ES Journal Archive (2006 - 2008)

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Quote from optioncoach:

Potential 1 min bearish divergence a la JJ MACD coming up here right before release of minutes...
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That is exactly why I decided to scale out of trades

RE Pekelo's below suggestion - I doubt it :)
 
Quote from Pekelo:

Has anybody ever seen Apex and RsX together? Why do I feel they are the same person? :)
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yeah rsx appeared out of nowhere, just about the time apex left.

then he started talking to me like he had known me for a while.

coincidence?
 
Quote from smilingsynic:

Yes, there is an overhead gap, and overhead gaps are often filled.

But larger ones are filled less often. This morning's gap was a large one.

Since early this morning there has been an ongoing attempt to fill the gap. Higher lows, so far. Higher highs for a while, but no more. Higher lows + lower highs = congestion.

The longer the market churns like this, and the longer the gap is not filled, the more likely at some point this afternoon there is going to be a collective surrender, and they're going to take them down.
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Obviously, the gap was filled.

Trading what you see is important, but sometimes you miss something.

Looking back, I missed something critical.

One of the principles that I use intraday is that if the market hits one the pivot levels (S2, S1, PP, R1, and R2 are the main ones, but I also look at recent highs and lows) and does NOT back off, one should get into position, for the market is likely to continue in the same direction after the pause.

Nothing fancy or original--just basic intraday trading.

This morning the market hit S2, went to S1, and then just sat there in congestion (congestion that I actually noted here), making a high, tight flag near the day's highs.

Instead of focusing on the fact that there was congestion at the day's highs, which was bullish, I instead saw the action as weak, since S1 is below the pivot, and S1 was acting like a ceilling.

Congestion at lows is bearish; congestion at highs (of the day) is bullish. Another principle yet ignored.

I don't miss these often, but I missed this one, and it cost me. I should be up, instead of breaking even (0 points minus commissions--that's NEGATIVE). I can only trade 3 hours a day, so missed chances add up.

Then again, there is time left, so it might end up being positive after all (short from 63, looking for pivot at 56.50 mit).

But that still does not excuse a missed opportunity right in front of me.
 
Quote from Pekelo:

Has anybody ever seen Apex and RsX together? Why do I feel they are the same person? :)
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We're certainly not the same person. As a matter of fact, we're on completely different continents - he's from Canada, if I remember correctly.

Although - we could be the same age.. not 100% sure. I use some similar tools as he does, obviously, and the approaches have some common building blocks, but his methodology is far more systemized, backtested and diversified than mine. I'm not even half through with building mine, in fact, and trying to learn the market each day. That's why I hang around here as well. And that's also why I only trade one instrument currently (the ES).
 
Quote from Pekelo:

Thanks for the clarification. Yes both of your styles are similar and you posted more often when he disappeared.
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Why do so many around here disappear?

I'm here, plugging away, posting few of my trades (don't want to disclose my stop), but contributing anyway (trading is a lonely profession--I know of NO other traders personally, other than a cousin who went to one of those workshops advertised on TV), trying to grind out 4 points a day while keeping my sanity; and yet I can count on two hands the number of posters who still are here.

The answer is rather obvious, but the question still interests me.

Why put so much time and energy into something, and then just walk away?
 
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