ES Journal Archive (2006 - 2008)

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Quote from increasenow:

great stuff MINS...what time frame charts do you trade off of?...15 minute, 1 minute etc....thanks

I trade off the 5min but i also use combination of all time frames. When im trading the ES i have the 5 min and the 15 min open and i usually do my analysis overnight on daily, 540 min, 240 min, 88min, 60min timeframes.

If you use different timeframes you can get confluence zones with FIB projections which can be used in conjunction with strong support and resistance values in the charts.

Areas with high confluence usually have higher probability of being effective.

I then use 5 min chart to begin Elliot wave analysis, which i then go onto the 15 min, then to larger and larger time frames. As i am concerned more with shorter time frame, i can always re-adjust the very long time frames.

I also use market profile to give some direction of which way the market may turn, again if this is consistent with all my other analysis then it often turns out to be higher probability of success.

But no indicators can beat price action and i find stuff like Stochastics useful for longer term trades but for me it lags to much on 5 min timeframe.

This is just a few of the things i do, but like i said im just a beginner. I have had a decent start to futures trading as i not lost money but i still find psychological side of trading the hardest and probably 50% of whether you will win or lose.

Psychology i have to work on as often sell to early and ignore my targets due to fear of losing the gains.
 
They need to hold 1523.50 if were going to get this last push up.

If we break below 1523 I move to sidelines for the rest of the day. Any move up to 1528.50-1529.50 I will look for low risk shorts.
 
Question for Apex82:

As a self-professed counter trend trader, do you ever reverse after getting stopped out? Do you find that getting stopped out a few times in row is an indication to now trade with the trend? Or do you simply sit it out and wait for another opportunity to place a counter trend trade?
 
Quote from mbusch:

L 1523.00 with 3-tick stop
PT HOD (4 points)

Above HOD, looking to go short.
Target hit and filled for +4 points. Now looking for a short entry.
 
Nice trade MBusch... Its taken alot of patience to not short this yet but I gotta stick to the plan! haha... If we start looking like we're topping at 1528 again though I'll just take the short there. I think I'll take the cue based off volume. There just wasn't enough volume at the first 1528 for it to be the days top IMO.
 
15 min TL was gave you a 3 to 4 point reaction....but was looking for more........tricky sell here at 28.50/29.50 with higher hi being made.....although i`ll be looking to sell rallies form here on out.
 

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can you say, dead cat bounce? seems that's what the pundits are saying....

or, in the words of romik (where did he go, anyway?), dead cat's a$$ bounce....
 
Quote from Spectre2007:

world markets are red.. but us index futures green. Kinda odd behavior last night. Saw buying large amount ahead of the spread.

could be PPT at work.

PPT = Plunge Protection Team, right?
 
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