ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Attached here is the ES RTH 15 minute chart from FRI. Notice that the system made money from the short side earlier in the day and the bottoming pattern that I traded on Fri afternoon would have made money over night(Sun) if I had held it. My mistake was doing an afternoon long trade on a Fri--that's all when I know that I will close a short term long trade at end of day. There was a 6 point trade short if a person had held for reaction highs to be broken, it would have made money as well. I will post a system that I will trade the next couple of weeks when I have a chance with real money in my next post.
I will trade the following system the next couple of weeks. This will give us something to discuss that may be of benefit to all especially me.
1. Identify a grail on the 15 that I would like to trade. (Either direction)
2. Place an order to get in. Use limit or market whichever you feel more comfortable with. I typically use limit.
3. Place my stop 3.5 pts outside the reaction high/low.
4. Place my profit target at 6 points-This will make some of the trades less than 1 reward to 1 risk. What I want to see is how often we make 6 before the stop out.
5. Move the stop when the reaction high/low changes.
6. Reverse when obvious (obvious as possible)
7. Hold the trade thru the night except on Fri for long trades
8. Reverse Fri afternoon for shorts only unless it's a particularly strong long grail or divergence.
9. If the probability shows to be high enough, I will add provisions to make bets larger each time there is a loss. We'll see.
Note: I will review both the continuous and RTH charts for signals.
Edit: I am revising rule 8 to read that longs can be taken on Fri afternoon, but must be closed MOC. Then the trade is reentered on Sun night unless market has gapped either way.
1. Identify a grail on the 15 that I would like to trade. (Either direction)
2. Place an order to get in. Use limit or market whichever you feel more comfortable with. I typically use limit.
3. Place my stop 3.5 pts outside the reaction high/low.
4. Place my profit target at 6 points-This will make some of the trades less than 1 reward to 1 risk. What I want to see is how often we make 6 before the stop out.
5. Move the stop when the reaction high/low changes.
6. Reverse when obvious (obvious as possible)
7. Hold the trade thru the night except on Fri for long trades
8. Reverse Fri afternoon for shorts only unless it's a particularly strong long grail or divergence.
9. If the probability shows to be high enough, I will add provisions to make bets larger each time there is a loss. We'll see.
Note: I will review both the continuous and RTH charts for signals.
Edit: I am revising rule 8 to read that longs can be taken on Fri afternoon, but must be closed MOC. Then the trade is reentered on Sun night unless market has gapped either way.
We are still in long mode from Friday's bottoming pattern that was identified in the afternoon. Under the 6 point profit system, we would be nearing profit areas soon. Under the let it ride scenario, we would be trailing a stop below reaction low. Which do YOU think is the right approach. Comments welcome .
Sell it all and short at 1376.75
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