ES Journal Archive (2011)

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Quote from JoshDance:

By the way, I know you scaled out before this at the same price, but awesome job scaling back in, and in the right direction!

I am AIAO right now, and do not plan on returning to scaling out at the moment. One of my goals is to get better at trade management, and hold for longer winners. Today is a perfect example of how adding at each retracement would have yielded a great result. Once I can hold a trade, then I am going to work on not only holding, but adding. This is a long way off for me, but it's my goal.

Say you initiated a long at 43, added at 48, 54, 55, and 57. Equal weighting would yield an average of about 51.25. However, weighting earlier adds would yield an even better result. Say, long at 43 with 3 units, 48 with 2, and then 1 unit each for 54, 55, 57. The average then would be 48.75. Lots of different possibilities, but that's the gist of it.

My mindset currently is "take the profit," and I do too early in most cases. Instead of getting OUT of a profitable situation, why not look to add at a logical place, if the direction remains intact? That's the direction I'd like to go in. Unfortunately it's so easy to say and so hard to do, and requires a level of maturity I'm not yet at to accomplish.
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good ideas,it's not so much maturity as it is moving into a larger box,scalping and position trading together,or in waves word's,"just dance ",you could buy 3,sell 2 at your scalp target and last higher,or buy 2 more on the pullback ,and so on,exp week tends to grind within smaller day ranges,my thinking is they are going to keep it between vol's spy expiration parameters and there is a lot of chop so your scalping will work better this week
 
weekly chart reduced we have res at 1270 and 74,we have a lower high for last 3 weeks,last week a higher low,this week so far an inside bar of last weeks inside bar,so rally momentum gone,higher low last week,selloff momo gone,holding pattern,could also be rounding top after a nice rally
 

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Wow, this thing is falling like a stone in the AH. That is some magic juice you've been drinking wave. 1190's eh? If that's the case, I'm going to have to comfortable with taking shorts for the next couple of days...
 
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