ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
08-06-08 02:58 PM
08-06-08 02:44 PM
08-06-08 02:05 PM
08-06-08 01:29 PM
08-06-08 12:36 PM
08-06-08 10:15 AM
Long 20 contracts @ 1278.50
Initial stop 1270.75
Stop raised to 1275.75
Stop raised to 1277.00
Limit order placed at 1299.00
Stop raised to 1282.50
Stop raised to 1286.00
Closed at end of day 1287.75
Will look long again tomorrow.
08-06-08 02:44 PM
08-06-08 02:05 PM
08-06-08 01:29 PM
08-06-08 12:36 PM
08-06-08 10:15 AM
Long 20 contracts @ 1278.50
Initial stop 1270.75
Stop raised to 1275.75
Stop raised to 1277.00
Limit order placed at 1299.00
Stop raised to 1282.50
Stop raised to 1286.00
Closed at end of day 1287.75
Will look long again tomorrow.
Good trade
Quote from Buy1Sell2:
08-06-08 02:58 PM
08-06-08 02:44 PM
08-06-08 02:05 PM
08-06-08 01:29 PM
08-06-08 12:36 PM
08-06-08 10:15 AM
Long 20 contracts @ 1278.50
Initial stop 1270.75
Stop raised to 1275.75
Stop raised to 1277.00
Limit order placed at 1299.00
Stop raised to 1282.50
Stop raised to 1286.00
Closed at end of day 1287.75
Will look long again tomorrow.
Magna
Administrator
Guys, this is an excellent journal so keep up the great work. If anyone starts creating a problem please drop me a PM and I will take care of it. But don't respond/quote them as it only gives them more attention and reinforces what they said. Plus it gives me more work when I clean up the mess. Thanks, and good trading to all.
Quote from Buy1Sell2:
08-06-08 02:58 PM
08-06-08 02:44 PM
08-06-08 02:05 PM
08-06-08 01:29 PM
08-06-08 12:36 PM
08-06-08 10:15 AM
Long 20 contracts @ 1278.50
Initial stop 1270.75
Stop raised to 1275.75
Stop raised to 1277.00
Limit order placed at 1299.00
Stop raised to 1282.50
Stop raised to 1286.00
Closed at end of day 1287.75
Will look long again tomorrow.
Great trade. Pretty impressive holding through all the mess. I was pretty surprised there wasn't more resistance at 90, not that we meaningfully got through it, but it didn't appear that there were tons of sellers there.
I think AIG could cause some problems tomorrow but maybe the retail sales will help out. I am still thinking long myself.
Will try to post trades occassionally myself since I do post here from time to time.
Again - great job.
I have posted numerous trades on this board, the majority of them 5 years before you even created your profile. Will you tell me how they have benefitted you or anyone else ? Tell me again how rule of 10 does not work. ES did not go 86 to 75.25 then 75.25 to 85.75, and surely it did not go 81 to 91.5 after that.
I agree - your posts in hindsight or now wouldn't help me or anyone else. I think people post trades more for themselves (if in fact they are actual trades) to try to give them some accountability since most of us trade by ourselves. Thus, putting a pen to paper in terms of stop/target etc may help mentally in disciplining one's trading.
And while the ROT may be good in hindsight it is of no help in trading. Did the ES move from 81 to 91.75 today? Of course it did. But why would you have gone long at 81 thinking you were going to get a rule of ten move to the upside? How could you have implemented it as a trade? What stop and profit target would you have used? In my mind there was no reason to think 81 ws going to be the turning point although I bought 81.5 at that level thinking a retest of the 85 to 86 high previous to the move to 81 was a reasonable expectation.
And what how did the ROT work yesterday? The open at 59ish was a ROT but had you shorted it your max profit was 1 point, and then it was off to the races. Had you waited until Rule of twenty at 69ish you perhaps could have got a point or two out of it but again not much. And if you did short the Rule of twenty then what would have been your stop? Then after the FOMC annoucement we had a slight move down before and ramp back up that almost took us to a rule of thirty ( I know because I had a stop at 79.25 on a short) but it didn't. But after the bears couldn't take it down it marched straight on up through the 79. So the Rule of Thirty didn't hold either.
All I am saying is that it looks good okay in hindsight but I don't think it can be used for trading purposes. If it can then show me.
Not that I am asking from assistance from you in any shape or form.
One way one could use the rule is to surmise that since the PP held (on both ES and NQ, btw), that R1 was a logical target, and since R1 was 92, a logical buy area would be around 82. 92-10=82.
IMO, the NQ is a better candidate for the rule of 10s. I say 10s because often the daily range is very close to a power of 10. Today the daily range was 50.75. Longer term, the NQ and ES often go in 100 point ranges from high to low (1801.75 low this week, to 1906.75 high; and a few weeks ago I made some decent money buying ES in the 1230's, 100 points down from the last Fed day high, on a quick bounce).
And, yes, I have used it. But not today--I did not trade this afternoon, having been satisfied with this morning's run for the pivot. ('Tis too nice to be inside all day).
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