ES Journal Archive (2006 - 2008)

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Quote from mbusch:

SS on add-on now raised to breakeven.

PT1 is 1566.50
PT2 is higher :)
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The stops that you are putting on are well within the noise pattern and are prime candidates for stop outs. This is meant as constructive criticism in a good hearted manner. I believe stops should be now higher than 1554.50 right now intraday. (1552.50 would be better in my view, but that's me) :)
 
howd I know the retail sales number?!! =)

this whole squeeze was based on retail sales implications of yesterday, todays number contradicts.. yesterdays number. Retail sales has one of the largest drops.

yahoo google differential, as it gets wider, yahoo would be susceptible to being bought out by google.
 
Quote from Buy1Sell2:

The stops that you are putting on are well within the noise pattern and are prime candidates for stop outs. This is meant as constructive criticism in a good hearted manner. I believe stops should be now higher than 1554.50 right now intraday. (1552.50 would be better in my view, but that's me) :)
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Don't you believe that risk tolerance is an extremely personal thing? Yours is clearly a whole lot larger than mine.

I also think this has a lot to do with the fact that I'm trading off a 3-minute chart and you're primarily following a 60-minute chart.

On my 3-minute chart, I'm watching what I think is a bull flag playing out. My stop, albeit quite tight, is safely below the bull flag (if indeed it is a bull flag). On an upside breakout from the bull flag, I will consider adding one one more unit. If the bull flag is negated by a downside breakout, then I ***want*** to be stopped out of my position and re-enter long lower.

EDIT: FWIW, I have lowered my stop to 1558.50, 2 ticks below support at 1559.
 
a trade should never be placed even if you think there is a remote chance your stop will be hit.

the only conditions where this is possible are during gaps.
 
Quote from Spectre2007:

a trade should never be placed even if you think there is a remote chance your stop will be hit.

the only conditions where this is possible are during gaps.
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Wouldn't it be better said that you should not place a stop if you think there is a good chance it will be hit? The trade has to be good on its own, the stop is just in case you are wrong so that should placed in a position where it will only get hit if you happen to be wrong.

Thoughts?
 
Quote from Spectre2007:

a trade should never be placed even if you think there is a remote chance your stop will be hit.
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That statement, my friend, is absolutely absurd!
 
1561 long 1559 sl tp EOD.

edit: msbusch, that statement about stops is what the most conservative form of risk management is.

edit: optionscoach you rephrased it better.
 
Quote from mbusch:

Don't you believe that risk tolerance is an extremely personal thing? Yours is clearly a whole lot larger than mine.
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I'm not risking much at that level though and neither should anyone else who is trading. The reason that stops are able to be picked off by so called professionals is that the stops are sitting ducks that get taken out by mere breezes. Stops are better placed outside of longer term noise, the longer the better. If trading a 2 minute chart, you may want to look at the 10 minute or the hourly for where to place a stop. :)

You may trade however you wish. I am just throwing out food for thought here.

One further item--If you are trading the 2 minute chart, by all means take a signal that is against your trade and get out. Most of the time, this should have you out well ahead of your stop. Just my opinion--trade as you wish
 
Quote from optioncoach:

Wouldn't it be better said that you should not place a stop if you think there is a good chance it will be hit? The trade has to be good on its own, the stop is just in case you are wrong so that should placed in a position where it will only get hit if you happen to be wrong.

Thoughts?
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Agreed. --and this involves placing it outside of noise in my view.
 
Quote from Buy1Sell2:

Agreed. --and this involves placing it outside of noise in my view.
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Saw a typo in my post. I meant to say it is better said you should not place a stop WHERE it is likely to get hit since the trade on its own merits has to be good, not just based on where a stop is placed.
 
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