ES Journal Archive (2006 - 2008)

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Quote from dmartin:



I still would like for someone to explain why Buy2Sell1 or anyone else did not take some profits off the table at resistance levels that proved formidable.

DMartin
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B1S2 has stated on several occasions in the journal he does not use (or agree with) the strategy of scaling out of a profitable trade. It is a matter of leaving money on the table when your right and the trend continues to much higher prices (and much larger profits). B1S2 has made pretty clear, his strategy is to hold the full position until a single final exit. So far, in this specific trade his strategy has proven optimal.

Thus he is not reacting to the particular price level you have identified because he does not have sufficient evidence the trend has ended, and therefore has no reason to exit the trend prematurely.
 
Quote from Spooz Top:

here is the potential diamond i was anticipating & why lower lo was bot.
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i`d be very leery of a lower lo & will stay away from buying that most likely......this move should go straight up to 62 if they want this build out to be succesful.
 
Quote from Mins:

Diamond top could form with inverse head and shoulder may form - if so then i will like to play the downside on the break.

It is a reversal formation so lets see what happens. If it breaks out topside then it will act as a consolidation pattern.

On 24 hour chart valid inverse head a shoulder - its not perfect but if it breaks downside with the diamond reversal formation and the high volume selling yesterday then might be good shorting opportunities.

I would actually love for it to break out downside with future target of 1530 where i have some big confluence going on. If it was inverse head and shoulders then target should be roughly 1530 region.
I don't know how others are seeing this but i would like a retrace to 1530 region before blasting off to ultimate target of 1650. This would also confirm with my elliot wave analysis.

However, that is very long term and im a short term trader so my opportunities exist on shorter timeframe.
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I have been playing it short this morning, got stopped out on 1 though, sellers were struggling to push lower and i found it very difficult getting a conservative entry.

However, even though i am bearish and have one measly YM short since after hours on monday. I took the long signal on ES. Clearly seeling pressure was decreasing, the NQ was holding strong and trend was up was in intact from the lows.

Signal was based on 1 min chart - was hoping for a weak Inverse head and shoulders to form. Market profile and all other parameters gave long strong long signal.

Even if this did not hold my risk exposure was small as if price broke 46.25 i would be out the trade - i like these type of trades as if i am wrong then my pattern is void and i get stopped out with 2-3 tick loss.

Expecting some consolidation around this 51 region so out 2 units here - still holding one long. Then again might be completely wrong and will be prepared to change my opinion as soon as the market turns on my noob ass.

:D
 

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Quote from TrendPro:

B1S2 has stated on several occasions in the journal he does not use (or agree with) the strategy of scaling out of a profitable trade. It is a matter of leaving money on the table when your right and the trend continues to much higher prices (and much larger profits). B1S2 has made pretty clear, his strategy is to hold the full position until a single final exit. So far, in this specific trade his strategy has proven optimal.

Thus he is not reacting to the particular price level you have identified because he does not have sufficient evidence the trend has ended, and therefore has no reason to exit the trend prematurely.
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So you come up to resistance that has proven formidable the past few years and decide not to take some profits off (I'm not referring to scaling in or out) the table. Makes perfect sense.

DMartin
 
Bulls are doing it ....& putting in there diamond/reversal,imo.......this will obviously change my short term outlook from bearish to bullish if they pull this off.....there will be plenty of time to catch this if you hav`nt already.as it builds out & falls back into the zone to it`s apex.......or it can keep going.

nice thing about diamonds is they`re patient reversal patterns more often than not.
 
Quote from JSSPMK:

Pekelo, how come you use BigCharts?
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I have the brokers' charts too, but I like Bigcharts, because it filters out the noise. Also for intraday swingtrading I don't need to look at it all the time and see how it fluctuates...

Going back to B1S2's position, at today's low he gave back 80% of his unrealized gains. To me even when it is position trading, that is just too much. At least 3 of us (DM, JSSPMK and me) saw the change of trend ahead of time, I thought cashing out and getting in at a lower price (if one wants to maintain a bullish bias) would have been the better idea...
 
Quote from dmartin:

So you come up to resistance that has proven formidable the past few years and decide not to take some profits off (I'm not referring to scaling in or out) the table. Makes perfect sense.

DMartin
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Sir,

I refer you to JJ's earlier post when he made the excellent point that this game is all about yourself.

If something makes perfect sense to you, then you have just convinced the only person who matters in your trading day.


regards
f9
 
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