ES Journal Archive (2006 - 2008)

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Quote from smilingsynic:

EDIT: Market seems to be holding on to its gains--little selling pressure. Bot back the add on at 81.50.
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EDIT: Bot back the rest at 80.75. Original position: breakeven; add on- +0.5.

Hardly worth the effort.

Reason for covering: Weak selling pressure. Market is hanging in there in the low 80's. If the market were going to fill in the gap, there would have been newer lows by now. There have not been any new lows since before 10:00. Market is in congestion, not a downtrend, at least on an intraday basis.
 
I just can't short a day like this until late in the evening.

Im seeing a break out from balance with big gap up and in a daily uptrend. No way i can short this monster just yet as for me the odds are against me.

Wider stops on this one.

Scaling out now.

Out of 2 at 83. Trailing stop on other 2.

Strong seller, im out the other 2. Damn not my rally day i wanted.
 

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Quote from smilingsynic:

EDIT: Bot back the rest at 80.75. Original position: breakeven; add on- +0.5.

Hardly worth the effort.

Reason for covering: Weak selling pressure. Market is hanging in there in the low 80's. If the market were going to fill in the gap, there would have been newer lows by now. There have not been any new lows since before 10:00. Market is in congestion, not a downtrend, at least on an intraday basis.
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EDIT: I usually don't post my trades, because I do not think anyone cares to know what I do, but I have gotten some pm's about how to judge price action, and I wanted to give an example.
 
You know it's interesting how B1S2 sets-up this Journal and openly talks about all the details of his trading system, but no one seems to be interested in following it, at least on a conceptual level.

He's mentioned that:

1. He uses at least two (2), and most likely three (3) frames of reference to determine trend. In this case that's monthly, weekly, daily, but you can use the concept in whatever way is most appropriate for your style of trading.

2. He always trades in the direction of the largest frame of reference.

3. He never tries to out-think the markets, because he realizes he cannot know more than the group mind represented by everyone trading a given indice (ie, price action) at this moment in time.

4. He lets his winners run ... since we're daytraders that might mean going for a double or a triple, or loading up the boat when conditions are right for you.

In the meantime, we've got all these traders running around either trying to out-think the markets by using every technique known to man but this one.

Not a critique fellas, just an observation.

I make it only because after going back-and-forth for quite some time now I recently got my mojo back like I used to have it, oh, maybe a year or so ago (I don't remember exactly) ... and I did it by using all of the concepts that's (can you use "that's" in a past tense form?, that's the second time I've done it) already been mentioned in this Journal.

Good trading,

JJ
 
Quote from JimmyJam:

You know it's interesting how B1S2 sets-up this Journal and openly talks about all the details of his trading system, but no one seems to be interested in following it, at least on a conceptual level.

He's mentioned that:

1. He uses at least two (2), and most likely three (3) frames of reference to determine trend. In this case that's monthly, weekly, daily, but you can use the concept in whatever way is most appropriate for your style of trading.

2. He always trades in the direction of the largest frame of reference.

3. He never tries to out-think the markets, because he realizes he cannot know more than the group mind represented by everyone trading a given indice (ie, price action) at this moment in time.

4. He lets his winners run ... since we're daytraders that might mean going for a double or a triple, or loading up the boat when conditions are right for you.

In the meantime, we've got all these traders running around either trying to out-think the markets by using every technique known to man but this one.

Not a critique fellas, just an observation.

I make it only because after going back-and-forth for quite some time now I recently got my mojo back ... and I did it by using all of the concepts that's (can you use "that's" in a past tense form?, that's the second time I've done it) already been mentioned in this Journal.

Good trading,

JJ
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Why would you follow Buy1Sell2, he has his trading style and others have theirs.
What works for him may not work for others - lets not get ahead of ourselves, he his a great trader and his method works for him but this does not mean others can't outperform him.

As for trend following - it is a great strategy until it fails - just ask Richard Dennis. :D
 
Quote from Mins:

Why would you follow Buy1Sell2, he has his trading style and others have theirs.
What works for him may not work for others - lets not get ahead of ourselves, he his a great trader and his method works for him but this does not mean others can't outperform him.

As for trend following - it is a great strategy until it fails - just ask Richard Dennis. :D
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I don't follow anyone.

I'm a trader who comes to "sit and talk" in the ES Journal and talk shop with other traders.

We observe each other while talking, and get ideas and are able to reflect on what we are doing through observing the experiences of others, you know, just like with everything else in life.

I like what I see in my trading, I like what I see in his trading, and I share these thoughts for those who have sent me PM's asking for assistance (much like Smiley, there).

... and as far as trend following working or not working as you say, well, just ask a trader by the name of Anekdoten what he thinks about that (... smile).

Good trading,

JJ

P.S. If you've got your own game going on by all means, please continue with it. My words are for those who don't, or who want to make better what they have. :)
 
Quote from JimmyJam:

You know it's interesting how B1S2 sets-up this Journal and openly talks about all the details of his trading system, but no one seems to be interested in following it, at least on a conceptual level.

He's mentioned that:

1. He uses at least two (2), and most likely three (3) frames of reference to determine trend. In this case that's monthly, weekly, daily, but you can use the concept in whatever way is most appropriate for your style of trading.

2. He always trades in the direction of the largest frame of reference.

3. He never tries to out-think the markets, because he realizes he cannot know more than the group mind represented by everyone trading a given indice (ie, price action) at this moment in time.

4. He lets his winners run ... since we're daytraders that might mean going for a double or a triple, or loading up the boat when conditions are right for you.

In the meantime, we've got all these traders running around either trying to out-think the markets by using every technique known to man but this one.

Not a critique fellas, just an observation.

I make it only because after going back-and-forth for quite some time now I recently got my mojo back like I used to have it, oh, maybe a year or so ago (I don't remember exactly) ... and I did it by using all of the concepts that's (can you use "that's" in a past tense form?, that's the second time I've done it) already been mentioned in this Journal.

Good trading,

JJ
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Good post Jim, I think some of us use similar reasoning, I definetly use 1,3,4 but not so much on point 2. I still believe that he benefits greatly from multispreading risk via other future markets, reducing overall position size per 1 future market & using larger stops than can be 'accepted by a daytrader' full stop. My take on this is that for majority of traders whose capsize is nowhere near Buy1Sell2's one of the ways to implement his way of trading is by either reducing size dramatically down to 1 lot on $500 margin this increasing margin to $5k+ or decreasing stop levels by entering very close to support/resistance zones AND with help of indicator/s. He has stated himself that he is not very accurate with his entries, I know I have to be and there have been many occasions where longer term trend provided no help at all & other times when going against major trend proved to be pretty fruitful. Just some random thoughts.
 
Thanks for your posts, JimmyJam. I'm definitely learning from you guys. Been reading this thread for a couple weeks, relatively new to futures.

By all means, keep sharing. You (and B1S2, mbusch, and others) are invaluable to noobs like me.

later
sileiro
 
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