ES Journal Archive (2006 - 2008)

[opt789]

Man that was hard to hold, I finally got out of my recent longs from the mid twenties. If we get through here new highs seem likely but the bonds are starting to worry me so I want to be flat for the weekend.

I would just like to extend my thanks to all those who post useful information here, particularly APEX. I thank you, my family thanks you, and my p/l thanks you. I started trading futures just to pass the time while watching my options positions, but at this rate I may need to focus on this a little more.

 

[osorico]

Quote from saxon22:

Short 1 car at 1536, 37, 38. Stop 1541 Trget 1535

Quote from saxon22:

In 4 cars. Avg. Entry Price 1537.56. Target now 1536. Stp. 1542.

Quote from saxon22:

Time will tell. Remember there are 1000 different ways to play the market. You do it your way I do it my way.
btw. luck has noting to do with my strategy [/B]

Yes, you are correct... there are as many ways to make money in the markets as there are market participants. The key however is to remain a market participant.

There is nothing wrong with a scale in strategy. There are 3 problems, imo, with YOUR trade...
1) Your target price indicates you do not expect "significant" downward price movement. Scaling in, in minimal increments expecting minimal moves is a highly suspect strategy... more of one to be proven right than because it's a "good" trade.

2) Trading is ALL ABOUT MONEY MGMT. targets(minimal in this case) = limited profit, with theorhetically UNlimited loss. Your usage of stops enhances rather than mitigates this risk.

3) The most recent "add" and subsequent increase in stop price is clearly poor money mgmt. Increasing size does mean increasing risk. By adding a contract and increasing your stop, you've increased your risk by 25% while your target remains unchanged. Clearly this trade is about being right, not about good trading.

JMHO. All the best with it...

Osorico

 

[apex82]

long 1539 3 tick stop target new highs

may be a bit early.. but still valid. would like to see a move up to 1542.50 where I could exit all and go short.

 

[saxon22]

Quote from osorico:

Yes, you are correct... there are as many ways to make money in the markets as there are market participants. The key however is to remain a market participant.

There is nothing wrong with a scale in strategy. There are 3 problems, imo, with YOUR trade...
1) Your target price indicates you do not expect "significant" downward price movement. Scaling in, in minimal increments expecting minimal moves is a highly suspect strategy... more of one to be proven right than because it's a "good" trade.

2) Trading is ALL ABOUT MONEY MGMT. targets(minimal in this case) = limited profit, with theorhetically UNlimited loss. Your usage of stops enhances rather than mitigates this risk.

3) The most recent "add" and subsequent increase in stop price is clearly poor money mgmt. Increasing size does mean increasing risk. By adding a contract and increasing your stop, you've increased your risk by 25% while your target remains unchanged. Clearly this trade is about being right, not about good trading.

JMHO. All the best with it...

Osorico

I thank you for taking the time to pinpoint the faults in my trading. I will answer to you in a more detailed matter, just not now. Nevertheless, thanx.... and talk to you later.

 

[jagmot]

Quote from osorico:

Yes, you are correct... there are as many ways to make money in the markets as there are market participants. The key however is to remain a market participant.

There is nothing wrong with a scale in strategy. There are 3 problems, imo, with YOUR trade...
1) Your target price indicates you do not expect "significant" downward price movement. Scaling in, in minimal increments expecting minimal moves is a highly suspect strategy... more of one to be proven right than because it's a "good" trade.

2) Trading is ALL ABOUT MONEY MGMT. targets(minimal in this case) = limited profit, with theorhetically UNlimited loss. Your usage of stops enhances rather than mitigates this risk.

3) The most recent "add" and subsequent increase in stop price is clearly poor money mgmt. Increasing size does mean increasing risk. By adding a contract and increasing your stop, you've increased your risk by 25% while your target remains unchanged. Clearly this trade is about being right, not about good trading.

JMHO. All the best with it...

Osorico

Saxon I agree with Osorico 100%. Double down is not a valid strategy (which is what your strategy looks like to me).

I am short, at 1539.75
TP 1535.00
SL 1541.75

I will move to BE if we get to 1537.75

EDIT: at BE.
Saxon, just want to let you know that none of us are trying to be rude, I know I am happy to help with strategy. I post my trades and would be happy to get any feedback on my own trades.

EDIT: 12:20 moved stop to 1538. 12:25 moved stop to 1537. Out +2.75 12:29.

 

[2006]

Limit buy @ 1538.5 --> Target 1542 or so.

Looking for a lower low shakeout here to get long.

 

[jagmot]

Quote from apex82:

B1S2 you have a nice portfolio going.... what do you think about adding a long corn to the mix? What do you see?

I just got long today at 335 with a 10pt stop looking to make over 200 points on this trade and let it ride for the rest of the year if I am not stopped out.

Nice purchase on corn, I had a buy order out there but was too conservative at 326.25

 

[apex82]

Quote from apex82:

long 1539 3 tick stop target new highs

may be a bit early.. but still valid. would like to see a move up to 1542.50 where I could exit all and go short.

getting out at +1tick dont like the lunch volume and the higher level resistance.

 

[apex82]

long again at 1538

stop at 1537

target retest of highs this is my last long etnry

 

[2006]

There's the shakeout -- we should get back above 40.