ES Journal Archive (2009 - 2010)

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Quote from NoDoji:

I'm very new to ES, with very few live trades under my belt and a fantastic history in my sim account over the past couple months.

I've been playing with wide stops and tight stops and a variety of strategies.

Can you guys either post here or PM me the stop strategies you use intraday vs. swing?

Oddly enough, in sim, I've found that using a 10-pt stop has netted me the greatest profits. My trades have never even come close, but allowing that kind of room leaves me very relaxed about each trade, whereas using tight stops (1-3 pt) always take me out for a minor profit or the max loss only to end up going majorly my way.
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What is your average target when using either size stop ?
 
Quote from volente_00:

What is your average target when using either size stop ?
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My average target is 2-4 pts. Here is my major issue:

I fail to consistently place my orders in advance at the trigger price. The few times I do this, I'm in at a fantastic entry price and can catch 2 pts minimum easily.

But most of the time I overanalyze the action and wait for price to start moving in my direction, then I react. So I'm in 1-2 pts worse than my ideal entry price because I've reacted instead of anticipated.

What happens next is price moves 1-2 pts in my favor as the rest of the move continues and then I move my stop 1 tick beyond b/e to cover my commission cost. Price usually stalls there and attempts some retracement of the push and I'm taken out for a tick of profit only to see price move perhaps a few ticks further, then right back in my direction without me for a very nice move.

Now this applies to trading in a range or a slowly trending range, which is how the market's been most of the time lately.

Chasing an entry isn't a problem if I'm jumping into a strong momentum move because there's a lot of meat to the move to catch a piece of.
 
Quote from JSSPMK:

Guys, great news, SPX & INDU have finished this week with a bearish hammer, first occurrence since Jan 09, that's 9 straight months without a single weekly bearish hammer.
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Can you post a chart?

Thanks.
 
Quote from NoDoji:

My average target is 2-4 pts. Here is my major issue:

I fail to consistently place my orders in advance at the trigger price. The few times I do this, I'm in at a fantastic entry price and can catch 2 pts minimum easily.

But most of the time I overanalyze the action and wait for price to start moving in my direction, then I react. So I'm in 1-2 pts worse than my ideal entry price because I've reacted instead of anticipated.

What happens next is price moves 1-2 pts in my favor as the rest of the move continues and then I move my stop 1 tick beyond b/e to cover my commission cost. Price usually stalls there and attempts some retracement of the push and I'm taken out for a tick of profit only to see price move perhaps a few ticks further, then right back in my direction without me for a very nice move.

Now this applies to trading in a range or a slowly trending range, which is how the market's been most of the time lately.

Chasing an entry isn't a problem if I'm jumping into a strong momentum move because there's a lot of meat to the move to catch a piece of.
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Go back over your last 10 trades and see what would have happened if you had not tightened your stop.
 
JSS,

The chart you've shown has absolutely minimal continuation in the week after, and obviously some kind of rally into the upper part of the week range.

That is something I see to be cautious about.

i.e. a new low relative to last week's low looks reasonable, but we cannot rule out the possibility of a huge run up after an initial drop.
 
Currently, there is no upside breakout trade available to take. Only looking for long trades right now. Sidelines until that occurs. Pullback may go as far back as 1030-1020, and then I will begin looking more in earnest. :)
 
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