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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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If we remain range-bound for the balance of the day, then I would anticipate another strong down day this week (at least one day, possibly two). Buying puts near the top of today's range would serve as a position with favorable risk/reward.
Quote from apex82:
shit happens..... right on the trade but wrong on the execution... nicked by 7 ticks.
See now, I think your execution was fine, but you were effectively wrong on the trade.
What you thought was going to happen didn't happen. You thought you'd have immediate continuation, but price moved into a consolidation pattern instead and stopped you out.
Now, you did have an opportunity to put that trade back on with very little risk to yourself, but the fact remains that you were somewhat right, since price did eventually continue down, but not right enough, since it did so much later than you thought and made you take more heat than you thought you had to take. It's OK, it happens to everyone.
Your execution, on the other hand, was fine from what I can tell. You took a defined signal (trendline break), set a stop, and adhered to it.
Like I said, there some decent reentry points in that pattern, and I marked a chart up for you. Enjoy, and I hope it helps.
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Quote from smilingsynic:
If we remain range-bound for the balance of the day, then I would anticipate another strong down day this week (at least one day, possibly two). Buying puts near the top of today's range would serve as a position with favorable risk/reward.
Bot SPY puts and ES puts at ES 1388 (conditional trigger via IB). A position trade. Looking to hold until capitulation.
Quote from apex82:
ya I just got short to this should be a good signal
hoping to take some out on the retest of the lows and hold for new lows
That's the plan: sell some on retest, and hold the rest until the longs start tapping out. Stops must be trailed tightly, now that we have a stop gunner running the Federal Reserve.
Quote from Leonidas:
See now, I think your execution was fine, but you were effectively wrong on the trade.
What you thought was going to happen didn't happen. You thought you'd have immediate continuation, but price moved into a consolidation pattern instead and stopped you out.
Now, you did have an opportunity to put that trade back on with very little risk to yourself, but the fact remains that you were somewhat right, since price did eventually continue down, but not right enough, since it did so much later than you thought and made you take more heat than you thought you had to take. It's OK, it happens to everyone.
Your execution, on the other hand, was fine from what I can tell. You took a defined signal (trendline break), set a stop, and adhered to it.
Like I said, there some decent reentry points in that pattern, and I marked a chart up for you. Enjoy, and I hope it helps.
thanks for the response. I was able to get back in but was only 1/4 the size of the intial position and didnt mention it because I didnt post it in the journal ahead of time.
Thats quite the anaylsis... I guess over the years I just like to keep it simple. I have a zone, I short into the strength and if it goes higher then it statistically does... I bail.
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