ES Journal Archive (2011)

Status
Not open for further replies.
Quote from candles:

out - 1291 for +12

:D

will look for a drop of 5 or so points and then long for another +12 or so, rinse, and repeat, lol
More...

should have trusted my instincts more. Got my 5 drop and That was always going to bounce. Left a few easy points on the table there....
 
Nice finish by the T-Day boyz :D

Why did they not enter earlier? :)

I entered long @ 1291,50, 2:39 PM with a stop @ 1289,50. I first placed a limit order @ 1291, but when I did not get filled, I chased.

Stopped out on the exact tick on this trade. If I had been patient for my 1291 fill, I would probably have stayed in the trade.

What`s worse is that I reversed and shorted @ 1289,50, the exact bottom of the swing low.

This would NOT have been a bad trade if the market immediately continued in my direction. What happened here is that after considerable down momentum and repeatedly significant negative TICK readings, price slowed down and stalled.

This was my perfect, "Get the hell out at B/E or with a 1-2 tick loss, instead of waiting for your 1,5 point stop to get hit" :D

This was my main lesson for the day. Monitor price in real time and if momentum was expected for my trade idea, but did not come, get the hell out (unless I have a stop above a swing high or such). This was not the case here either way.

-3,5 points for the day (did not finish my trading plan and preparations, so I`m on SIM this week as well).
 

Attachments

Quote from Laissez Faire:

What`s worse is that I reversed and shorted @ 1289,50, the exact bottom of the swing low.

This would NOT have been a bad trade if the market immediately continued in my direction. What happened here is that after considerable down momentum and repeatedly significant negative TICK readings, price slowed down and stalled.

This was my perfect, "Get the hell out at B/E or with a 1-2 tick loss, instead of waiting for your 1,5 point stop to get hit" :D

This was my main lesson for the day. Monitor price in real time and if momentum was expected for my trade idea, but did not come, get the hell out (unless I have a stop above a swing high or such). This was not the case here either way.
More...

I agree with this one. If you're expecting follow through to a "next level" (in your case, 1288.75), and price stops cold without getting there, probably not a bad idea to scratch the trade and re-evaluate the price environment.

I had a CL trade today where I chased a long entry looking for a test of the HOD, having missed the proper entry, and the momentum I expected simply died in its boots. I could've gotten out for a scratch, but took the full stop in the hope that somehow the momentum would reappear despite a failure to break a key level leading into the HOD. Hope has no place in trading :p

I do recommend staying focused and looking for the next good setup, though. When ES didn't go down any further, look long for a test of that 1293.00 high. Wait for a break back up, then buy a pullback to the previous R, with a stop below the previous pivot low.

That's what I did on my CL long that failed. I waited for price to move back up to test previous S and if it became R, I'd short, which I did, and that trade paid for the loser twice over (and would've paid for it 4 times over if I didn't have the attention span of a gnat).
 
Status
Not open for further replies.
Back
Top