ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Here is an [ES] Red Hammer trade fairly close to setting up:
Sell Short
Entry 1120
Exit 1105.75
Stop 1134
If price reverts to 1098 before it hits 1120 the trade is off until PA reconfirms.
These trades sometimes drift overnight or for a day or so and almost always hit their exit order during the NO-Globex session.
They are exclusively triggered from the ES 30m Bar.
I liked my long trade today. I waited for a setup that made sense, plan was to go long 1 contract, and add 1 more if market moved down more, but still use stop for both at a good level. Both contracts got filled, so I targeted 1st contracts entry, and was able to get out at a profit.
This was better than yesterday where I took a small loss. Yesterday, it was just a 1 contract trade, but I did not give my stop room to breath. and I got stopped out at the exact bottom of the market, which of course then reversed and made new highs.
I think for me I need to use stops that activate when my calculations are proved incorrect rather than just a standard stop like I did yesterday to try to prevent more than a standard loss for a trade. Obviously, sometimes for this strategy, I will take a bigger loss than a win, but it should work out with a higher win%. This does not mean that I will always average down on my trades, nor will I keep adding to a losing trade. My goal is to have runners in the future to make up for these types of trades.
Right after the market hit my target, it did then keep falling without me being in a trade anymore, and fell below my 2nd contracts entry point but never violated the stop I was using. This should have indicated for me to go long again, but I was feeling an emotion called relief, and was not able to continue to analyze the market. Of course the market then did make new highs, since per what I read in a TA book, if a market can not move lower, then it will move higher, and reverse is also true, if a market can not more higher, it will move lower.
This was better than yesterday where I took a small loss. Yesterday, it was just a 1 contract trade, but I did not give my stop room to breath. and I got stopped out at the exact bottom of the market, which of course then reversed and made new highs.
I think for me I need to use stops that activate when my calculations are proved incorrect rather than just a standard stop like I did yesterday to try to prevent more than a standard loss for a trade. Obviously, sometimes for this strategy, I will take a bigger loss than a win, but it should work out with a higher win%. This does not mean that I will always average down on my trades, nor will I keep adding to a losing trade. My goal is to have runners in the future to make up for these types of trades.
Right after the market hit my target, it did then keep falling without me being in a trade anymore, and fell below my 2nd contracts entry point but never violated the stop I was using. This should have indicated for me to go long again, but I was feeling an emotion called relief, and was not able to continue to analyze the market. Of course the market then did make new highs, since per what I read in a TA book, if a market can not move lower, then it will move higher, and reverse is also true, if a market can not more higher, it will move lower.
Does everybody have the similar experience?
That is sometimes there is kind of self-destructive mood when trading, like suicide trading.
Today i made two trades, both are not my set up, at least not my entry signal, but i jumped in with market order.
After i was in the market, i myself found that was not good. However, i didn't get out immediately and watched i got stopped out with the loss i seldom took . I prayed when the market against me but not took any action. Usually , i don't take such a big loss when the market is against me no matter i am right or wrong on the price action.
I am really slow today, and deep inside i kind of having the feeling that i want to lose.
What happened to me?
That is sometimes there is kind of self-destructive mood when trading, like suicide trading.
Today i made two trades, both are not my set up, at least not my entry signal, but i jumped in with market order.
After i was in the market, i myself found that was not good. However, i didn't get out immediately and watched i got stopped out with the loss i seldom took . I prayed when the market against me but not took any action. Usually , i don't take such a big loss when the market is against me no matter i am right or wrong on the price action.
I am really slow today, and deep inside i kind of having the feeling that i want to lose.
What happened to me?
I wouldn't say "everybody" but I am sure other people have similar feelings.
Being a disciplined trader doesn't mean that there will not be losses, and sometimes strings of losses. But to loose is to gain when trading disciplined AND with [conviction].
The idea of conviction sometimes is lost in the mix and struggling traders probably lack it or they just have a bad set of trading signals and are holding onto a dream until they are forced to stop trading the rough way.
I would suggest you evaluate your systems and if they pass the test then evaluate your real conviction in taking the trades in the midst of loss.
If you can not convince yourself that loosing some money is just part of trading then you are in for loss after loss or at best trading back to par. Both of which discourage the individual without conviction.
There is hope. Just proceed with logic and evaluate yourself openly regarding trading.
Best to you!
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