76 area was the old year high now, should be retested early if another move up is in store - just like any normal breakout.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Here's one for you, saliva
***
Special alert: Have equities topped?
by Garrett Jones
futuresmag.com
Disclaimer Note: I really have no opinion on the subject.
***
Special alert: Have equities topped?
by Garrett Jones
futuresmag.com
Disclaimer Note: I really have no opinion on the subject.
Stick to your plan if you have confidence in its past performance.
I was just thinking out loud to help myself concentrate. =)
NQ tested its yearly high right at open, and retraced to test the swing high from last week then bounced.
What's next?
What's next?
10-05-09 08:09 AM
10-02-09 08:42 AM
09-15-09 07:54 AM
09-10-09 07:54 AM
Short 20 @1030.25 basis Dec 09
Initial stop 1078.00
--Staying put for now. (09/15/2009)--
--Staying put for now. (10/02/2009)--
--Continuing this position today (10/05/2009)--
--Trade stopped out for 47.75 pts loss--
This should solidify the point that I make, that when the trend is up, only longs should be taken. When trend is down, only shorts should be taken.
Phase 2 of the journal is now complete.
(Phase 1 demonstrated the kneejerk and reckless nature of the failed day trader. Phase 2 shows the advantages of trend following and risk management).
Phase 3 now begins: Advantages of using breakouts within trends for entries. ----
10-02-09 08:42 AM
09-15-09 07:54 AM
09-10-09 07:54 AM
Short 20 @1030.25 basis Dec 09
Initial stop 1078.00
--Staying put for now. (09/15/2009)--
--Staying put for now. (10/02/2009)--
--Continuing this position today (10/05/2009)--
--Trade stopped out for 47.75 pts loss--
This should solidify the point that I make, that when the trend is up, only longs should be taken. When trend is down, only shorts should be taken.
Phase 2 of the journal is now complete.
(Phase 1 demonstrated the kneejerk and reckless nature of the failed day trader. Phase 2 shows the advantages of trend following and risk management).
Phase 3 now begins: Advantages of using breakouts within trends for entries. ----
Quote from Buy1Sell2:
10-05-09 08:09 AM
10-02-09 08:42 AM
09-15-09 07:54 AM
09-10-09 07:54 AM
Short 20 @1030.25 basis Dec 09
Initial stop 1078.00
--Staying put for now. (09/15/2009)--
--Staying put for now. (10/02/2009)--
--Continuing this position today (10/05/2009)--
--Trade stopped out for 47.75 pts loss--
This should solidify the point that I make, that when the trend is up, only longs should be taken. When trend is down, only shorts should be taken.
Phase 2 of the journal is now complete.
(Phase 1 demonstrated the kneejerk and reckless nature of the failed day trader. Phase 2 shows the advantages of trend following and risk management).
Phase 3 now begins: Advantages of using breakouts within trends for entries. ----
When does Phase 4 start?
Scaling out to smooth the equity curve to become more profitable overall.
LOL, thanks for that.
Good stuff ... I know I sound facetious (and knowing my post history, I usually am) but this time I mean it ... honestly!
As you can see from your hang-out spot ... er trading Journal, B1S2, most of the traders aren't going to pay attention to what you're saying here ... too bad, because they might learn a viable strategy for trading the markets.Quote from Buy1Sell2:
Phase 3 now begins: Advantages of using breakouts within trends for entries. ----
But it requires patience, belief in your system, and (on an intra-day basis at least) a willingness to to spend days just observing the market, while waiting for your setup to happen.
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