ES Journal Archive (2006 - 2008)

[Buy1Sell2]

Quote from brightstone:

Coming of a short grail?

Romik,
you mentioned to me earlier to wait for the formation of a full five minute bar to recognize the shorting opportunity.

I am now followiing the line chart we discussed previously and was wondering what to use to signal the next opportunity.

3 min seems to show short grail...

too soon , unless all you are trying to do is capture 2 points.

 

[romik]

Quote from brightstone:

Coming of a short grail?

Romik,
you mentioned to me earlier to wait for the formation of a full five minute bar to recognize the shorting opportunity.

I am now followiing the line chart we discussed previously and was wondering what to use to signal the next opportunity.

3 min seems to show short grail...

The way I see it, you have to try to let the trade run, a current reaction low is being established now, if it breaks it on the way down, close your long. As B1 mentioned, sometimes you can be waving bye bye to all your nice unrealised profit, but sometimes you would be making a lot more points, opposed to setting a target and/or closing when you see T&S turning.

 

[romik]

Quote from Buy1Sell2:

Perhaps a trader would have a trade open on 15 and a trade open on 60?

yes, sounds cool.

 

[Keeper]

Market looks strong, I would long a sizeable pullback.

 

[romik]

brightstone, have you traded today?

 

[romik]

Quote from romik:

brightstone, have you traded today?

I've marked current reaction lows, in case you are holding a long.

EDIT: What can help to make a better decision where to trail a stop in your opinion?

 

[Buy1Sell2]

Quote from romik:

I've marked current reaction lows, in case you are holding a long.

EDIT: What can help to make a better decision where to trail a stop in your opinion?

For me, those reaction lows are too active. I realize that you are on a 5 minute chart. I view the current reaction low at 1368.00(intraday/swing)

 

[romik]

Quote from Buy1Sell2:

For me, those reaction lows are too active. I realize that you are on a 5 minute chart. I view the current reaction low at 1368.00

After identifying the move there are quite a few options of where to exit. One group would want to lock profits, others would hold. If looking to lock in profits using 5 min TF for entry and there is no reversal pattern and a trailing stop is used, I would switch to perhaps 15 where there is just 1 current reaction low seen on the chart. On 5 there are quite a few. Then, IF there is a long grail to occur, one could take it. Quite a few possibilities.

 

[wave]

Hi Buy1Sell2-

Thanks again for the pearls of wisdom. Would you consider this an area to begin averaging into short calls on ES?

Best Regards

 

[Buy1Sell2]

Quote from wave:

Hi Buy1Sell2-

Thanks again for the pearls of wisdom. Would you consider this an area to begin averaging into short calls on ES?

Best Regards

I have sold a few, but we cannot discount the strength of the weekly chart here and so I am not keen on total reversal at this point. It may be a reversal, but it is not obvious to me yet. Right now pullback on the daily has been obvious and thus I sold a few well out of the money.