Good advice, I need to start practicing that.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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From yesterday afternoon...still though, 1051 offers excellent support back to 1073 area before we see 1032.50...if we skip through 1051 and make a b line for 1032.50, then a bottom is forming short-term and higher prices are expected. I see 1110-1126 as an area of serious resistance.
1094 is still a key number North of us that has been left unresolved. Expect some large swing over the next 5 trading days and great great swing trades are going to be popping up.
either I screwed the pooch, or the pooch screwed me today. After a morning of ES chop, I hit the breakeven mark on a trailed short for +2pts and was filled as the market went 1 tick higher and immediately +6pts lower from that exit.
thought I was done for the day, saw a somewhat rare price pattern alignment sell signal and took that at 1076.50
ES went to 1074.75, I trailed to par, it popped to 1076.75 and v-turned on a nosedive to 1064.00 straight down.
Moral of the story? There is no perfect, scientific, strategic approach to managing trades that works all the time. S(tuff) happens along the way. Usually in that scenario related, one of two stops would hold and I'm punched out for value caught.
Tomorrow I'll do the same things, same things as I did yesterday and the day before. Your husband is right, this time. Might want to tell him that... we seldom hear such blessed words as, "Ya know honey... you were right"
Quote from austinp:
either I screwed the pooch, or the pooch screwed me today. After a morning of ES chop, I hit the breakeven mark on a trailed short for +2pts and was filled as the market went 1 tick higher and immediately +6pts lower from that exit.
thought I was done for the day, saw a somewhat rare price pattern alignment sell signal and took that at 1076.50
ES went to 1074.75, I trailed to par, it popped to 1076.75 and v-turned on a nosedive to 1064.00 straight down.
Moral of the story? There is no perfect, scientific, strategic approach to managing trades that works all the time. S(tuff) happens along the way. Usually in that scenario related, one of two stops would hold and I'm punched out for value caught.
Tomorrow I'll do the same things, same things as I did yesterday and the day before. Your husband is right, this time. Might want to tell him that... we seldom hear such blessed words as, "Ya know honey... you were right"
Austin, do you mind posting some of your trades and/or commentary on here during market hours? I think you may have something of value to offer.
+1
I have no objection to that, except for the fact that I operate a room with clients who deserve my utmost attention. If/when the markets are normal volatility, it's possible to take a couple leisurely trades with plenty of time in between.
Lately (and thank God) with a return to high volatility, charts demand complete and utter focus when trading. I run a 512-tick ES chart in the room and it's not uncommon to be long and then stop-reverse short inside of a minute or two on trappy moves.
Maybe it's just me, I'll be the first to admit that... but the tapes right now seem faster, more v-turn and more explosive than ever before. Perhaps I've slowed down a tad since the glory days of 2008. Or maybe the current bot battles have sped up this game to a higher pace than ever before.
Regardless, I have all I can handle sometimes focusing on a single symbol (ES) while trying to work CL too. Most days I log some snippets of live happenings in the blog for timestamped reference as to trader thoughts, emotions, market predictions etc as the day unfolds.
Unfortunately, anything beyond working that pace right now is simply past my ability to execute. If things get any faster in the future, none of us will have time to post anything, anywhere at all :eek:
I'm finding, too, that the volatility requires far more focus. Look away to read a piece of news or check what's going on in this thread and miss an entry or a good chunk of a move.
I'd love to post entries, stops, targets and most importantly reason for the trade, but it's too distracting unless the market's working a leisurely pace.
I'm finding Skype to be far more useful for real-time communication between traders who are trading the same one or two instruments. No windows on-screen, no typing needed, just pure price action focus and discussion.
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