ES Journal Archive (2006 - 2008)

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When I traded WRB patterns intraday it was reasonable to expect 50% continuation of previous frame's range, so I would expect ~1464 to be a conservative target for today/tomorrow.
 
update on current long position in June 07 ES

5 units 1416.75
1 unit 1401.50
1 unit 1415.25

Average price 1414.36
Current price 1449.00

Unrealized gain on 7 units at present is 34.64 per contract


Realized Loss from 5 units in the March contract was 39 pts per contract

I am currently in the black.
 
Update on trading philosophy:

After some further study, I have decided to eliminate the scale in approach of building a position. It has worked for a long long time, but it is less profitable than just putting full position on initially. (This is over the long haul). This ES trade that I am in now will be the last trade in which I add as we go down (or vice versa). I will only be adding once I can show a profit on a trade and the stop is able to be moved upwards where I won't be giving the whole amount back. --You CAN teach an old dog new tricks!
 
Quote from romik:

Will that action automatically reduce your stop range?
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It will depend on what chart I am entering on --daily, weekly or monthly. I will be holding this trade the way it is right now with stops below low 1200's since I am entered on weekly charts.
 
While I see a Long 1445.00, it's interesting to note that the volume studies I've put together based on a post by Nkhoi]/b] are actually in the negative (by a moderate amount).

If volume leads price as many TA advocate, this puppy should be turning the corner pretty soon.

JJ
 
Quote from Buy1Sell2:

Update on trading philosophy:

After some further study, I have decided to eliminate the scale in approach of building a position. It has worked for a long long time, but it is less profitable than just putting full position on initially. (This is over the long haul). This ES trade that I am in now will be the last trade in which I add as we go down (or vice versa). I will only be adding once I can show a profit on a trade and the stop is able to be moved upwards where I won't be giving the whole amount back. --You CAN teach an old dog new tricks!
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Have you considered using the scaling method advocated by the Turtle Traders?

Their techniques are very well published (you can check under the alias inflector[/b for some of Curtis Faith's statements], and considering your strengths, it might work better for you.

Good trading,

JJ
 
Quote from JimmyJam:

Have you considered using the scaling method advocated by the Turtle Traders?

Their techniques are very well published (you can check under the alias inflector[/b for some of Curtis Faith's statements], and considering your strengths, it might work better for you.

Good trading,

JJ
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Just out of curiousity JimmyJam, what indicators do you use for daytrading?
 
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