ES Journal Archive (2006 - 2008)

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Quote from JSSPMK:

RE - countertrend trading vs trend

This is today's chart (DAX), trend, which is now pretty obvious, is of course bearish. Made just under 100 points trading against dominant trend today, 1 short and 7 long. ImO it's not about which prevails, it's down to what I can do to make money. I, personally, hate draw downs, if trade is not going in my favour and I am in red full position by 1/5th of expected profit I take no prisoners, no matter what my bias might tell me, I am out, gone. If my bias/analyses are correct, then price will return to my original level where I placed that buy or sell order & if conditions are favourable I try again. As far as trading breakouts intraday, ImE/ImO I don't favour them and rarely would bite the bait, to me resistance levels are there to be sold and support levels to be bought, not vice versa.

Just some random thoughts and random they are, life is beautiful.

N.B. Not stoned :)

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1604734>
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over 200 points (DAX) all countertrend :D :D :D
 
Quote from Mins:

Wow 200 points, thats very very good trading.

Counter-trending just offers best R:R imo.
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When it come to the S&P, the data suggest that is true on all time frames.

There is more potential for profit, but one has to be careful not to let one bad trade gobble up the profits from several winning trades.

I have never traded the DAX, but it looks like you know what you're doing. :-)
 
DAX is traded in same manner as ES, DAX offers a lot more range so daytrader can benefit from relatively small average oscillations, very TA friendly also. I must add that 200 (now a tad more) points have been achieved via 3 lots multiple trades + scaling out, a minimum rist to reward of 1:3 (average is 1:4.2), I do count total accumulation, not per lot, still very good (67 per lot).
 
Quote from JSSPMK:

DAX is traded in same manner as ES, DAX offers a lot more range so daytrader can benefit from relatively small average oscillations, very TA friendly also. I must add that 200 (now a tad more) points have been achieved via 3 lots multiple trades + scaling out, a minimum rist to reward of 1:3 (average is 1:4.2), I do count total accumulation, not per lot, still very good (67 per lot).
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JSSPMK,

When you do your taxes (or have them done), have you been able to get favorable tax treatment (60/40) on the DAX (since it is not an American futures contract)?

If you are not an American, then please disregard.
 
Quote from smilingsynic:

JSSPMK,

When you do your taxes (or have them done), have you been able to get favorable tax treatment (60/40) on the DAX (since it is not an American futures contract)?

If you are not an American, then please disregard.
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I am from London mate, no idea, sorry
 
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