ES Journal Archive (2011)

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Quote from Laissez Faire:

There are different ways to calculate pivot levels, both with respect to the formula and the actual hours used. R1 is 56 the way I calculate it.
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Certainly true, but pivots only have significance in that a group of traders place significance on them. The pivot point is a measure for value, and the S and R levels are a measure of volatility. If a group of traders see the same pivot level, it becomes a self-fulfilling prophecy of significance if those traders act based on it. Otherwise it means nothing. Same with high, low, closing price, etc. So we can calculate these things any way we like, but it only has significance if others agree with that as an important number.
 
Quote from bigsnack:

short 53.25's stop to b/e

target 47.75
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Nice trade,. Question: Your onetrick went to .618+ instead of .50 and tick went to 750+. What was going on inside your head at that precise moment?.:)
 
Quote from JoshDance:

Certainly true, but pivots only have significance in that a group of traders place significance on them. The pivot point is a measure for value, and the S and R levels are a measure of volatility. If a group of traders see the same pivot level, it becomes a self-fulfilling prophecy of significance if those traders act based on it. Otherwise it means nothing. Same with high, low, closing price, etc. So we can calculate these things any way we like, but it only has significance if others agree with that as an important number.
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good post :cool:
 
Quote from PushPull:

Nice trade,. Question: Your onetrick went to .618+ instead of .50 and tick went to 750+. What was going on inside your head at that precise moment?.:)
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TICK value. Also, shorts are more likely to touch the 61.8 over longs (in my experience), but I don't put a lot of faith in that fact alone. The main factor is the TICK value. If the market looks right, I want to get in when the TICK is as close to 600 for shorts, or -600 for longs.
 
Quote from bigsnack:

TICK value. Also, shorts are more likely to touch the 61.8 over longs (in my experience), but I don't put a lot of faith in that fact alone. The main factor is the TICK value. If the market looks right, I want to get in when the TICK is as close to 600 for shorts, or -600 for longs.
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*Taking notes and learning*

Nice trade. :)

Clearing Friday`s 50% now.

S1 at 39.

I wonder where emg is planning to go short today?
:p
 
Quote from Visaria:

Valid points, Josh.

I'm playing around this idea: suppose you buy 3 contracts of ES, all at the same price. Treat them as three trades. 1 contract you have a 1:1 r/r, the second a 2:1 r/r and the third 3:1 r/r.

So basically if the price went to the stop, you would exit all. If however the price went to the first target, you would exit one contract. If price went to the 2:1 target without stopping out, then exit 1 more contract and similarly for the third contract, or maybe even let that run with a trailing stop.

Thoughts?
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I do something like that. One trade with one contract that I intend to let the target go to the next likely S/R. A second trade with two contracts and a 1 or 1 1/2 point target. If my trade is at a functional S/R, and I'm entering with a limit order, even if the market is going to go thru it there is usually at least a brief retracement. So usually I get the two contracts out with 2 to 3 points net. I think of those as a margin increasing the size stop I have on the one contract I anticipate will run for several points.
So even if it goes agains me, I can often get out with BE or even a positive point.
Of course it will blow thru and hit my stop on both trades, all three contracts sometimes, but that is the risk.
hope that made sense!
 
Quote from bigsnack:

TICK value. Also, shorts are more likely to touch the 61.8 over longs (in my experience), but I don't put a lot of faith in that fact alone. The main factor is the TICK value. If the market looks right, I want to get in when the TICK is as close to 600 for shorts, or -600 for longs.
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Glad the trade worked in your favor, but look at your chart now: The devil's advocate would point out that tick closed above +600 and that it also broke the downtrending tendency at that precise minute you entered short. Would you agree?. Or perhaps your chart is different?. In any case, thanks for the answers.:cool:
 
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