ES Journal Archive (2006 - 2008)

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Scenario changed.

NQ successfully created a huge IHS breakout and if 1960 holds, we may see NQ at 2000 in a week.

ES 91 level was taken out as expected, BUT, it has not completely invalidated the huge DB staged so far.

Bulls are trying hard to pull the rabbit out today :)
 
Quote from OldTrader:

I'm moving my stop up to 1284.75 for now.

OldTrader
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I going to take the position home with me. In practice, I cancel my stop so that it is not affected in light overnight volume. Since the journal prefers a stop, I'm going to move it down to 1275.75...15 handles from my entry. I'll re-evaluate in the AM.

OldTrader
 
Quote from OldTrader:

I'm moving my stop up to 1284.75 for now.

OldTrader
More...

I can't remember you ever posting a trade on this journal Old Trader....or is my memory just bad?

I'm curious, if you don't mind, what time frame trader are you? Swing or position? And what kind of frequency. Make numerous daily trades or go days between trades?

I understand if you don't want to divulge...just curious what type of trading an Old Trader who wasn't blown out uses?
 
Quote from pkts:

I can't remember you ever posting a trade on this journal Old Trader....or is my memory just bad?

I'm curious, if you don't mind, what time frame trader are you? Swing or position? And what kind of frequency. Make numerous daily trades or go days between trades?

I understand if you don't want to divulge...just curious what type of trading an Old Trader who wasn't blown out uses?
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Actually I've posted several here in the past. They must not have impressed you. But I haven't made a post of a trade here recently.

My preference is swing trading, although I day trade most days as well. Generally I am willing to keep a trade overnight if I think it closed OK, and nothing changed about my reasoning for the trade.

Typically I use a wider stop....15-20 points is not unusual for me. It's a "fail-safe" type of stop, meaning it's the most I'm willing to lose. But if I think the trade is not going to work, I'll close it earlier. I don't wait necessarily to that type of stop to get triggered.

In terms of charts, I like to look at charts from 30 minutes up to daily...with a heavy emphasis on daily. I used to not use any intraday types of charts, but I've found in the last few years that there is some benefit.

I put more reliance though on the daily chart, and I also watch various key stocks, sectors, futures, and averages to try to get a feel for the direction. I also pay attention to the market reaction to news.

Hope that helps.

OldTrader
 
I don't follow this thread religiously so I must have missed your other entries. Thanks for filling me in. I have a similar approach...I'm a swing trader (though I will hold up to 1-3 months if I really like the position) and rely mostly on daily charts as well. I also compare reaction to news but once I'm in a trade I never change my stop. Sometimes this bites me but I find that my objectivity is shot once I am in the trade.

Do you calculate a profit target and then update it as the days go by or do you just wait for it to look like the futures are looking like they'll reverse.

I'd like to day trade as well but I've found that I can't keep the swing trades and day trades isolated from each other - it can get quite confusing when you're long 3 contracts on a swing trade and short 2 on a day trade. I have Button Trader now and it helps a lot but I don't want to pay for the highest license so I am restricted to 3 strategies and I use most of them for scaling in and out on swing trades. How do you handle the two different time frame trades? I've tried day trading the YM to solve these problems but I much prefer the ES...Ym is so choppy and illiquid.

Quote from OldTrader:

Actually I've posted several here in the past. They must not have impressed you. But I haven't made a post of a trade here recently.

My preference is swing trading, although I day trade most days as well. Generally I am willing to keep a trade overnight if I think it closed OK, and nothing changed about my reasoning for the trade.

Typically I use a wider stop....15-20 points is not unusual for me. It's a "fail-safe" type of stop, meaning it's the most I'm willing to lose. But if I think the trade is not going to work, I'll close it earlier. I don't wait necessarily to that type of stop to get triggered.

In terms of charts, I like to look at charts from 30 minutes up to daily...with a heavy emphasis on daily. I used to not use any intraday types of charts, but I've found in the last few years that there is some benefit.

I put more reliance though on the daily chart, and I also watch various key stocks, sectors, futures, and averages to try to get a feel for the direction. I also pay attention to the market reaction to news.

Hope that helps.

OldTrader
More...
 
Quote from pkts:

I don't follow this thread religiously so I must have missed your other entries. Thanks for filling me in. I have a similar approach...I'm a swing trader (though I will hold up to 1-3 months if I really like the position) and rely mostly on daily charts as well. I also compare reaction to news but once I'm in a trade I never change my stop. Sometimes this bites me but I find that my objectivity is shot once I am in the trade.

Do you calculate a profit target and then update it as the days go by or do you just wait for it to look like the futures are looking like they'll reverse.

I'd like to day trade as well but I've found that I can't keep the swing trades and day trades isolated from each other - it can get quite confusing when you're long 3 contracts on a swing trade and short 2 on a day trade. I have Button Trader now and it helps a lot but I don't want to pay for the highest license so I am restricted to 3 strategies and I use most of them for scaling in and out on swing trades. How do you handle the two different time frame trades? I've tried day trading the YM to solve these problems but I much prefer the ES...Ym is so choppy and illiquid.
More...

I don't calculate a profit target. I like to get out at a spot where I think there could be a reversal....usually into strength if I'm long, or weakness if I'm short. In other words, I buy weakness, sell strength.

On my day trades, I normally like to trade in the direction of my swing trade. Occasionally I do trade opposite of my position, and I did this via ButtonTrader. I guess you know it's just a bookkeeping entry on ButtonTrader. TWS reflects it as though you reduced your position.

I now use BookTrader rather than ButtonTrader. So I don't really keep track of it per se....it's just a question of reducing my position and then reinstating it when the trade is over. I don't do this that much though....mostly in direction of the trade.

OldTrader
 
Quote from OldTrader:

OK, I'll bite. Long at 1290.75. Stop at 1280.75.

OldTrader
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I decided to sell half of my ES at 1299.50 for just under 9 points profit. Still holding the other half with an overnight stop of 1275.75.

OldTrader
 
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