ES Journal Archive (2011)

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FWIW, I base my initial target on the 75 minute range. In this case it was less than 1% so the initial target was 3 pts. w. BE stop set at touch 15 min (15 x 1 min) channel. At 1-2% the initial target is 7 pts w BE stop at at touch (50 x1). At 2-3% the target is 10 pts w BE stop at at touch (50 x1). Over 3% you should probably stay out till things settle down. After the first target is hit I may reenter at discretion but lock in BE.

BTW, I'm being chatty today because I made milestone 1 of my rejuvenated trading career from March 1. Hit +100% this week, which was my one year target. Of course this good volatility helped with that. Could be flat for the next six months.
 
Quote from Laissez Faire:

Either I or you are doing it wrong. :)

First, I know some people look at the pit close, but considering we are trading the derivative of a cash index, it makes most sense to weigh those hours and open/close more than the overnight casino.

Today`s open is 25,25.

Yesterday`s close is 10,50. Gap fill complete after printing 10,50.

25,25 - 10,50 = 14,75.

25,25 - 14,75/2 = 17,75.

:)
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Whether pit close or NYSE, you're right, I was speaking in the wrong terms. I like to analyze price form the extremes because it gives broader ranges to work with. So "50% from today's extreme to p/d pit close" is what I was talking about, which would be irrelevant to what you posted. My apologies. :)

It was a good level though, wasn't it? ;)
 
Quote from cashcarewins:

You had a plan and stuck to it, that's pretty good trade management, imho. Looks like you traded 2 x 2 and got the plus 2. I made three trades this sequence (I tweet them live). All 3 pt targets 4 pt stops. Got 1, .25 and finally 3. Fist one I went outside the plan, but got out at first sign of weakness. Second one I reached my BE stop level (15 min channel), last one finally broke up.

Good luck.
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Thanks cashcare--I saw the heavy buying come after I was filled, but closed all early. I should have taken the position off in quarters and taken the first off at 24 but instead took it all off. 26 was the next logical target, should have maybe done half at 24, quarter at 26, and held one for the top. This should have been planned better I think, as I knew where my stop was but was not as clear on my targets. With only a 2 tick stop, I'm extremely happy with the entry, just not so much with the exit. Good learning experience I think. Anyway, thanks and good trading to you.
 
Quote from cashcarewins:

FWIW, I base my initial target on the 75 minute range. In this case it was less than 1% so the initial target was 3 pts. w. BE stop set at touch 15 min (15 x 1 min) channel. At 1-2% the initial target is 7 pts w BE stop at at touch (50 x1). At 2-3% the target is 10 pts w BE stop at at touch (50 x1). Over 3% you should probably stay out till things settle down. After the first target is hit I may reenter at discretion but lock in BE.

BTW, I'm being chatty today because I made milestone 1 of my rejuvenated trading career from March 1. Hit +100% this week, which was my one year target. Of course this good volatility helped with that. Could be flat for the next six months.
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You are being chatty because you want me to become chatty. I will not fall in that trap. 100% in 6 months is awesome, congratulations!.:p
 
Quote from JoshDance:

Thanks cashcare--I saw the heavy buying come after I was filled, but closed all early. I should have taken the position off in quarters and taken the first off at 24 but instead took it all off. 26 was the next logical target, should have maybe done half at 24, quarter at 26, and held one for the top. This should have been planned better I think, as I knew where my stop was but was not as clear on my targets. With only a 2 tick stop, I'm extremely happy with the entry, just not so much with the exit. Good learning experience I think. Anyway, thanks and good trading to you.
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Don't over think it. If I had used your plan I would have been +2, +2 +2 for +6 which is a good days trading by any measure. As long as you have sound reasoning behind your plan, you'll be in the 1%.
 
on IQFeed I do not get volume data with SPX ... on your platform ammo I assume you do not as well, or..? In this case, your profile is bound to be a bit inaccurate, or maybe it's close enough for you? After all your granularity with your profiles is quite broad anyway, so maybe it's no big deal
 
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