ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Certainly there has been a bearish tilt to the 60 and perhaps even the 240 showing toppy. There has been very classic bearish divergence as you pointed out. That being said, there have been long opportunities on the shorter charts albeit for 1 or 2 points. I don't trade those lower frames, but someone who was wanting to trade only long could certainly do so on the lower frames while keeping the larger frames in mind. And of course, if there were a reversal , it would happen on the short frame first. I myself have not traded today.
Hi Romik,sorry for a straight question but i saw in the beginning of this journal that you use stops of 0.75 pnts.I also do so but on some days i'm stopped out on originally good signals too often.I'm not complaining as the total monthly results are in green but backtesting sometimes shows me that i miss many good signals, as you know it's not so easy to enter again in the same direction after a loser.So would you be so kind to advise if you still use it or now you have bigger stop loss.I know that B1S2 use mental stops and don't do a daytrading mainly so I decided to check your opinion on that if you don't mind. Thanks.
Attached here is the 15 minute continuous chart from today's session. I did not day trade today, but wanted you to see my interpretation of the chart. If broken down into 1,3,5, there were certainly very good 1 and 2 point long possibilities but nothing to suggest extended gains. As many of you know I have settled on the 15 as my lowest term chart and would trade that frame for 6 points, which I would have gotten today. 
BS12. since you sold at 1391.50, why was that not your signal to start a short from that level ?
Is the ES off for veterans day?
No. In the daytrades I am using the 6 point profit target which I expanded to 1391.50 yesterday after I added to the position. Since I am using profit targets in this, then I cannot just reverse at the profit target without a reversal signal as was provided today. For example, what if I was to take profit at 1391.50 and then auto reverse and the market runs to 1400? Now if I wasn't using the profit target of 6 points and letting the trade run until reversal, the that may be a different story.
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