ES Journal Archive (2011)
- Thread starter Buy1Sell2
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trade what you see
cut losses short, let winners run
manage risk appropriately
patience & discipline at all times
EVERY TRADER with zero exceptions must adhere to those rules, every day. No one is immune to judgement errors and mistakes. Everyone is capable of overcoming temptation and remaining disciplined when needed most
IRT supposedly has the ability to place orders, but I've never heard of one person who uses it. It's there more for show if you ask me. It really shines as a charting-only program.
I have a lifetime ninja license and run the DOM only alongside my charts for order routing. It took me a while to get used to as I also used to use ninja for charting and did like the chart trader, but after a while it became second nature to use it this way.
I wish IRT had a lifetime license but it does not. I prepay for a year for my data (iqfeed) and my charting and that way save some $ and have no monthly expenses to worry about.
IRT does not usually offer a trial but you could email and ask, or, just sign up the last week of the month and you can cancel before the end of the month and pay only the prorated monthly amount (so if you signed up with 5 days left in the month you would pay about $75/6 => $13 or so if you cancel before the last day of the month). IQFeed will offer a trial for data if you need external data.
I wouldn't rush into changing anything if what you have works. IRT really shines if you need any kind of profiling, and even ninja has some tools available for this so really see if it's what you need. Ninja also had a few bugs which I got really tired of having to work around so that also made me make the decision to switch. Either way, the best you can do is give it a try.
There are similarities between the recent price action we have seen, and certain price action on the daily chart in '07 before the real move down began:
1. Lower "swing" low established.
2. Price pulling back into a 50% retracement
3. Pullback levels line up with a previous level of support which should act as resistance.
The ratio is a bit different in this move, where the S to R doesn't line up with the 50% pullback exactly, but both kicked in off of a double bottom. I'm not counting on anything, but it is an interesting similarity. By the way, I was on vacation, I hope I didn't miss too much!
one occurrence does not make a reliable pattern...try 1,000 to 2,000...
ES gap fill complete. NQ not yet, but coming along.
1250 today if yesterday`s highs are taken out and we trade higher from here?
Nice targets below if we reverse from here. Maybe NQ gap fill first.
1250 today if yesterday`s highs are taken out and we trade higher from here?
Nice targets below if we reverse from here. Maybe NQ gap fill first.
Short ES @1220.50, target 1217.50, stop 1222.50.
Appreciate the input, Josh.
I`m in no hurry to change anything, but IRT looks very nice and could provide some additional analysis (not sure if that is necessarily good).
I`m in no hurry to change anything, but IRT looks very nice and could provide some additional analysis (not sure if that is necessarily good).
Covered ES short at 18.50 +2.
Using a new platform and closed position in error when trying to move stop to B/E...
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