S/R Emini Journal

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Quote from romik:

my main objective is the tight range, so far it's a perfect wrb, right at the open.
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I just wanted to let you know about the BB in case you didn't see it.
 
Quote from 4re:

I just wanted to let you know about the BB in case you didn't see it.
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thanks, I see it, but it bears no relevance to me on 15 min TF, nor on 5 or 20 or 30, mainly on daily
 
Quote from romik:

thanks, I see it, but it bears no relevance to me on 15 min TF, nor on 5 or 20 or 30, mainly on daily
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Cool, I think you are going to get it.
 
Quote from 4re:

Cool, I think you are going to get it.
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Also, I have decided that I will not take early profits, I know you do take potential momentum weaknesses/reversals and take break-even+ closures, I did as well. Now I will only go for minimum 2 pts of these type perfect WRBs. Think about it for a moment, we got 4 point range at the open, what is the likelihood of ES trading within this range for the rest of the day and what is the average daily swing?
 
Quote from romik:

Also, I have decided that I will not take early profits, I know you do take potential momentum weaknesses/reversals and take break-even+ closures, I did as well. Now I will only go for minimum 2 pts of these type perfect WRBs. Think about it for a moment, we got 4 point range at the open, what is the likelihood of ES trading within this range for the rest of the day and what is the average daily swing?
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Yes, I do it with an understanding that I might get back in if it comes back. JMO, I don't like to see a winning trade turn into a loser. So I'll pay the extra commish in order to keep my money. You know, different strokes for different folks.
 
Quote from 4re:

Yes, I do it with an understanding that I might get back in if it comes back. JMO, I don't like to see a winning trade turn into a loser. So I'll pay the extra commish in order to keep my money. You know, different strokes for different folks.
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for sure, no arguments from my side. My understanding however is towards the initial predetermined stop that I have in the outset, if I was willing to risk 2.25 pts on a trade initially, what's changed? How do I know whether there is more upside? there is no way for me to calculate that probability, what I do know, is that 4 point range should be broken, most of the time, with some bang that gives me 2 pts per trade. This is just my point of view right now.

EDIT: If I am in profit by 1.5 pts and it reverses and my stop is hit and later it reverses and approached my initial entry, then I know that the chances of having a winner are multiplied, as I have already had 1.5+ and it topped, where does it want to go now?
 
Quote from romik:

Also, I have decided that I will not take early profits, I know you do take potential momentum weaknesses/reversals and take break-even+ closures, I did as well. Now I will only go for minimum 2 pts of these type perfect WRBs. Think about it for a moment, we got 4 point range at the open, what is the likelihood of ES trading within this range for the rest of the day and what is the average daily swing?
More...

Of course, the other side of that argument could be that the ES uses up all of that energy in that early run up and we then get stuck in range. The ranges have been rather poor the last couple of days.

At some point these tight ranges of the last few days will break, just not sure it will be today.
 
All these are why the individual trader has got to learn to manage their own trades by their own rules.

Sorry, I gotta get going. Good luck everybody...
 
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