ET Swing Trade Competition Journal

SHORT 5 ES @ 1085.25.....Now at 10 ES total.

I will be building up a SHORT position with ADD's as needed with my first target trade evaluation point at 1074.75 (LOD on 12/18)
 
I don't usually position trade but here goes...

Long 5 ES @ 1085.75

Sell Limit 2 @ 1088

Sell Limit 1 @ 1090

Hold 2 for a runner above 1090.

Sell Stop Loss @ 1084 (for however many haven't been filled)
 
Long 5 ES @ 1085.75

Change in open orders to the following:

Sell Limit 2 @ 1090

If we get to 1090, Hold 3 for a runner overnight.

Sell Stop Loss @ 1084 (for however many haven't been filled)

If price moves to 1088 then move stop loss to 1086 for all open contracts.
I don't usually position trade but here goes...

Long 5 ES @ 1085.75

Sell Limit 2 @ 1088

Sell Limit 1 @ 1090

Hold 2 for a runner above 1090.

Sell Stop Loss @ 1084 (for however many haven't been filled)
More...
 
I woke up late this morning and it seems that I have missed all the fun.

I would like to particapate and would like to carryover my 2 positions previously posted in my journal (still holding long).


12-16-03 09:47 AM
CONTRA PLAYS

Open Positions:

CLG4 L 30.40 from (03 Dec 2003)
CTH4 L 70.12 from (01 Dec 2003)
 
Profit target Hit: Sold 2 @ 1090 (2 x 4.25 x 50) = $425 in closed P&L

We have traded above 1088, so sell stop loss is now raised to 1086, so worst case scenario is that it stops out with .25 profit on the 3 open contracts.

Summary:

Long 5 ES @ 1085.75
Sold 2 ES @ 1090 (+ 4.25/contract)

Holding 3 Long ES overnight.

Sell Stop Loss @ 1086 for 3 contracts

Closed P&L $425
 
L 5 ES 1086.75 / Stop loss @ 1084.75


stop loss moved to 1088.75 to lock in 2 ES points.
Since I have already bagged 5 ES points today I can now risk the 5 ES overnight holdover with 2pts in the $$$.

At this point I am now playing with the houses $$$.

Zero Sum game.....HA.HA.AHAHAHAHAH.:p
 
Some of us can't watch the market all day long. We have to trade off EOD charts. We have to spend a lot of time on risk management to deal with overnight gaps. Thats swing trading.

Also some people are forced to trade within the PDT rule (applies only to stocks), which says you can't have more then 3 day trades in a five day window, or your account is frozen for 90 days. The PDT rule doesn't care if have profits or not, if you close a position the same day you open it, you it is a daytrade, and counts against you. IB has a little running counter on TWS that tells you how many daytrades you have left.


You can make a loose relationship between the time frame on your charts and the trade:

1 min - 5 min charts: scalping -- average trade: measured in minutes
15 - 30 min charts: daytrading -- average trade: hours
60 min charts - daily charts: swing trading -- average trade: days
weekly charts - monthly charts: position trading -- average trade: measured in weeks.
 
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