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ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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S 1169.25
Target and Stop 2 Points.
Target and Stop 2 Points.
Quote from emg:
I dont put my stop. I average my price if the market goes against me. if the market went against me at 1171.75, i plan on adding at 1176.75 which will average my price to 1174.75 and move my profit target to 1173.75. Because the market made new high and the fund managers are in a position to exit their long positions from the low at 1168.75, the odds of profiting at 1173.75 is higher vs my original profit target at 1170.75. Plus, there is a higher chances the fund managers may begin going long below 1171.75. That is why i do not place my stop eventually, the fund managers will need to exit their positions.
I shoot for 1pt profit target because it falls near the 50% retracement level
That has to be the scariest plan I have ever read...
You forgot the 3rd and most important scenario, if those fund managers don't exit and push higher.
First off if you added at 76.75 you would be averaged in at 74.25, not 74.75. And you say that 1173.75 is a 1 point target, but price isn't at 74.75, its currently at 76.75. (where you last added). So now you are down 2.5 points per car. Already 2.5 times your reward. So when price keeps climbing higher do you add again? At say 81.75? So now you're averaged in at 76.75, Target 75.75? Given you are trading 1 lot from the start, currently you would down 5 points PER contract, total 15 points in the red when your original trade was to make only 1 point on 1 lot?
I wish you luck man..
'Averaging down is like shitting the bed and pushing it out with your feet, you only make a bigger mess.'
Quote from dalen:
That has to be the scariest plan I have ever read...
You forgot the 3rd and most important scenario, if those fund managers don't exit and push higher.
First off if you added at 76.75 you would be averaged in at 74.25, not 74.75. And you say that 1173.75 is a 1 point target, but price isn't at 74.75, its currently at 76.75. (where you last added). So now you are down 2.5 points per car. Already 2.5 times your reward. So when price keeps climbing higher do you add again? At say 81.75? So now you're averaged in at 76.75, Target 75.75? Given you are trading 1 lot from the start, currently you would down 5 points PER contract, total 15 points in the red when your original trade was to make only 1 point on 1 lot?
I wish you luck man..
'Averaging down is like shitting the bed and pushing it out with your feet, you only make a bigger mess.'
i disagree. Today, the volitility is damn weak compare to 2008 when the es daily average move is 40pts or sometime 90pts. When i was trading during 2008, my average adding is 22 contracts when market was moving 10pts up/down in less than 5 min, plus, i was trading when my former brokerage server bust every other week due to historical volume. Therefore, today, my aveage adding is barely 3 contracts compare to 2008.
Trading the ES without stop today is like trading oats futures market meaning only women trade oats. There were times when the market went against me 35pts in 2008 15 min after i was filled. Those were the fun days. May not see those days in the next 25 yrs
As to my trade today, i didnt add and i didnt need to.
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