ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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This is my reply to your galz:
Wise Men say only fools rush in
but I cant help falling out of love with you.
You would think there's at least some profit taking after such a monster rally yesterday. The psychological toll from so many days of wreckage would make you somewhat cautious even after such a rally. Or does it? Well, one day does not make a trader, nor a market.
I haven't traded ES much at all for a while now, mainly focused on CL. It's amazing how rusty one can get with an instrument even though trading is trading. This morning I bought pretty much the high of the 8:30am bar after the news, 3 lots @ 1062.25, with my stop @ 1060.75. It was a "what the hell" trade and I suddenly realized I had no exit strategy. My target was "somewhere higher". My brain was churning: Do I go all out, do I scale out, what's my freakin' target??? With CL I nearly always have a precise plan, so this was the weirdest feeling. I ended up taking one off @ 1064.00, one off @ 1064.75, and one off @ 1063.50 when it appeared tired. No reason not to have held that last one with a b/e stop, but that's what I get for having no trading plan in advance! I imagine that's why it's a "what the hell" trade. 
Quote from NoDoji:
I haven't traded ES much at all for a while now, mainly focused on CL. It's amazing how rusty one can get with an instrument even though trading is trading. This morning I bought pretty much the high of the 8:30am bar after the news, 3 lots @ 1062.25, with my stop @ 1060.75. It was a "what the hell" trade and I suddenly realized I had no exit strategy. My target was "somewhere higher". My brain was churning: Do I go all out, do I scale out, what's my freakin' target??? With CL I nearly always have a precise plan, so this was the weirdest feeling. I ended up taking one off @ 1064.00, one off @ 1064.75, and one off @ 1063.50 when it appeared tired. No reason not to have held that last one with a b/e stop, but that's what I get for having no trading plan in advance! I imagine that's why it's a "what the hell" trade.
Sometimes is better to be lucky than to be good
(not saying you're not good - nice timing on the "meltup" twitter).Quote from NoDoji:
I haven't traded ES much at all for a while now, mainly focused on CL. It's amazing how rusty one can get with an instrument even though trading is trading. This morning I bought pretty much the high of the 8:30am bar after the news, 3 lots @ 1062.25, with my stop @ 1060.75. It was a "what the hell" trade and I suddenly realized I had no exit strategy. My target was "somewhere higher". My brain was churning: Do I go all out, do I scale out, what's my freakin' target??? With CL I nearly always have a precise plan, so this was the weirdest feeling. I ended up taking one off @ 1064.00, one off @ 1064.75, and one off @ 1063.50 when it appeared tired. No reason not to have held that last one with a b/e stop, but that's what I get for having no trading plan in advance! I imagine that's why it's a "what the hell" trade.
when trading Pure Price Action, the underlying instrument almost does not matter (as the theory goes). Whatever you apply to crude, should pretty much be what you apply to - whether support/resistance levels or other recent price behavior.
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