ES Journal Archive (2006 - 2008)

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Yeah I agree. These days, I managed to make money but my method seems ridiculous : sometimes I would gain only 1 point on the Dax future. Given the very low fees, I still make money and that's what matters and this is the way I am confident now. When I will have more money, I will trade big ranges.
 
Nice action in the pre-market. At 4:30 am EDT, ES retraced and bounced smartly off the 1530 support level (yesterday's HOD until the last few minutes before the 4:15 PM close), then moved up briskly 3+ points. (I use the terms "smartly" and "briskly" in the relative sense, compared with the usual snail's pace of Globex trading.) Looks like it may be in the process of retesting the 1530 level (for any fellow insomniacs out there). If it does, I may go long on small size before I go back to bed.

EDIT at 6 am EDT
L 1530.50
SS 1528.50 (2 points -- Globex requires wider stop)
PT 1543 (12.5 points)

Going to bed again...
 
Quote from mbusch:

at 6 am EDT
L 1530.50
SS 1528.50 (2 points -- Globex requires wider stop)
PT 1543 (12.5 points)

Going to bed again...
More...
Awake agan at 8:30 am EDT, just in time to see ES trying to break through resistance zone at 1535.00-1535.50.

Rasing stop to 1534.00 (+3.5)
Last paint 1536.00 (+5.5)
May take profit here if ES fails to break above that zone soon, then wait for RTH open to re-enter.

EDIT: Taking profit here at 1535.00 for +4.5.
 
Quote from apex82:

I thought I would put in my 2 cents....

B1S2, you have some great points and you are very successful at trading a certain way. However, most people ( I as well) do not have the patience to wait a month or 2 to make 60-90points yet alone having a 20-30 pt stop trading large size. Most traders are attracted to scalping because of the amount of trades and they think they can capture the days range consistently. However, most dont realize that daytrading is going to have the most competition due to the lifestyle it provides. Scalping will have a higher % winners which we were brought up believing that this is the only way to life. So its only natural for new traders to gravitate to that direction. However, trading is the opposite, I think this is what you are trying to get at.. and its essential.

I believe the markets are fractal so I want to trade like a casino. The more trades I take the more effective my edge will be. This is why I mainly daytrade but also have some commodity and stock portfolios for catching the large runs while remaining diversified. One persons "noise" is another persons income.
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Thank you apex.

I spent a few mins this morning formulating a like-reply. Must admit I had trouble as my writing style this morning had sounds of animosity, which was/is not my intent. So I brewed some coffee instead.

Thanks again apex, you said what I couldn't

Osorico :)
 
I would look for longs 10 points away from the morning high around 1030 est usa time.

around 1528.

risk is the stops get blown and we test 1560 by end of the week.

retail sales will be poor tomm.
 
Quote from apex82:

I believe the markets are fractal so I want to trade like a casino.
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Apex, when you have the time (!), please elaborate on exactly what you mean by the word "fractal" in this context.

As a mathematician, I understand its meaning in a mathematical context. Specifically, fractal refers to a self-similar structure whose geometrical and topographical features are recapitulated in miniature on finer and finer scales.

This is clearly true of the markets (as we show every day when we bounce around to different time-frame charts). It was articulated long ago in the Elliott Wave model, long before the word "fractal" was coined.

But I have the feeling you meant to convey more than just self-similarity on different timeframes when you used the word fractal.

Comments please, when you have the chance?
 
Quote from mbusch:

L 1539.00
SS 1538.50 (2 ticks)
PT 1544.00 (5 points)
More...

this is a great entry on a day like this....

if not stopped out hold this baby to the close.
 
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