ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from romik:
I don't think there will be enough time, normally a shakeout comes first & with 25 min to go, well, we'll see. I knew you were looking at that
By now, I should be be getting fairly predictable eh? I agree with the time factor, it is probably just daytraders evening up positions. The 240 is certainly negative. I will wait until the 240 gives me positive vibes, then I'll close my shorts and be back long.
"Simple is as simple gets" or if you prefer "simply marvelous"
Thought i would review my opening trade on a day that it was simply .......well you get the idea. Woke up this morning with the usual uncomplicated mindset to make some bacon. Simply meaning i start the day with zero opinions, ZERO. When the ES closes at 1615 EST daily i shut the pc off and turn away from the mkts totally. OK, first i do a printout of 5 min ES for keepsake and review, but no CNBC, no Larry Puppetlow etc.
Today we opened the pit at 1439.25 @0830 CST. The next bar opened at 1439.50 (give or take a tick according to your chart service). The +6 tick and -6 tick lines were placed and i was good to go. We went up to 1440.75, 1 tick shy of a long entry at +6 ticks from 1439.50. Close but no cigar. On the very next bar we did indeed hit the -6 line at 1438.00 and i was short. Took the usual 5 handles and was sitting simply pretty. I will always take a fast move of 5 handles and look to get back in after the mkt retraces. A lot of screen time went into observing how the ES works its magic.
The area between +6/-6 lines is what i call the DEAD ZONE, this is my buffer zone to avoid getting whipsawed. I want the mkts runs NOT the mkts noise. Avoiding whipsaws is a skill many traders have a hard time learning, again screentime is required.
Ok, lets say unlike today, we have whipsaws and a trader decides to step aside, what do you do to get in? Myself, i wait for the first hour to pass and then take the first hours breakout. My objective then was a success as i avoided whipsaws and yet am still willing to try and catch the days range. ODDS, you play the odds. After those i revert more to support/resist levels.
Back to what is usually normal...........after a early run like this mornings pop from approx 1440 down to 1432.25 what are you looking for? Right, a 50% retrace of that move once you saw price start a sideways tap dance. The bigs were done, now it was the local yocals. We tap danced around a little then indeed went up to 1436 , 1437 area....within the 50% retrace NORMAL area. Shorts were still thinking a second leg down. Well we went somewhat lower but it was sloppy compared to how sweet the morning worked.
PS, Rick Santelli said the drop (my bacon) was caused by a rumor about Iran, whatever. Opinions are ruinous to many a trader, rumor runs to us TA believers are candy, we care less why.
PS, i am going to enhance my numbers this year, i plan on doing some range flipping when we are in between levels and the mkt is doing some tap dances. I am getting close to retiring and want some more bacon in the trunk. Thks for your indulgence. Good bacon slabbing to all. Simply marvelous. ..
Thought i would review my opening trade on a day that it was simply .......well you get the idea. Woke up this morning with the usual uncomplicated mindset to make some bacon. Simply meaning i start the day with zero opinions, ZERO. When the ES closes at 1615 EST daily i shut the pc off and turn away from the mkts totally. OK, first i do a printout of 5 min ES for keepsake and review, but no CNBC, no Larry Puppetlow etc.
Today we opened the pit at 1439.25 @0830 CST. The next bar opened at 1439.50 (give or take a tick according to your chart service). The +6 tick and -6 tick lines were placed and i was good to go. We went up to 1440.75, 1 tick shy of a long entry at +6 ticks from 1439.50. Close but no cigar. On the very next bar we did indeed hit the -6 line at 1438.00 and i was short. Took the usual 5 handles and was sitting simply pretty. I will always take a fast move of 5 handles and look to get back in after the mkt retraces. A lot of screen time went into observing how the ES works its magic.
The area between +6/-6 lines is what i call the DEAD ZONE, this is my buffer zone to avoid getting whipsawed. I want the mkts runs NOT the mkts noise. Avoiding whipsaws is a skill many traders have a hard time learning, again screentime is required.
Ok, lets say unlike today, we have whipsaws and a trader decides to step aside, what do you do to get in? Myself, i wait for the first hour to pass and then take the first hours breakout. My objective then was a success as i avoided whipsaws and yet am still willing to try and catch the days range. ODDS, you play the odds. After those i revert more to support/resist levels.
Back to what is usually normal...........after a early run like this mornings pop from approx 1440 down to 1432.25 what are you looking for? Right, a 50% retrace of that move once you saw price start a sideways tap dance. The bigs were done, now it was the local yocals. We tap danced around a little then indeed went up to 1436 , 1437 area....within the 50% retrace NORMAL area. Shorts were still thinking a second leg down. Well we went somewhat lower but it was sloppy compared to how sweet the morning worked.
PS, Rick Santelli said the drop (my bacon) was caused by a rumor about Iran, whatever. Opinions are ruinous to many a trader, rumor runs to us TA believers are candy, we care less why.
PS, i am going to enhance my numbers this year, i plan on doing some range flipping when we are in between levels and the mkt is doing some tap dances. I am getting close to retiring and want some more bacon in the trunk. Thks for your indulgence. Good bacon slabbing to all. Simply marvelous. ..
The Support zones held as planned. The first zone was breached, but its main component was a structure that was formed by the opening print. At the time I constructed it I just used the globex because the market had not opened. The comment made earlier about support at 1433 was the new level due to the ES opening a bit lower. It then ran up to 1436-1437 (local resistance) dropped a few points came up again tested 1437 and dropped 4 points. It then spiked a bit and proceeded down to the next zone where the LOD was put in and a little rally into the close. All in all not a bad day. Was expecting more of a move like the er2 did today... but what can ya do. I can feel the volatility coming, maybe next week...
-Nice trade Hog
...Here are the levels with the price action for the day...
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