Is this a smart trade? ES

[xyannix]

Quote from brownsfan019:

X - my suggestion is to get on the train sooner... In other words, since you are going long after an up-trend and getting stopped, you simply need to enter the position sooner.

I know, easier said than done.

I believe going with the trend is easier, but your entry and definition of trend is key here.

I want to trade with the trend, My big problem is definition of the trend.

Attached is the trend line that I drew this morning at 10:30 (the second green bar hitting 1415)

Questions:

1. When does one redraw the trendline? I saw the breakout below my trend line at 11:30 but wasn't sure what to do until I saw it crashing 45 min later. I need to know how to determine a change in the trend.

2. Should I be using another indicator MACD, EMA etc. to determine the change in trend?


***Thanks to all of you that answer the question at the begining of this post. ***

I think they have a special bashing Jack Hershey thread somewhere else on ET. Please keep all posts on this thread to the subject.

 

[pumpkinhead]

Quote from xyannix:

Hello,

I am having problems with my trading.

It seems that I always pick tops to buy and short at the bottom.

Attached is a chart of the ES from today and yesterday.

I shorted the ES today at 15:08 at 1421.50 and covered at 1418.50.

It happened to be profitable but I want to know if it was a smart trade or stupid luck.

The reason I shorted was because it seemed to be going nowhere but up and down half a point. I figured the up move had finished and the next move was down.

Was this a sensible trade and why?

Thanks in advance for your advice!

I think you need to learn how to use other indicators besided candlesticks and volume. MACD, Moving averages, bollinger bands, etc...Then you can decide a good move.