ES Journal Archive (2006 - 2008)

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Down & out in the gutter, soaking up big stinking loss of nearly 4 grand earlier in the day, I'm (not so) proud to announce that I'm ending the day with only a slap of $150 loss. I guess a smaller crap is better than a bigger crap, although they're all crap nonetheless. :D
 
if you analyze tic action all day some whales were buying into it, preventing a serious decline.

they are holding it up till the bears throw in the towel, then they will ramp it down... or up..

but thats what the tic action is indicating, very resistant to downside moves.
 
Quote from smilingsynic:

As one who has struggled for most of his life against perfectionistic tendencies, I hear you. Being penny wise and pound foolish is a bad habit: you end up getting filled on all of the losing trades and miss getting filled on too many of the winners. It is wiser to focus more on the exit than on the entry.

What I do to avoid my inclination to perfectionism is to have "buying zones" and "selling zones." If my target sell price is, say, limit 1480, then I will place an alert to start looking for a place to sell if the price comes within 1-2 points of that price. If the alarm goes off because the price comes into the zone, I will watch the screen like a hawk and have a market order ready for the moment.

I rarely get my perfect price that way (sometimes I get a better price). And it is better that way. This afternoon, for instance, I was looking to sell around 1480-2. My alert went off at 1478. I watched the price spike on high volume, watched it go to over 81, and then I sold at 80, when it looked like the buying frenzy had ended.

Did I get my perfect entry? No. But so what? I was in, and now I could focus on the more important aspect--the exit. Once in, my thinking goes like this: If I am wrong because the buying has come back, I am out with a loss; if the buying has dried up, I'll cover for a profit on high negative TICK and high volume.

In the end, the exit was not perfect either (it rarely is). But it was a profitable day. Could have been better, but could have been worse. Unfortunately, the could of's and the should of's cannot be taken to the bank!
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I appreciate your feedback and insight. I usually use the "MIT" order on most of my trades. For the most part, I do pretty damn well of nailing the highs and lows (if you haven't already noticed :D) but do miss them at times by a hair like today. I wish there is an "MIT within x-range" orders that will find the best price within a certain range you specify in advance. Hmm...
 
Yesterday's live call in the chatroom just before the close:

Pekelo (Sep 11, 2007 3:51:11 PM)
tomorrow should be sideways Dow -50 +50

According to Yahoo, today's range was -45 and +51, Dow closing at -16, SPX at breakeven. :)
 
night trading is worst option of all for most, unless we don't have a choice...as far as what the market might do, I could not care less...when it runs a few hundred dollars in my favor a few times during the trading DAY, one car only, i really like that...of course, the big money boys wait for the big game, and they like that ....but for the poor boy, 100 x 2 or 3 cars, x a few times gives a smiley face at end of market day...then sleepy time there are no dreams glory or disaster...only flat.....and happy.....position trding is different compared to overnight playing the market, not much market there emini speaking......to each his own...so don't I care or know what others do...i wish them well also..imho
 
teach the new ones to trade...and it ain't "see I told you so"...it's like a cheeleading tryout to see who can outscream the rest...i can smell the smoke vol.......
 
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