ES Journal Archive (2006 - 2008)

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Rsx, congrat nice strategy.

However your tactic I do not understand.
/excuse my terminology I am former chess player/.
Do you see that channel is about 5 point wide? Yes, I believe.
What is good? If it is hesitating on top of channel than immediately sale and immediately half of position buy 3.5-4 points bellow and remainder half 4.5-5 points bellow. You know - it will go there with 90% probability, today is not strong and quick trending day.

So you will have 4.5 point at home and probably same position, as minimum half.

After my opinion if you sit bellow computer let go retracement against you bigger than 10-12 tick is not profitable on longer run. Especially from top of channel - where you are expecting it. You know that retracement will be minimum to 10 or 20 days EMA.
 
Pholeuon, yes. That's one way to approach to today's trading, indeed. My approach is a bit different - I'm not scalping for handles, I'm holding to ride waves. I can't capture handles and build 20+ round-trips a day - that style is not for me, I've decided that a long time ago.

What I'm doing is measuring and counting multi-day waves (swings) and analysing the market's structure, trying to then jump in as it forms ahead. I prefer intraday trades, but will occasionally hold overnight, if I find that the market agrees with my plan. And if it really does, then I prefer sticking to the plan and not look at the P/L so much. That creates huge temptations:)

I'm currently witnessing what seems as the second failure at 1358, but there's no way I would short this just yet, so I'm continuing to hold this long position. I guess I'm kinda testing myself here mostly - seeing if I can enforce some more patience into my trading and if it will improve my overall results a bit. It probably will, but the question is, can I endure the corrections. No way to know except by giving it a try.

The market can and will do anything - yes. I don't know where it's going and which forces will end up greater by tomorrow - they might bring it back below 1350, but at this point it would void my plan as I have it built, so I'm keeping my stop right there. I'll give back 10 points, but that's the sacrifice one must risk, if the target is 30 points - if my target was 14 points, I'd be out at 1357-1358 by now.

That's why I have limited my risk and am now protecting profits. Not by far as agressively as I'm used to. But I'm locking in a relatively small profit here and trying to keep the patience to grow this position until my target is reached or until I really see a reversal with decent volume. Today the only reversal with decent volume was the reversal up from 1342.00. It's all about probabilities for me and fitting them into my trading plan. Each day is constant learning :)
 
Hi , this is my first post to this forum , although I read it regularly. I decided to post after reading RSX's posts and saw the similarities between what he was doing on this trade and what I was trying to do. I started trading es futures in december , and have been getting better at it, but I have noticed that by not following my convictions enough , I've left alot of money on the table. I also don't want to be glued to a screen all day, and have always done best at trading/investing when I go for intermediate term moves. It seems to fit my head the best.

So, I decided to start going for longer term moves, and after thinking over the weekend that I may have missed the beginning of a big move up, I got into what medium term long at 1334 , with the intention to keep a core position and trade the other half in shorter term moves. I added a bit yesterday at 1337.5 , and ended the selling short term half (also yesterday) at about 1357 as it settled down from the move to 1361. I kept the core position , and then doubled up again at about 1345 this morning. I actually kept the whole position today, my eventual target is 1400 ish , so although I'm sort of regretting not selling out the "short term" half of the position today when we ran up to the highs twice, I'm not terribly worried about it. Anyway , happy trading.
 
Definitely possible we topped out yesterday and today at ~1360 and are set to retrace back to ~1325 easy. However, this has been a strongly impulsing move over the past week and as long as we dont break 1340, it sure looks probable we make another stab upwards before the intermediate term top is in. The level I see for the bears to defend is 1371-1378... A couple fib levels, DPTL, channel TL and MACD divergence all on the bears side at that level. Its sorta rough right now but hopefully some other structure will appear in that area for a good R/R short opportunity.
 
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