ES Journal Archive (2006 - 2008)

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Quote from JSSPMK:

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1858979>


ImO not quite so, that depends on position management, today is exactly why I scale out 2/3 & not 1/2 as a 2.5pt 2/3 scale out gives you enough breathing space to allow for a shake & squeeze of 1/3 -5pt to put you at Gross b/e or even -10pt 1/3 stop which you make back on higher win/loss rate anyway. That allowance is very important at times when pattern remains valid or you entered near S1 which failed to reverse though S2 is near enough or next fib level, etc
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I am posting this just as a response to Joeyeta, this is not a method nor a system, this is just another way of implementing position management via scaling out. As long as there is a reason to stay in a trade and a trader is experienced enough to catch those 2-4 point bounces 2/3 scale out allows for extended drawdowns on remaining 1/3 position, as long as there is a reason to do so.


<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1859077>
 

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Quote from JSSPMK:

I am posting this just as a response to Joeyeta, this is not a method nor a system, this is just another way of implementing position management via scaling out. As long as there is a reason to stay in a trade and a trader is experienced enough to catch those 2-4 point bounces 2/3 scale out allows for extended drawdowns on remaining 1/3 position, as long as there is a reason to do so.


<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1859077>
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very clear,thnx jss, highly skilled trading,great job
 
Expecting a stronger bounce up from the 1304-1307.00 area that would lead to a test of the 1323-1325 area at a minimum. Planning a long at 1305.50 with 1323.00 as the primary target. Along with several fib retracements/extensions there's also a measured move that points to the 1304-1307 area.

1286.50-1361.50 upswing took place in about 38 hours, the current down leg from 1361.50 has lasted for almost 5 trading days now, which makes it nothing but a good probability retracement to 78.6% and 50% fib levels. The structure for another multi-day upleg is becoming stronger according to my analysis and will only be void if they close below 1300 on 60min charts.
 
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