ES Journal Archive (2006 - 2008)

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Quote from kinggyppo:

Here is chart of gold since the beginning of the year. The move looks familiar as I got caught in a trend change when gold had one if its first givebacks around 650. I was following a shorter time frame and got burned badly. Stop placement is a difficult subject, if volatility is going up then contracts should be reduced and stops widened but you can get killed on range expansion days. This chart also shows that markets go down faster than up.
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Mental stops, imo, work best when there is a clear, planned-in-advance answer to the question, "What condition needs to be in place for this mental stop to become a hard stop?"

If the trader does not have an answer to that question, along with the discipline to act upon it, that mental stop is not worth squat.

I can see why he didn't buy back at 1343: it was a gap up from the previous close, and once ES broke below the previous day's close around 1337, 1343 was safe for the day.
 
Quote from maxni:

Buy1Sell2:

Can you briefly describe what happened to USD/JPY during that incident?

Thanks.
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200 pips down and then back to the same level in less than 5 minutes. JPY Futures
 
Quote from dmartin:

So you really had no premise for a stop at 1343. It was above 1343 and therefore, no one really knows where it is including you. Your at work so the market could go to 1370 and you lose another 27 points. As stated before, just show your basic account information which would show "average price" in the ES and we could put this to rest. But for some reason, I don't think you will show that account information. Why, you know why!

Let The Good Times Roll
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I did point out that I see what area I want to stop out in and give myself a range of 6 points on the other side--not 27. I explained earlier that this area has been tried now 3 times. Once the area is breached, I then place a stop. This is to avoid spike ups/downs that are meaningless.:)
 
Quote from smilingsynic:

Mental stops are fine if one has the discipline to use them.

Apparently, B1S2 saw that the market action around 1343 was not indicative of a continued rise, so he overrode the stop.
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SS this is exactly right. More to the point, I drill down once we get close to a stop out area to the 60 minute chart just to see if there is a possibility of OB/OS and Double top/Divergence etc. It existed for sure at this area yesterday, so I made sure to give myself the leeway. As of now, that area seems to be firm, but that could change of course. :)
 
Quote from volente_00:

if 94- 94 holds, expect 1320

if not gap fill at 1280


with oe, hard to figure if they will hold the gap 2 more days


Where them t day boys at ?
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Good Call Vol
 
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