ES Journal Archive (2011)

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Yeah, well i've been letting it to go to extremes and then watching a massive retracement wipe it all out. Profits of 20 handles, all wiped out. So this time, i say, let's take the money, i take 10 handles and find out now it's probably gonna go another 10 handles.

The annoying thing is is that it fell more just about 1 min after i cover.
 
Quote from Visaria:

Yeah, well i've been letting it to go to extremes and then watching a massive retracement wipe it all out. Profits of 20 handles, all wiped out. So this time, i say, let's take the money, i take 10 handles and find out now it's probably gonna go another 10 handles.

The annoying thing is is that it fell more just about 1 min after i cover.
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Well I was dense and did not take the advice I'm giving here, but a stop at 63.25 would have been above prior support, and just let it go and see what happens. My profit potential is much less than yours due to your entry, so I chose to take it off, but you would only be risking an extra 6 or 7 ticks of profit on a position which is in the money 40 ticks, so it might be worth it to you to play it that way. My profit was only 10 ticks or so, so giving up another 5 is less appealing to me.
 
Quote from Visaria:

Yeah, well i've been letting it to go to extremes and then watching a massive retracement wipe it all out. Profits of 20 handles, all wiped out. So this time, i say, let's take the money, i take 10 handles and find out now it's probably gonna go another 10 handles.

The annoying thing is is that it fell more just about 1 min after i cover.
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Let it go, guys, you're beating yourselves up over hindsight.

There will be plenty of opportunities today to get back in.

If it had bounced, would you then be geniuses?

Keeping an eye on the EMA and the trendline

---

Lunch! LF, meet me at Vol's grill and help me take EMG away from the "bottomless mojitos"
 
We've broken below the low on the last 60m bar and retraced up which concerns me for shorts. The 60m bar was a nice big down bar closing at the low, however the volume was not that great, and a 2 tick below with no follow through and retrace up into it concerns me. 62.25 is about to be hit and is the midpoint of the bar, and the bottom of the balance area on the profile, so anything other than a nice move down from 62 here would have me looking long.
 
Quote from Visaria:

Yeah, well i've been letting it to go to extremes and then watching a massive retracement wipe it all out. Profits of 20 handles, all wiped out. So this time, i say, let's take the money, i take 10 handles and find out now it's probably gonna go another 10 handles.

The annoying thing is is that it fell more just about 1 min after i cover.
More...

It`s not that easy.

You covered because you thought a low was in, right?

That was your knowledge at the time.

Consider thinking like this: I`m taking profits here as I think we have a short-term bottom here. If wrong, I`m re-entering immediately.

Most days are not market crashes and support usually holds.

An alternative is to trail a tight stop around support if you anticipate it may break.
 
Quote from tomahawk:

And many times those reversals reverse (as in today's 5-min bar #3), when it hasn't yet reached the value level, e.g. today @ 62.25.
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I am only implying that many algos intentionally pay attention to common time frame (5m for example) bar highs and lows, to take advantage of human behavior.

62.25 is value based on what by the way?
 
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