ES Journal Archive (2006 - 2008)

[satchel]

I would be taking the half off, unless you are getting killer entries (check your percents).

Are you moving the rest to breakeven stop

 

[JSSPMK]

C'Mon, let's get it down

 

[satchel]

Congestion at the 33, but gap fill. I do not want to buy this level. Short still.

 

[saxon22]

Quote from smilingsynic:

This approach suggests a lack of confidence. Why take off half the position half way through if you're right? Do you take off half of the position when you are half way through to your two point loss?

All you're doing is turning a 2-1 risk/reward to a 1.5/1. You may make a profit, but cutting winners short is the wrong way to go, imo.

The market right now is in congestion, not sure if it wants to "fill the gap" or go to new highs. There is a greater likelihood that close stops are going to be hit.

Confidence is not my strong point. I hardly ever catch those famous 10 pointers. (so far I got lucky once in RTH for 7 points and once for 8 points - last night). other than that it has been 2 points a lot of times and then sometimes those extra 2 and many times the market would go back to my limit (2 pts) and stop me out. What do you recommend?

 

[satchel]

Mental timed stop on this, next 30 minutes if not down near 1525 and I will close the short and ready long.

 

[smilingsynic]

Saxon,

You ARE on the right track, though.

As for me, I don't put on an intraday trade unless I see a potential profit of 4 or more points. I will take some off of the table at 4 points and then trail out the rest with a trailing stop, but I TRY not to cut profits short. If I see a big bar that is in my favor, I'll trail the stop to half the bar, and if there is exceptionally high volume, I'll trail it even closer.

I TRY not to cut profits short. It is a constant battle, one that I'll probably always have to face. I cannot see it ever ending.

I haven't put on a trade yet today, other than closing out a swing long I had since Monday (I did try to get off a short at 36.25 around 10:00--no fill). Do you know why? I don't see a high possibility trade of getting at least my four points.

 

[satchel]

Through 33, close the gap and make it fast so I can go have morning siesta

 

[mbusch]

Finally broke through 1533.25 after numerous tests. Support should now become resistance. Lowering my buy stop and staying short here. If we rise much above 1533.25, I will stop out with a small profit. I would like to ride this short to a close-the-gap, but I'm not confident that will happen.

 

[saxon22]

Quote from smilingsynic:

Saxon,

You ARE on the right track, though.

As for me, I don't put on an intraday trade unless I see a potential profit of 4 or more points. I will take some off of the table at 4 points and then trail out the rest with a trailing stop, but I TRY not to cut profits short. If I see a big bar that is in my favor, I'll trail the stop to half the bar, and if there is exceptionally high volume, I'll trail it even closer.

I TRY not to cut profits short. It is a constant battle, one that I'll probably always have to face. I cannot see it ever ending.

I haven't put on a trade yet today, other than closing out a swing long I had since Monday (I did try to get off a short at 36.25 around 10:00--no fill). Do you know why? I don't see a high possibility trade of getting at least my four points.

What about my stops. I was thinking of widening it to 3 points but hat would ruin my RR.

 

[mbusch]

Quote from saxon22:

What about my stops. I was thinking of widening it to 3 points but hat would ruin my RR.

Sounds to me like if most of your winners are between 2 and 4 points, you might want to concentrate on improving your entries rather than fiddling with your stops and profit targets.