Journal of ashes and Eminis

I don't know how you are getting along now, but one thing you may wish to try is using 1 min time frames. 10 EMA, .50 stop. When first new candle above or below EMA trade in that direction with a trailing .50 stop I have a feeling you will gain your 2 points per day, average easily. Let me know how you get on
plan2win@blueyonder.co.uk
mk
 
Wow. I actually held on to my target! :D

The trade is attached. Short 821.00 at 11:39, stop at 822.50, target at 818.25. It was very tempting to scratch the trade early when it didn't die immediately. That "free" one point was very tempting the first time it was offered to me. Convinced myself to get up from my desk and not look at the charts for a few minutes. Came back, and bang! A +2.75 point winner.

Course, now, I wish I was still holding it. :( The parabolic stop I put on the trade is still short and currently giving a guaranteed +5.25 points. Sigh.
 

Attachments

Quote from dbphoenix:

You seem to be having trouble deciding whether you're a scalper or a trend-trader.
More...

Very true. When I try and scalp, I often find myself jumping into trades that have little chance for success. That is one reason I have started trying to actual put my target and stop on the chart before entering the trade. An attempt to help me say "hey, that's an insane trade, don't do it". But taking the time to put the target and stop on the chart leads itself to slightly longer trades than pure scalps. If I could master Mr. Subliminals chart-free scalping technique, I'd be a very happy person. But, that might not be what works for me. Guess that is what I am still searching for. I am trying to narrow methods down so that I am not constantly switching.
 
"That is one reason I have started trying to actual put my target and stop on the chart before entering the trade. "

For what it's worth... that's one of the things that made a huge difference to me because I found that usually my targets hit so it kept me from getting too antsy and bailing early before a trade hit its true potential.
 
That's how I trade also. Made HUGE difference once I started waiting for targets to be hit. My average trade went from 2 minutes to 10 minutes, but my average profit per winner increased three fold. My win % declined just a bit as I trail marginally, but not too tight.

Much more stressful. I actually prefer banging in and out of trades in an instant like Nitro. I can't make money that way though.

I'll take the stress if it means I make money.

Jay
 
Let's try this again...

Instrument to be traded
E-mini S&P 500 (ES)

Trading Style
Discretionary, intraday, scalping with no charts (i.e. 100% pure SOMP)

Trading Rules
1. Intraday only – No overnights ever.
2. Trading to be performed between 9:25am and 11:00am only.
3. Any open position must be closed within 2 minutes prior to any economic announcement.
4. Trade size of 1 contract until advancement conditions are met.
5. Hard target orders are to be entered immediately upon opening fill. The target will always be 3 ticks until further revision.
6. Hard stops to be entered immediately upon opening fill. The stop will be 3 points from entry, with the goal of a descretionary exit of a losing trade before the stop is actually hit. The primary purpose of the hard stop is for protection against unexpected news spikes, etc.
7. Trading can only be stopped for the day when one of the following four criteria has been met. 1) I am up 5 points, 2) I am down 5 points, 3) I have made 15 round trips, or 4) it is past 11:00am.
8. The number of contracts can be increased by one after each week were I make 5 points or more afters accounting for commissions.
 
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