ES Journal Archive (2006 - 2008)

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Quote from Pekelo:

Today was a good example why I usually look for a top in the posted timeframe of 15:30-15:45...
Although it wasn't the HOD, we had one last top at 15:30 from where we promptly dropped 10+ points...At the cash close still higher by 7-8 points than the ca. 11 am low...
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market just is not rational right now. mkt is NOT factoring in the bad news. mkt is only focusing on the bailout/stimulus plan.
 
Quote from jmonday:

Pulsecan,

Do you employ a minimum threshold for R:R ratio?
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yes.
i look at support/resistance and probability. I'm a systems trader that uses discretionary plays as well.

Again, these are not normal markets so you have to think outside the box.
 
Quote from pulsescan:

yes.
i look at support/resistance and probability. I'm a systems trader that uses discretionary plays as well.

Again, these are not normal markets so you have to think outside the box.
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I was j/w b/c it looks like your reward is 5.25 pts and your risking 13.75 pts......or am i doing something wrong?
 
Quote from austinp:

<i>"Aaaauggh! You've been saying the same crap for the last couple years now. Give it a rest. Yippie ki yay, cow poke!"</i>

I'll be expecting you there beside us, Allen3. There is no doubt that anek trades... the only comments I had were concerning narrow-minded (and arrogant) dismissal of all indicators as useless. That is flat-out false as a fact, merely personal opinion.

I know two managed-fund traders who both had(have) >$100mm AUM that each use MACD and RSI for part of their price measurement = directional work. What they learned to pattern in divergences, others (like me) see the same thing in price patterns alone. To each their own.

You on the other hand may have never taken a single trade in your life. How is anyone to know? Feel free to post a screenshot of any day you wish to cherrypick, past or present.
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I agree that dismissing indicators as useless is highly dangerous.
It is just as dangerous as relying on indicators.

I tried to go the pure price action road but met with disaster.
Each trader thinks and processes information differently.

Using indicators to assist in understanding price action can work.

Just my opinion.
 
Quote from greddy:

I agree that dismissing indicators as useless is highly dangerous.
It is just as dangerous as relying on indicators.

I tried to go the pure price action road but met with disaster.
Each trader thinks and processes information differently.

Using indicators to assist in understanding price action can work.

Just my opinion.
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I think part of the problem here is that nobody is distinguishing between trend and counter-trend indicators. Trend indicators tend to have a positive expectancy and countertrend indicators generally do not. Thats not to say you can't make money using countertrend indicators (I do) but if you are going to use something like an oscillator you better have something to use in addition to it.
 
Quote from jmonday:

I was j/w b/c it looks like your reward is 5.25 pts and your risking 13.75 pts......or am i doing something wrong?
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I'll say this.

I don't look at it the same way that you do. r/r does not work and does not exist. there is no such thing as saying "I'm risking such and such to earn such and such". In other words your risk is unlimited when trading futures as is your reward. you can't guarantee profits or losses. the tighter the stop, the higher the probability of a stop out. the wider the stop, the higher the probability of riding out short term price swings. I'm not saying that i don't get stopped out sometimes. what i am saying is that i win more trades than i lose. I've been trading for almost 10 years now. I've traded all kinds of systems and strategies in real time in real markets with real money. i could write a biography but i digress.:D
 
Just eyeballing the macd on daily ES/NQ and it looks easy to go up/hard to go down from here with a clear triangle on the NQ and a fuzzy one on the ES.
 
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