ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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1234 looks like it will hold on the hourly. I did not take the trade, since I had profits for the day and were not certain. Seems like it would have been a nice trade, at least for a scalp
What is more annoying is that I shorted @ 1138,50 and only took a 1 point profit on the large sell-off.
Why? Because the last weeks I have been consistently leaving 1 point open profits on the table, in anticipation of more movement and now I`m afraid to let it happen again thus taking profits prematurely. Turns out today would have been a day where trailing my stop would have worked fine (at least on this trade).
Quote from Laissez Faire:
1234 looks like it will hold on the hourly. I did not take the trade, since I had profits for the day and were not certain. Seems like it would have been a nice trade, at least for a scalp
What is more annoying is that I shorted @ 1138,50 and only took a 1 point profit on the large sell-off.
Why? Because the last weeks I have been consistently leaving 1 point open profits on the table, in anticipation of more movement and now I`m afraid to let it happen again thus taking profits prematurely. Turns out today would have been a day where trailing my stop would have worked fine (at least on this trade).
nothing wrong with banking profits!
it may have been a good scalp - but a dangerous day for little targets?
1238.50 was a golden entry point! I've decided this is an ongoing fact of trading. As soon as the market conditions you to do a certain thing (such as start scalping CL), the next day it does what you were conditioned for before that (such as letting winners run)
I was reading emails, then I looked at ES and it was @ 1238.00 and I'd missed the golden entry point. I thought "Test of low is required by law." I was afraid to enter there, so I took break through 1237.00 and targeted a test of the low. I was about to put in a 4 pt target order (1232.75), but figured maybe the market would offer more. So price gets to 1232.75 and I realize it's fallen a looong way and I cover @ 1233.25. I'm wondering if a hard target there would've even been filled.
Quote from NoDoji:
1238.50 was a golden entry point! I've decided this is an ongoing fact of trading. As soon as the market conditions you to do a certain thing (such as start scalping CL), the next day it does what you were conditioned for before that (such as letting winners run)
Indeed, it was. So, instead of beating myself up because I did not maximize the trade, I should congratulate myself on actually having the entry down
Glad to hear you took more out of the market than me.
And I believe you on what you`re saying about market conditioning. In my limited experience as well, it seems to be very true
Did you ever consider going long around 1233-34? As I wrote earlier, I considered a long at that price level, but fear took hold of me so I sat on the sidelines watching the market leave without me
Quote from Laissez Faire:
Did you ever consider going long around 1233-34? As I wrote earlier, I considered a long at that price level, but fear took hold of me so I sat on the sidelines watching the market leave without me
Actually I thought 1235.00 was an excellent long entry (counter-trend intraday, with-trend bigger picture), but the 2-point profit target didn't meet my risk:reward criteria, so I called it a day!
Sitting on the sidelines is fine as long as you don't let frustration of missing a move influence your next trade. When you miss a good move because you hesitated or chose not to take the trade, read your trading rules to yourself out loud to avoid revenge trading.
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