ES Journal Archive (2006 - 2008)

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Quote from volente_00:

How do you decide if a trade offers enough opportunity to warrant taking if you don't weigh the monetary risk versus expected minimum reward ?
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The only thing that warrants a trade being made is a calculation of maximum risk at the time that my set up appears. My style will be frustrating sometimes for quite a while and then I nail the big winner which more than makes up for the small losers. Most traders rush to take profits and move trailing stops up too close to the market. I trade backwards of most traders. :)
 
Quote from smilingsynic:

This philosophy makes much more sense trading end of day than it does intraday.

That said, most traders should not even consider trading intraday (I'm rather surprised you've come back to it). Trading intraday is extremely demanding if you do not know what you're doing, and yet financially rewarding if you do; the first applies to most, the second, to few.
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I only made two trades just out of boredom like volente said. It's not what I am interested in. I did make a 3rd trade which was a swing trade, which I do have some interest in. It was a loss, but controlled. Your point about intraday needing targets( I am inferring that is what you meant), may have some merit, however the same rule applies that the position should be removed all at once. I can understand the use of targets for classic day trading trading. :)
 
Quote from volente_00:

b1, were back at your 43 level that made you cover before


Gonna hold ? Or are we going to low 20's ?
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I don't have any idea. I am looking for a swing long though. I just don't know where yet. I am also keeping an eye out for a positional short.

Yesterday was a real tester for me on my positional long in the Euro FX by the way. I had a stop sitting at 1.56140 and we touched into the 1.56's. We are sitting with what some might consider a triple top on the daily but it's in the face of a huge long term bull market. I will look to bring the stop up a bit in the next day or so unless I get nailed before that.
 
Quote from Buy1Sell2:

I only made two trades just out of boredom like volente said. It's not what I am interested in. I did make a 3rd trade which was a swing trade, which I do have some interest in. It was a loss, but controlled. Your point about intraday needing targets( I am inferring that is what you meant), may have some merit, however the same rule applies that the position should be removed all at once. I can understand the use of targets for classic day trading trading. :)
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I would say that your approach works best when buying close to new highs and selling close to new lows.

Intraday trading, opening range breakout might be most consistent with your approach.
 
It will most likely take some time (day or two) for me to see the swing long signal I want. There is a decent chance that I will be buying back above where I was stopped out this morning. No matter--that's the way it is. Ideally though of course, I will be buying lower.
 
Quote from smilingsynic:

I would say that your approach works best when buying close to new highs and selling close to new lows.
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Not certain I agree with that as I when I buy , the charts I look at are indicatinig oversold and vice versa.
 
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