ES Journal Archive (2006 - 2008)

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Quote from Pekelo:

Yeah, he "only" gave up 45 points since yesterday morning. Seriously, what's the point of being longterm short before an obvious feds rate cut? Just take the profits and wait for the spike to short...

But yesterday's worse trade still goes to Mbusch who managed to give back 20 points gains. I still don't get why you didn't take at least half off at a decent gain.... :confused:
It was very uncharacteristic for you man....
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Taking half off for a decent gain would have been rather foolish if the market had ended up going much, much further down. If one has a consistently profitable methodology, it does not make sense to take partial profits. Stops should take care of the losses, but hold until proven wrong.
 
Quote from ammo:

started with 4 hr,drew lines and shorted there was a line around 06, now watching 5 and 1 min, on daily , res at 1311 filled at 05, chart lines are drawn on candles and sometimes i cut off the tops and use body of candle, have been using transports as other indicator and it has stopped at res line, filled at 05.75
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also use ge and it blew res line at 35, waiting for it to get back under or i will take my loss and sh higher
 
was very leery on my shorts yesterday with tighter stops than usual due to this type of PA just about always before the fomc.
i doubled my daily quota despite the tight stops which says one can always profit with caution.

this is another reason daytraders should always be aware of the bigger frame charts like the 30,60 & D......as there was plenty of air overhead with a reversion to the mean only a matter of time.....we can trade up to 1320/30 easy in watching the 60 & 1350 on the daily..................for anyone trapped & slapped,the writing was on the wall & should`ve had tight stops across the board on all shorts.
 
Quote from Pekelo:

Yeah, he "only" gave up 45 points since yesterday morning. Seriously, what's the point of being longterm short before an obvious feds rate cut? Just take the profits and wait for the spike to short...

But yesterday's worse trade still goes to Mbusch who managed to give back 20 points gains. I still don't get why you didn't take at least half off at a decent gain.... :confused:
It was very uncharacteristic for you man....
More...

Pek,

You've made some nice calls in the past, but they seem only that... calls. I can't remember the last time you actually put out a live trade (at least in this forum)

Good trade MB.
 
Quote from jagmot:

You've made some nice calls in the past, but they seem only that... calls. I can't remember the last time you actually put out a live trade (at least in this forum)

Good trade MB.
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Maybe because I have had my own live journal for the last 3 years??

Calling that a good trade is just ridiculous...Again, people who get personal as a deffense haven't explained why would you be short in front of a most likely decent fed ratecut...If one gets short right now that would make more sense, because of the existence of a huge upgap...
 
Quote from Pekelo:

But yesterday's worse trade still goes to Mbusch who managed to give back 20 points gains. I still don't get why you didn't take at least half off at a decent gain....
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LOL at this bullshit; deriding a guy for breaking even on a 3:1 (or better, could have been a massive outlier) opportunity?

There's nothing constructive about taking "half off" aside from placating your emotions by ringing the cash register. The biggest impediment to my early trading was the inability to throw in a breakeven stop and letting the market ride however far it wants to go.

Scalping put aside, I maintain if you don't catch occasional trend outliers in panicky markets, you will never prosper in trading.
 
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