I've never daytraded the ES, but will offer my opinion on the idea of an ORB of the first 5 min. The break of that high/low is a common entry approach that I probably wouldn't waste my time researching. Think outside the box. That is all.
Questions for experienced ES daytraders?
- Thread starter wtfauoa
- Start date
I've never daytraded the ES, but will offer my opinion on the idea of an ORB of the first 5 min. The break of that high/low is a common entry approach that I probably wouldn't waste my time researching. Think outside the box. That is all.
For now yes. The trades have to be done in sim mode with live data feed. It is no use marking up charts after the event. The purpose is to do exactly what one would do when trading real money, otherwise it is just a complete waste of time.
You are entitled to your opinion, but that is all it is, your opinion. The only thing I am interested in seeing is the results from trading with live data feed and sim account for now. If you do not want to do that and then comment on your sim results, your opinion is really meaningless.
Then you're in the wrong place. It's not a team sport. Go join a futures prop arcade and beg someone to spoon feed you, though I have a pretty good feeling that you'll bite the hand that feeds you. Good luck.
I do not believe in luck, as that is how inferior minds think.
K, here's two days thus far...
The A, B, C labels with circles are the entries. Price positions are in the text above/below the bars. The circles without letters are exits, where there are not two prices listed. The sideways triangles are colored to the order...Blue=Buy, Pink=Sell. Times on the bottom are Eastern time.
(Note, WTFUOA...That first entry is considered a daytrade, even though it is a Sunday-night entry. The position exited at about 10 mins to 0900, so falls under daytrading rules.
Second day...
Again, same deal. A and B with circles show entries (and an exit where applicable), and other circles show exits. Same triangle colors apply. You will note that after day 2's exit I did not get back in short. Something kept telling me that the price would reach that 100% retrace, but I am too involved in my analysis of my own style and instruments to focus on ES to see those potentials.
The downturn looked good to ~2134.X but could not concentrate on it. So I missed out on 10 more points of profit. But I am happy as a clam with what I got, and have gotten over that hurdle of "Shit, look what I missed!"
Nah, no need to beat one's self up over that.
The logs show it was a good two days, and good going so far...
Trade log...
Summary...
So, WTFUOA...
What would you like to discuss?
The A, B, C labels with circles are the entries. Price positions are in the text above/below the bars. The circles without letters are exits, where there are not two prices listed. The sideways triangles are colored to the order...Blue=Buy, Pink=Sell. Times on the bottom are Eastern time.
(Note, WTFUOA...That first entry is considered a daytrade, even though it is a Sunday-night entry. The position exited at about 10 mins to 0900, so falls under daytrading rules.
Second day...
Again, same deal. A and B with circles show entries (and an exit where applicable), and other circles show exits. Same triangle colors apply. You will note that after day 2's exit I did not get back in short. Something kept telling me that the price would reach that 100% retrace, but I am too involved in my analysis of my own style and instruments to focus on ES to see those potentials.
The downturn looked good to ~2134.X but could not concentrate on it. So I missed out on 10 more points of profit. But I am happy as a clam with what I got, and have gotten over that hurdle of "Shit, look what I missed!"
Nah, no need to beat one's self up over that.
The logs show it was a good two days, and good going so far...
Trade log...
Summary...
So, WTFUOA...
What would you like to discuss?
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When I have a signal coming up, all I watch is DOME, sometimes get in better at original entry but most important are the two trades I miss on average per week that be full losers. Once price gets to approx. 4 plus ticks beyond my original entry without much of a stall or lull at 3 ticks, I won't take trade. I have found through study and back testing, best trades don't hang around entry price long and why Time Stops is one my edges.
Overnight, Congrats, I like the last three lines best in your summary, unlike the masses looking at first three lines. Seeing ave time in market, you going for wide profits?
Which last three lines? The MAE/ETD stuff? I never looked into what that all means because it matters not in the overall scheme of daytrading I figure.
And as for me going for wide profits? Hell yes, I would love to! But wtfuoa has parameters on his challenge, which is to not hold a position through market close. Thus if I cannot hold overnight positions I must think in the mindset of getting out before the close of 5PM ET (4:15 PM ET on Mondays).
That huge ES drop I could not pursue because A) I could not follow during the day and have not studied ES enough to know the daytrading strategy of it, and B) I am following too many other bits to give this idea more than a cursory glance.
From a probability perspective, it doesn't matter if it takes off right away, or not. If I can risk a buck to make two on half my trades, that's all I need to know. Using time stops post-entry doesn't change the expectancy. I do use EOD exits to clean my slate though.
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I do not believe in luck, as that is how inferior minds think.
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Well for one thing it is only luck that you are in an era when nearly everyone can trade. Not that long ago it used to require a great deal of capital and very high overhead which very few could afford. Many of the big time traders that made huge fortunes will say luck was a factor as was taking on big risk. Inferior minds ask strangers on a forum for advice on how to scalp the ES than ignore overwhelming feedback from many experienced traders suggesting a novice trader is better off trading break out markets and using a longer time frame.
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Well for one thing it is only luck that you are in an era when nearly everyone can trade. Not that long ago it used to require a great deal of capital and very high overhead which very few could afford. Many of the big time traders that made huge fortunes will say luck was a factor as was taking on big risk. Inferior minds ask strangers on a forum for advice on how to scalp the ES than ignore overwhelming feedback from many experienced traders suggesting a novice trader is better off trading break out markets and using a longer time frame.
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