ES Journal Archive (2006 - 2008)

[Sponger]

Buy1Sell2:

No one seemed to bat an eye when you posted that you had sold your entire long ES position, and were holding on to all ES puts. As a position trader (and that was a position you built methodically and held for quite some time), that was a major exit.

I would like to hear (and I'm sure others would for the sake of education) what your reasoning and rationale was for exiting your position when you did. Care to share your analysis and thought processs?

 

[Buy1Sell2]

Quote from Sponger:

Buy1Sell2:

No one seemed to bat an eye when you posted that you had sold your entire long ES position, and were holding on to all ES puts. As a position trader (and that was a position you built methodically and held for quite some time), that was a major exit.

I would like to hear (and I'm sure others would for the sake of education) what your reasoning and rationale was for exiting your position when you did. Care to share your analysis and thought processs?

There was a trend change just prior to when I exited. Divergences on the daily chart etc. I decided that I would get out and leave puts in place in case of a large correction. Long term Monthly uptrend intact, but weekly and daily had weakened. Only shorts should be taken right now even if longs look good. I exited about 15 points late by the way due to circumstances well within my control.

 

[Buy1Sell2]

Quote from JSSPMK:

I read in this journal that you favor divergences, so are you seeing this also and is that your reasoning behind switching long to a short?

Yes in part.

 

[Sponger]

Quote from Buy1Sell2:

There was a trend change just prior to when I exited. Divergences on the daily chart etc. I decided that I would get out and leave puts in place in case of a large correction. Long term Monthly uptrend intact, but weekly and daily had weakened. Only shorts should be taken right now even if longs look good. I exited about 15 points late by the way due to circumstances well within my control.

Thanks for following up. So you didn't get the high - no matter how you look at it, that was an incredible hold and nice exit. Considering that most in this journal are intraday trading (well, JimmyJam has been converted I think) your ability to hold that position and add on during volatility was extremely impressive - congrats!

 

[apex82]

Nice job B1S2 you keep it simple and follow your discipline thefore cathing big moves without giving much back.


Anyone long here with me? Im long from 1507.25 after the market pulled back from the rally with a stop at 1505.50.

First target 1521

 

[apex82]

Something a bit off topic... Looking at picking up a new laptop today to due some trading while traveling. Any recommendations? I was looking at the sony vaio FZ series, or possibly the hp dv9000 series. 15" or 17"?

 

[Buy1Sell2]

Clearly a position/swingtrader's stop should be above 1531.25 if short on daily charts.

 

[Sponger]

Apex, I think I remember seeing a recent thread about laptops for trading.....

 

[Sponger]

Apex,

Found it, thread is "Need Advice On New Laptop" op was Maverick74 - lots more under Hardware too

 

[Buy1Sell2]

Quote from apex82:

Nice job B1S2 you keep it simple and follow your discipline thefore cathing big moves without giving much back.


Anyone long here with me? Im long from 1507.25 after the market pulled back from the rally with a stop at 1505.50.

First target 1521

Thank you. You appear to be doing rather well also--