ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Well put.
ES OR System for Monday
Rules:
1) stay long above OR
2) stay short below OR
3) sell at yesterdays high
4) buy at yesterdays low
5) yesterdays high violated get long
6) yesterdays low violated get short
7) if OR violated again intraday add extra units
8) if rules trigger 1% loss stop for the day
9) close out positions at EOD.
Resources:
100K acct.
1% = 1000
ES point value 50
20 ES points 1% loss or win
2 ES units traded.
9:30-35 AM calculate ES Open Range.
-high OR
-low OR
usually around 1-2 points
trades must be entered with the ES open range stop.
if ES OR was 1520-22 and @ 9:36 ES is at 1523 get long with a 2 point ES stop as long as the stop falls in the open range zone.
Rules:
1) stay long above OR
2) stay short below OR
3) sell at yesterdays high
4) buy at yesterdays low
5) yesterdays high violated get long
6) yesterdays low violated get short
7) if OR violated again intraday add extra units
8) if rules trigger 1% loss stop for the day
9) close out positions at EOD.
Resources:
100K acct.
1% = 1000
ES point value 50
20 ES points 1% loss or win
2 ES units traded.
9:30-35 AM calculate ES Open Range.
-high OR
-low OR
usually around 1-2 points
trades must be entered with the ES open range stop.
if ES OR was 1520-22 and @ 9:36 ES is at 1523 get long with a 2 point ES stop as long as the stop falls in the open range zone.
ES open range looks like 1528.50-1529.50.
Premarket sentiment is overtly bullish. With some M&A's overseas, Asia was green, Hang Seng had trouble staying above 21000, Indian market looks tired. Nikkei should be much higher then what it is now, with the USDJPY favoring it. But it isn't.
Europe is green overall.
Main theme is the carefree bullish atmosphere is still present. No real news this week except for durable goods.
and it will be a long weekend. So people will cut out early volume will die down Friday.
Premarket sentiment is overtly bullish. With some M&A's overseas, Asia was green, Hang Seng had trouble staying above 21000, Indian market looks tired. Nikkei should be much higher then what it is now, with the USDJPY favoring it. But it isn't.
Europe is green overall.
Main theme is the carefree bullish atmosphere is still present. No real news this week except for durable goods.
and it will be a long weekend. So people will cut out early volume will die down Friday.
Yup. Sortof obvious the multi-year high will play out(obvious=scary?). Me thinks sometime this week, but that's just me thinking. LOL. No matter, would be silly to be first in line for any kind of sustained down move for now.
Trade what you see, not what you think
Osorico
EDIT: meant to say all-time high, not multi-year.
advantages of the sentiment, price will run up with the trend
disadvantages, if a major player decides to man-handle it in the pits and breaks key levels, the overtly bullish sentiment will trap people, and the prices will slide 20 points or more.
notice how they could have easily opened it above 1530 but keeping it at 1528
disadvantages, if a major player decides to man-handle it in the pits and breaks key levels, the overtly bullish sentiment will trap people, and the prices will slide 20 points or more.
notice how they could have easily opened it above 1530 but keeping it at 1528
key levels:
OR
previous high 1528
previous low 1520
looks like OR will open on the previous high. So the previous high becomes the OR, 2 point spread (1530-28)
OR
previous high 1528
previous low 1520
looks like OR will open on the previous high. So the previous high becomes the OR, 2 point spread (1530-28)
Spectre,
From your OR posts, I presume you use OR to position for the entire day. Is that correct? If so, what kind of W/L ratio does that method have for ES? Over what period?
Osorico
fwiw: I ask about W/L just as a quick overview. By itself, W/L is a misleading measure of success.
using the OR is more an art form, since determining when to enter and exit as the price plays with the OR or the previous days high or low becomes tricky.
there are time based entries and exits, meaning, if price hits a certain level, at time A, then you wait for a 5 minute bar to clear that level either below it or above it, to base your entry. Once you enter you place a stop using the farthest point of that level.
like if price trades up to 1528-30, and prints 1530.50, but a 5 minute bar below it would presuppose trade with a short entry with 1530.50 being the stop.
When prices play with key levels, it becomes important since as time elapses from a key level test, prices will move away rapidly from that level. So the longer you wait ie if you decide to use a 15 minute bar clearance, then you entry will have slippage.
And entry to stop amount will have a greater dollar amount risked.
there are time based entries and exits, meaning, if price hits a certain level, at time A, then you wait for a 5 minute bar to clear that level either below it or above it, to base your entry. Once you enter you place a stop using the farthest point of that level.
like if price trades up to 1528-30, and prints 1530.50, but a 5 minute bar below it would presuppose trade with a short entry with 1530.50 being the stop.
When prices play with key levels, it becomes important since as time elapses from a key level test, prices will move away rapidly from that level. So the longer you wait ie if you decide to use a 15 minute bar clearance, then you entry will have slippage.
And entry to stop amount will have a greater dollar amount risked.
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