ES Journal Archive (2011)
- Thread starter Buy1Sell2
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How much conviction do you hold to that?
Do you have a trade?
What ever you are smoking...give it up...appears to be another silly guess without any supporting facts...but then again, what else is new?
NiN
I was very satisfied with my trading today, even though I only traded one time and banked a very small profit. Not trading and staying out of the market when there is not opportunity is obviously an edge.
I exited my short @ 1281, @ 1280,50, since price seemed to stall above 1280 and we were near the closing bell. I would have liked to see some more momentum and volume if we were to go significantly below 1280.
Price did eventually go down to 1278,50, so I did maybe exit prematurely, but I still believe it was the right thing to do according to the reasons already stated. Even though the market did go lower, it was pretty much directionless chop and that is basically coin flipping.
What I could have done and might consider in similar trades in the future, is to move the stop very tight and decide to risk two ticks just in case. I then give up two ticks in profits, but may get a point or more, so the R/R is nice.
- 4,0 points for the week.
I exited my short @ 1281, @ 1280,50, since price seemed to stall above 1280 and we were near the closing bell. I would have liked to see some more momentum and volume if we were to go significantly below 1280.
Price did eventually go down to 1278,50, so I did maybe exit prematurely, but I still believe it was the right thing to do according to the reasons already stated. Even though the market did go lower, it was pretty much directionless chop and that is basically coin flipping.
What I could have done and might consider in similar trades in the future, is to move the stop very tight and decide to risk two ticks just in case. I then give up two ticks in profits, but may get a point or more, so the R/R is nice.
- 4,0 points for the week.
Yo atticus, good thing spy option interest is not useful for predicting ranges
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