ES Journal Archive (2009 - 2010)

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stops are a killer if you have a position before a moving market event.

I tend not to trade before such an event or if I have a position it needs to be sufficiently small to sustain vol.

I experienced this back in 93. I thought I was clever at the time and expected the market to react directionally to a coming economic release.
With no position on before the number, I just put 2 stop orders, one to buy the market if it moved .5% above current spot and one to sell if we moved lower .5%.

You must guess what happened...

the news came out, market spiked, my stop got triggered and, about 30 seconds after, my second stop order was executed, leaving me with one of my fastest and most stupid losses ever.
Yes, market went up then tanked. It's called taking out the stops...aka taking it both ways in this case
 
Quote from Lawrence Chan:

A drop from below 1080 implies lower low. See chart in last post.

And that means 1000 or lower is not out of the question yet.

How the mkt react at around 1000 will tell if 900 will be next.
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Thanks. :)
 
Quote from Pholeuon:

I personally think that put stop out of trading hours between R1 and S1 for next day is no win situation - mostly it will be triggered. Enough safe is just stop out of S2-R2. Forget for trade if you need give stop between S1-R1.
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I agree with you (seeing as how I'm always posting, talking about and using, Pivot Points).

But if you do that on a trade that you expecct 2pts of profit on, and have to average down on, you're blowing your risk:reward metrics out the window.

Those are just no-win situations for anyone even remotely conconcerned with managing their risk, period.
 
Saliva,

A trade that is not well on the money with a nearby stop as we approach a major volatility event is definitely asking for it.

Continual raise of stops is evidence that you had no idea where your stop had to be, sign of trouble.

Volatility tends to create a rubber band effect this is when short and buy stops (as entries not exits) best serve you.

You had the right idea but the incorrect implementation.

This one goes for free.
 
And landing on S1 at 54 ... priceless. :)


Quote from Pekelo:

Where did you learn that and are you some kind of charity guru, giving away valuable info for free? :)

Played out beautifully....
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Quote from Kovacs:

LOL @ Monday morning quarterbacks.

How many of these clowns have the balls to describe their entire trade?
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Right here son, right here.
entire trade, from start to finish

With:
a) Market bias stated at Open
b) Trade entry call
c) Trade risk management
d) Trade target call
e) Trade setup description and chart


... and it wasn't the first time, either. :D

P.S. Some people around here might actually want to learn something, little noob.
 
Today is shaping up to be a choppy one, and while the market currently still has an upwards bias (as of the Open and siting above the median pivot point), that advantage is rapidly fading.

Since I don't want to burn through the capital that I worked so hard to accumulate, I'll be sitting this one out.

So with that, I will bid you good folks adieu, and have a lovely weekend and see you back here on Monday.

Ciao :)
 
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