ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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11-11-09 07:53 PM
11-11-09 08:23 AM
11-10-09 07:29 AM
11-09-09 01:26 PM
Long here with 20 @1075.50
Initial stop 1038.75
--Raising protective sell stop on this breakout trade to 1053.75 (11/10/2009)--
--Raising protective sell stop to 1064.75 (11/11/2009)--
--Raising protective sell stop to 1084.75 (11/11/2009)--
--Stopped out for a 9.25 pt gain. 20 times 9.25 equals 185 total points for $9,250 minus 20 RT commissions (11/12/2009)--
Looking long
11-11-09 08:23 AM
11-10-09 07:29 AM
11-09-09 01:26 PM
Long here with 20 @1075.50
Initial stop 1038.75
--Raising protective sell stop on this breakout trade to 1053.75 (11/10/2009)--
--Raising protective sell stop to 1064.75 (11/11/2009)--
--Raising protective sell stop to 1084.75 (11/11/2009)--
--Stopped out for a 9.25 pt gain. 20 times 9.25 equals 185 total points for $9,250 minus 20 RT commissions (11/12/2009)--
Looking long
well played! let the market tell you want it wants to do instead of guessing when it will do it.
Nice job bringing the stoploss above the entry. From now on I would be looking for shorts unless we get the Failure. Since we just had a DT and falling, around reaching the SMA or 30-35 pts from the 2nd top we might have a failure to watch for. If so you will get your long and a 60-70 pts upmove, although I don't really expect it...
Quote from Buy1Sell2:
No. Indicators are a major part of the trading strategy. I define trend on a higher time frame using indicators, then I only look for trades in the direction of the higher trend on the lower time frame. I then use indicators on the lower time frame to give me an idea when the potential for trend direction momentum will be high. The I buy or sell, a breakout or breakdown.
No. Indicators are a major part of the trading strategy. I define trend on a higher time frame using indicators, then I only look for trades in the direction of the higher trend on the lower time frame. I then use indicators on the lower time frame to give me an idea when the potential for trend direction momentum will be high. The I buy or sell, a breakout or breakdown.
My question is now answered
It's a nice trade, particularly the entry that put you immediately in the green.You probably saw where I was coming from with my initial post. I often deal with that type of trade on an intraday basis, ie breakout trades where the open profit at the BO point approximately equals the initial risk.
It has been my experience that price rarely breaks out and away from the BO point in a straight line. It usually gets sneaky there, gives false reversal signals (thus trapping the shorts that will further fuel the move up), shakes out the tight stops/weak hands breakout players. It also often makes a double top.
With that in mind, I found that the optimal exit strategy for my equity curve was to scale out at the BO point a part of the position that is inversely proportional to the degree of conviction I have in the trade. In your case if by default you had taken off half at 1099, you would have locked in 23.5pts on 10 contracts (better than the actual stopped out gain on all contracts) and you would still be in position for a potential fat tail trade.
I probably know your thoughts on this as we agreed to disagree on the "scaling out vs all out" debate but those looking to smoothen their equity curves might want to think about the different options.
Keep up the good work B1S2, and good trading.
No. If the system said to take some off at 1099, then it would have been better to take all off at 1099. The problem is that it is easy to pick a point (1099) and say that one should have scaled out there, but most likely, the scaler was pulling parts of the trade at 1078, 1080 etc. This is a discussion for another thread. Suffice it to say, that I trade all in/all out.
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