ES Journal Archive (2006 - 2008)

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The earlier pages of this journal were designed to show the futility of the daytrader attempting to trade both sides of the market and flailing around. I was successful doing so, but it was only through a series of position add ons after stop outs and then I was finally right and reaped the benefits. Most folks do not have the fortitude to do that. It's best to trade from only one side. Hopefully the earlier journal pages have not gone lost on everyone. :)
 
Quote from apex82:

Odds call for some fireworks tomorrow and a trending day... However, just from experience, this baby looks real and is occuring at prices among other indices that call for a massive decline. If we open around this 1545 level or lower I will be looking to sell the first rally up to 1555-1557 with a tight stop and hold for the remainder of the day if not weeks.
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doesnt get much better then that....

I hate trading bear phases. They always scare the shit out of you when the spike the market up huge on every new low. If we get another low I expect this thing to finally start moving.
 
Quote from opt789:

Buy1Sell2,
Your post on another thread about always keeping a stop in place makes sense of course, but it brings up another question. By being a swing trader and currently long that means you are long every night with a stop somewhat far away.

During 9/11 there was a complete shutdown of the exchanges. Stops will not do you any good in the very infrequent but still possible extreme scenarios. Do you factor into your trading plan the possibility of a significant, 100+ point, gap down where your stop does not help?
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Certainly. It is position sizing. I don't put all my eggs in one basket. Now as far as 9/11 goes, you must remember that the market was already in a long term down trend, so I was the benefactor of the down draft. This is one of the main advantages to always trading with the long term trend. ie it filters out the directional trades that are counter to what the prevailing tide is. ---The market didn't need much of a shove to go lower, but needed a huge shovel full of good news to go higher. More often than not, you will benefit from gaps when you are with the long trend. :)
 
1546 resistance has been tested three times this morning. A break below that level will probably be a fun ride. (Not that the ride today hasn't been fun already.)

I can't trade tomorrow (I'll be flying an airplane all day), so I'd love to see two days' worth of action today. :)

Oh, what I'd give for a nice T1 connection in the airplane...
 
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