http://www.trade2win.com/boards/showthread.php?t=26559&page=9
post 84-85 ...take a close look at those.
post 84-85 ...take a close look at those.
ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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goodluck, hope to see ya back in the future.
I am hoping that some of the newer traders are able to see the difference in the tape today. The tape seems to bounce, so that's volatility. With that is a problem because with the wider swings come larger price variance meaning bigger price swings in etiher direction. I would trade less contracts and widen stops, these are the kinds of days that can end a career.
May I suggest some perspective here.
Countertrend traders look for reversals, or evidence of an impending reversal. B1S2 is NOT a countertrend trader, at least in the long-term sense, though he does look for short-term weakness in uptrends to buy, and short-term strength in downtrends to sell (part trend, part countertrend, somewhat).
When trading with the trend, one is generally NOT looking for reversals. Reversals only become such after the fact. Trend followers are more concerned that they will miss the big trends; reversals are the risk, and they cannot be avoided; for they are inevitable. But they do not look for them. Rather, they look for trends.
How often have countertrend traders end up missing a big move because they are worried about being stopped out because of reversals? They are too eager to close out potential big winners because of some one-day chart pattern. Usually it is some silly sounding chart pattern that they read about in a book (Look! That's an engulfing candlestick, or big red bar, or something. Click. Out.).
Countertrend traders might end up with a higher winning percentage, and in my book it is the way to trade ES (but not NQ, or the Russell, or crude) on most days (not today!). But countertrend traders rarely get the big trends; they may get chunks, and with less reaction, but how many faders got 100 ES points in this recent move?
It depends on what you want, and don't want. Good luck to all.
Countertrend traders look for reversals, or evidence of an impending reversal. B1S2 is NOT a countertrend trader, at least in the long-term sense, though he does look for short-term weakness in uptrends to buy, and short-term strength in downtrends to sell (part trend, part countertrend, somewhat).
When trading with the trend, one is generally NOT looking for reversals. Reversals only become such after the fact. Trend followers are more concerned that they will miss the big trends; reversals are the risk, and they cannot be avoided; for they are inevitable. But they do not look for them. Rather, they look for trends.
How often have countertrend traders end up missing a big move because they are worried about being stopped out because of reversals? They are too eager to close out potential big winners because of some one-day chart pattern. Usually it is some silly sounding chart pattern that they read about in a book (Look! That's an engulfing candlestick, or big red bar, or something. Click. Out.).
Countertrend traders might end up with a higher winning percentage, and in my book it is the way to trade ES (but not NQ, or the Russell, or crude) on most days (not today!). But countertrend traders rarely get the big trends; they may get chunks, and with less reaction, but how many faders got 100 ES points in this recent move?
It depends on what you want, and don't want. Good luck to all.
Which is the exact opposite of what I did today....
looking like 10/100 es/dow points south to 500 & 07 by monday morning is very possible...........momentum is a powerful thing.
they painted a very bullish pic on the close to get everyone leaning long........only turning out to be another "ultimate" sell.
they poked out some short stops at 51.25...yesterdays swing hi only to dump it on the overnight.....stealing the move like is often done to shorts.
they painted a very bullish pic on the close to get everyone leaning long........only turning out to be another "ultimate" sell.
they poked out some short stops at 51.25...yesterdays swing hi only to dump it on the overnight.....stealing the move like is often done to shorts.
the Caterpillar transcript. Anyone want to guess how many well timed billions it took to break the market?
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