Close below 847.5 then we will have a perfect inside day and perfect triangle formation.
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ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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I got stopped on that trade. I actually re-entered short at 46.25 with a 1pt stop, but never posted on the journal in time since it was pretty impulsive... covered at 43.25... patience isn't my strongest suit... I like moves to be quick and fast or I gtfo. The longer you're in the market the larger chance of getting your stop cleared even though you may be right (at least when you use small stops like me).
I think we're due for a decent sized pullback over the next couple days, but I'm not sure if we'll make one more high by a few points first. So my directional hunch means nothing if I can't get a good safe entry.
Knowing direction is only 25% of the battle IMO. Then you need to figure out if from point X it will touch point Y (target) before it touches point Z (stop).
I think we're due for a decent sized pullback over the next couple days, but I'm not sure if we'll make one more high by a few points first. So my directional hunch means nothing if I can't get a good safe entry.
Knowing direction is only 25% of the battle IMO. Then you need to figure out if from point X it will touch point Y (target) before it touches point Z (stop).
Unless you possess a crystal ball like this noob, 1-point stop is pretty damn tight. BTW dontcha just hate being stopped out only to see it turn again in your direction?! The key is, of course, to jump right back in without feeling intimidated. Hence, job well done.Quote from tommymoose:
I got stopped on that trade. I actually re-entered short at 46.25 with a 1pt stop...
It looks like we'll be closing below 850. Therefore, I'm shorting the close at 842.
Quote from saliva:
Unless you possess a crystal ball like this noob, 1-point stop is pretty damn tight. BTW dontcha just hate being stopped out only to see it turn again in your direction?! The key is, of course, to jump right back in without feeling intimidated. Hence, job well done.
Yeah 1-pt is super tight, and its great when it works out, but I probably get stopped 3 times as much as you. If you plot a zone right and start to see heavy volume come in, 2-pts is really all you need.
I really only use a super small (~1-pt) stop if it looks like its ready to go my way, then makes a last stab just enough to stop me out on my original position, then quickly reverses.... then stop 1-tick past pivot on ES... 2 ticks on NQ... NQ can be annoying as shit... its like programmed to tap 1-tick past the hi/lo before moving again. Take a look at how often it happens on the 120-tick chart, its funny.
with short stops u most likely die by a thousand cuts....I died many times..the reason u use short stops is u don't trust ur system and/or underfunded ......maybe moving too fast in the learning curve ...I can tell you some easy rules to follow....buy low sell high with trend ..see the 15 min trends today...more than normal........
Quote from swing-scalper:
I found a little odd. This week is full of economic reports and market-moving events. The market is supposed to be volatile. However, the reality is that the market is quiet in terms of intraday movement, both yesterday and today. Don't know what's the implication for this temporarily quiet behaviour of the market.
Anybody has any ideas?
840 is a place where there is some equilibrium, whether it is a fib retrace, etc., is not as important as that momentum (news, new information) will move it away from this spot in the next week or so; what that catalyst will be I haven't a clue. Notice 800 is a major pivot/resistance on the low side, bearish here but there could easily be an intermediate rally that's why the action is choppy, the market is undecided.
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