Resistance on ES @ 1138.67

[Trend Fader]

I decided to cancel my stop... because i dont believe the market will sustain that pop... my stop is now at HOD.

I will probably close out the remainder of the trade at EOD.

Market is whippy now because of options expiring.

 

[Flashboy]

Yes.. I saw the shooting star near the open..

another thing that made me think the trend was too strong to enter against was the fact that the market made a new high..

I"m paying a lot more attention to s/r areas.. and a lot of things seem to be getting clearer..

thanks for all the help guys..

 

[EMini-Player]

Quote from Fast_Trader:

Trend Fader, what stops do you use when shorting at S/R levels? If you enter a 5 ES short at R1, will you ADD to your short position at R2, or exit at a loss before it reaches R2?

Thanks,

-Fast

 

[Trend Fader]

Quote from Trend Fader:

I decided to cancel my stop... because i dont believe the market will sustain that pop... my stop is now at HOD.

I will probably close out the remainder of the trade at EOD.

Market is whippy now because of options expiring.

Reason why is canceled stop.. was that i realized that if i place my stop at HOD.. i will still be able to make a lil profit if i am wrong.. and leaving stop at B/E was almost surely gonna get hit into from that pop...

In most cases I would rather make a lil and take a chance to make more.. than make a higher probaility small profit.

--MIKE

 

[Trend Fader]

Quote from Fast_Trader:

When i play pivots i never add when i have a decent profit.. bceause most moves are small and short. I dont really believe in intraday trends. However I will scale into a trae based on pivot.

My stop loss is based on that level .. i dont use an exact stop... i try to read the levels of price... sometimes when the market just zips ignores everything in its path is when I take a hit.. but it happens less than a third of the time.

A good way.. is to use a 3 or 5min bar and enter when the high or low get taken out.. similar to what DB was talking about. Stop should be swing high or swing low. That will work well.. but u are best off using discretion and trying to feel the market. It will come over time.

--MIKE

 

[dbphoenix]

Quote from Flashboy:

Yes.. I saw the shooting star near the open..

another thing that made me think the trend was too strong to enter against was the fact that the market made a new high..

I"m paying a lot more attention to s/r areas.. and a lot of things seem to be getting clearer..

I don't want to beat this too hard, but this "strong trend" business keeps cropping up.

Until 1410, we were in a coil. There are no trends in a coil. The only option in a coil, practically speaking, is scalping. But there are plenty of people who avoid coils like the plague until they're resolved, so there's no reason to feel as though you're not "one of the boys" if you just sit and wait.

As for the "breakout", yes, it was legitimate. But since no one was willing to take the ask (hence the shooting stars), the outlook wasn't good.

OTOH, it was highly unlikely that price would fall though a multi-hour base, so expectations should not have been high for much of a move. Lowered expectations were confirmed by the hammers, which should have prompted tightening, or scaling out, if not outright exit.

You have a fear of the trade getting away from you coupled with a fear of being stopped out for a loss. That's not a good combination. Until you come up with a strategy that you can trust, it's unlikely that you're going to make much progress.

 

[EMini-Player]

MIKE, do you Add to losers when playing S/R levels?

-Fast

 

[Trend Fader]

Quote from Fast_Trader:

MIKE, do you Add to losers when playing S/R levels?

-Fast

No i dont add to losers and i dont pyramid. But i try to scale in around the pivot level. Reason why i scale is sometimes i will get a better fill by being more patient.


--MIKE

 

[fan27]

I have seen this type of pattern before. We had a reversal after the breakout followed by a Bullish hammer (I took my short signal on the 15 min chart). I was short but as soon as I saw the Hammer I exited for a 1 tick loss. Though this pattern was not as dramatic, I have seen this several times after a FED announcement. You have the first move, followed by a reversal, then followed by a reversal and move in the original direction.

 

[Flashboy]

Quote from dbphoenix:

I don't want to beat this too hard, but this "strong trend" business keeps cropping up.

Until 1410, we were in a coil. There are no trends in a coil. The only option in a coil, practically speaking, is scalping. But there are plenty of people who avoid coils like the plague until they're resolved, so there's no reason to feel as though you're not "one of the boys" if you just sit and wait.

As for the "breakout", yes, it was legitimate. But since no one was willing to take the ask (hence the shooting stars), the outlook wasn't good.

OTOH, it was highly unlikely that price would fall though a multi-hour base, so expectations should not have been high for much of a move. Lowered expectations were confirmed by the hammers, which should have prompted tightening, or scaling out, if not outright exit.

You have a fear of the trade getting away from you coupled with a fear of being stopped out for a loss. That's not a good combination. Until you come up with a strategy that you can trust, it's unlikely that you're going to make much progress.

db,

I see what you mean a far as the coil.. we were basically in a 6 pt. range up until that breakout.. I guess what made me think such a strong trend is the market been very strong lately and rallying very often.. I guess I thought this was a coninuation of the bigger term trend..

And you're right about the strategy..