ES Journal Archive (2011)

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Some people will not like my trades.

I was short on the opening and had to cover for a small gain.

My opening was 119875. Covered at 119800.

My profit target is 118575. My next entry point is based on momentum as was my cover. If it should break above 120025 I will be long. The profit target is 120675.

My stops will be momentum reversals. The lower side stop will be < .183:1 and the top side is <.3:1.

The vulnerability will be if there is constant chop in either area . My stop will be limited to a succession of losses on either side. No more than 5.

If there is a momentum on either side I do not "chase" the opposite momentum cycle .Instead I will wait for the next trade on the "flow" side.

I am again Short x1 at 119575.

I would like to post my ranges each day which is the basis of my trades in Es mini. The are based on the 6 pm EST opening.

The calculations of the ranges are statistically based with a "shaving" .

So what I am going to do is give the range of the upside/downside in advance and try to update with 'live calls' where i can. My first priority is going to be my trade management before posting calls.

I am limited to trading 1 contract on Es mini because I also trade the euro and I am limited to not to exceed 15 x my leverage.I have a couple of bullits but have to keep them for rainy days.

So here goes.
 
Quote from volente_00:

Plan on covering shorts at 1045
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That's limit down.

As ES has been resisting to go down even with euro dropping a little, if you get your 45, I will probably catch a down wave of 500 pips+

:D
 
Quote from Lawrence Chan:

That's limit down.

As ES has been resisting to go down even with euro dropping a little, if you get your 45, I will probably catch a down wave of 500 pips+

:D
More...

My advice for new traders is to avoid trading ES or forex totally these 2 weeks if possible.

We are talking about major political / financial crossroad where the authorities will do whatever they can to maximize their personal profits / gains ...

News shock is not something easy to handle - if they keep striking again and again it will be very difficult to deal with.

What I see are extreme swings - if we get limit down tonight, then picking low is not necessary a bad thing (if you can afford the risk) because it is so obvious that Bennie will do something about it quickly.

And all gap ups will fail because they will take advantage of the situation to release more bad news.

In short, just trade what we see.
 
I wanted to short the high of Friday's close today, but market gapped down plus I forgot to watch when the market opened for Sunday trading.

Around 1187.50, we had a double bottom plus this is a support level.

I wanted to get more points long here, but only took 1 since we did not have a strong bounce upwards. I could be just trading scared. I had a stop and target. I moved stop up and target down.

I will see on Monday morning during normal open if I should have held for more points.
 
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