1.00

*all papertrades

 

[romik]

Why didn't you take 12.40-1.00pm long grail, that was the right pattern, wasn't it?

And another one recently.

My suggestion to you would be this one, if you are to trade patterns like grails, you really have to trade all solid signals, not some of them. You don't necessarily need to wait for a reversal in the form of a opposite grail, watch CCI (I use it set to 20) to start peaking +/-200 and then watch the price real close, if the price is still climbing and CCI is dropping towards 100, that is a good indication to think about closing position.

To me, right now, long still has room to the upside.

 

[m4a1]

for the first grail you mentioned i figured price wasn't going to go anywhere until after the fed announcement. for the second grail you mentioned, i wasn't sure if i wanted to take it because of the chop after the fed announcement.

tell me where you would have entered and exited on the grails you mentioned.

i am starting to think that the fluctuations on 5 min bars simply aren't wide enough, hence the argument for trading the longer time frames. lets say a reaction high/low is 3 points away so that's your stop. this means you have to make 6 points on an intraday trade just to maintain a 2:1 gain/loss ratio.