ES Journal Archive (2006 - 2008)

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Thats a big problem for us beginners I think is the "impulsiveness" my background is ag spread trading. And I will do some very far deferred months sometimes and that means giving up a couple cents often just to enter trades. What i need to work on is seperating the two and really focus on not trading es and nq impulsively. Thanks for all the help guys i really appreciate it
 
Quote from Mins:

The way to use tight stops IMO is to make sure when you enter you know at what price you original entry is wrong or invalidated.

This way you get very nice entries based on your plan and you can use 2-3 pt (ES) tight stops without getting hit by the noise.

Whenever i enter a trade i see what level my entry is no longer valid short/long based on my plan and therefore i can use a tight stop. I will therefore only enter at a price in which my stop (usually 2-3pts) will be outside the level where my plan dictates that trade is negated.

I have found many times that if you jump into a trade impulsively that your stop has to be larger for the original entry to be invalidated. Avoid being impulsive and simply play the probabilities.

There is no need for large stops in day trading as markets like the ES are very efficient in some respects. Entry to me is what matters most in trading.
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I totally agree with Mins and below I give a real trade example:

Daytrade - 6 units

Short@ 1399
STOP@ 1404.50

If I get stopped, another small loss, if not my target for half of my position would be a 4 point profit, that's the way I do my daytrades, my position trades are totally different though.

This has been my first post in this journal.

Good trading to all! :cool:
 
Theres some good resistance here on NQ, but I am going to try and be patient and see if we can go higher. There is some very nice resistance at 2023.00 I'm going to look to short at. This area works well with the divergence showing up on the higher timeframes (15-60).
 
Short 2022.00... stop at 2025.75 but may exit sooner

stop moved to 2024.00... willing to re-enter if stopped

mini wedge... down we go... first stop 2019.25
 
Did you guys catch those two bounces off the RTH open line this morning.

It's typical ES openline behavior and encourages nice tight stops for you and when runs it runs.

regards
f9
 
Quote from vertigo3:

come on, JSSPMK, please.

just have a standard hard stop:

I suggest using the March 2003 low (I am not kidding)

Then you will satisfy B1S2's request for a hard stop.

B1S2 hasn't said anything about a trader being required to hold a position until stopped out.

Conditions change constantly and it is imperative that a trader constantly re-assess the evolving PA.

Successful traders have to adapt and react to the conditions of the market. Even B1S2 raises his stops after a comfortable buffer has been established. And, as proven yesterday, he will get out of a trade before it hits his stop.

A trader has to adapt and react to the constantly changing market conditions.
You adapt and react regularly when you get out of a trade because you don't like the way the histo on the 1m starts acting or whatever...

The whole process is managing a trade.

A successful (profitable) trader exits when the terrain looks strange, when the PA is NOT acting in accordance with his/her patterns that have proven to be profitable.

I've already done your homework for you.
On the continuous contract (produced by TradeStation), the swing low in Mar of 2003 was 911.50. Use that as your hard stop and then just update your trades the way you usually do.

Please do not stop posting your trades.
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I am not going to stop posting, I just don't want to adjust my trading to fit into somebody else's requirements, what you said above regarding changing market conditions I agree with you entirely, I can afford a 10 point stop, but I would rather take my chances on getting a lift using 1-2 point stop & it's only up to me to decide whether to stop exactly on -1.5 or -1.75 or -2. I think what I will do is simply comment on market conditions the way I see them at the time, that way I will still participate in our discussions. TY! :)

Quick edit: Guys/girls TY for the support, but let's not make this into some sort of drama, if a hard stop is what the originator of this journal desires, then that's what ought to be honoured. I will carry on trading the way I trade regardless :)
 
Quote from tommymoose:

Short 2022.00... stop at 2025.75 but may exit sooner

stop moved to 2024.00... willing to re-enter if stopped

mini wedge... down we go... first stop 2019.25
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Covered 2019.50... I like to have my first trades of the day with conservative targets to build up a comfortable amount of green. Its a psychology thing I guess.

Will re-enter if they want to retrace towards 2023 again.
 
Short 2020.50... stop 2021.50... target 2016.75 ... probably will get stopped, but its low risk.

stop moved to 2021.75... NQ likes to f*ck with you for a tick these days.

JSS, it looks good on the larger timeframes, but I'm battling a 1-min bullish D

stopped out... re-entered short 2020.25... target 2017

FWIW ES has textbook slant-D on the 10 right now... crossing my fingers for that to help take us down.

stop at 2023.00... stopped... damnit
 
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