ES Journal Archive (2006 - 2008)

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Quote from JSSPMK:

It was the right decision to extend stop on 1/3, 1,2,3,5 min charts were diverging, price seems to be reacting nicely to 120m bullish pattern. Will try and hold position now till an obvious reversal on 60/120.
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so you moved the stop under 34 ?
 
Quote from volente_00:

so you moved the stop under 34 ?
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yes, and I can justify doing so.

ImO/E as long as the pattern is valid & risk management is still appropriately set there is NOTHING WRONG with extending stop level. It is not that easy to nail a longer term chart's potential range extension with a hard stop, which I do use on most occasions whenever I hold a full size position. With scaled out trades it is a lot easier to extend stops (providing there is a valid reason for doing so) as you are already in profit & the fact that your initial say 2 point stop can be stretched on 1/3 size, again as long as there is a valid reason for sticking to a trade. I saw 1,2,3,5 charts putting in a divergence, because I was trying to nail a move off 2 hour chart I knew that potential reward can be expected to be a lot bigger than even a 10 point stop on 1/3.
 
Quote from JSSPMK:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1787632>
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Ignoring all Ds on short term charts now until price reaches TL around 1360+
 
this up move because of Buffett's comments on muni's is notable, but is it going to end up being a good time to short like other positive news in the last months have been? or is 1316 now going to be established as the most recent lowest support before 1270?
 
Quote from JSSPMK:

yes, and I can justify doing so.

ImO/E as long as the pattern is valid & risk management is still appropriately set there is NOTHING WRONG with extending stop level. It is not that easy to nail a longer term chart's potential range extension with a hard stop, which I do use on most occasions whenever I hold a full size position. With scaled out trades it is a lot easier to extend stops (providing there is a valid reason for doing so) as you are already in profit & the fact that your initial say 2 point stop can be stretched on 1/3 size, again as long as there is a valid reason for sticking to a trade. I saw 1,2,3,5 charts putting in a divergence, because I was trying to nail a move off 2 hour chart I knew that potential reward can be expected to be a lot bigger than even a 10 point stop on 1/3.
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I was just curious because at first you had your stop above a rule of 10 signal area, which I have found thru time and $ is usually not a good idea and as luck has it it went 9.75 to that area before reversing hard. Still up for 1360 with a shot at possible 80 ?
 
Quote from storm121:

I say 1425 before 1250.

here is a sample of my fan mail, this was recieved about a week ago:

gorkgonzola




Registered: Nov 2005
Posts: 20
gratitude
you are far and away my favourite poster not just on ET, but on all the innernets... and i just wanted to thank you.


02-06-08 01:21 PM

its messages like that which keep me going.plus the beer.

anyway, I think we rally hard tomorrow.then cool off a bit and rally hard again on thursday.

Its going to be interesting.
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thanks for posting my most private of intimate and snuggly comments on a public forum. i appreciate that.

you're doing a great job. don't let the bashers get you down.
 
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