S/R Emini Journal

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Quote from 4re:

Romik,
I gotta say I am a little worried about your short position at this time. If you look at this daily chart you will see that we are in a bull flag pattern right now. Hopefully it will fail and turn into a reversal for you but I would keep an eye on it anyway. Here is the chart and I know you'll know how and when to exit. Even if it does work out the way it is supposed to maybe we will get a false breakout to the downside first. I am rooting for you anyway.

Gary
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Yes, it is a challenge, certainly. My money is on BRD working out SOON. I am ready to take a loss in this longer short position, though it has been offset in my short term account activity, the question remains as to at which level I have to close it. I will most likely extend my stop to twice the initial, due to hedging and my belief in a strongish possibility of ES making a sharp upwards thrust, by doing so it will create another lower peak in the HIST and also RSI second lower peak (CCI as well). At that level (~1320) I will add another 3 contracts and adjust the stop level. Time will tell basically.

Thank you for pointing out the risk, appreciated.

Romik

I am looking at SPY calls at the moment.
 

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Quote from Thom64:

Greetings,

Well said Gary,I hear it always that "you gotta let winners run",thats easy to say when price has doubled.

I'm happy to pick up a profit no matter how small.Warren Buffett's quote"How to make money?don't lose it!"Simple and to the point.

I am beginning to incorporate your ideas,also moving to the ES from the YM,thanks again for the thread.

cordially Tom
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Tom,
I did try the "let you winners run" method, as probably everyone else had to. The problem with that statement is it doesn't clue you into when you should exit. So I let my winners run until I am ready to claim my money and then I get out without looking back.

I reminds of when me and my friends would have a small time poker night (before poker was a national favorite) We would have one guys who was up maybe double his money. The guy would want to take that money and go home but everyone made him stay so they could try to get their money back (I know you are smiling and nodding your head, here). The thing is trading will let you take that money and go home. Only a fool would keep it out so the market can take it back. I have been that fool I remember the pain. So when people come on here and tell me I need to go for more points it is easy for me to resist the urge.


I am glad you are enjoying it here but don't think you have to trade the ES to come here. The YM is a fine instrument for trading my method. I would go for 20 points a trade on it.

Gary
 
Quote from romik:

Yes, it is a challenge, certainly. My money is on BRD working out SOON. I am ready to take a loss in this longer short position, though it has been offset in my short term account activity, the question remains as to at which level I have to close it. I will most likely extend my stop to twice the initial, due to hedging and my belief in a strongish possibility of ES making a sharp upwards thrust, by doing so it will create another lower peak in the HIST and also RSI second lower peak (CCI as well). At that level (~1320) I will add another 3 contracts and adjust the stop level. Time will tell basically.

Thank you for pointing out the risk, appreciated.

Romik

I am looking at SPY calls at the moment.
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Just looking out for ya buddy...Hope we can at least make a false breakout down, first. That might get you out even anyway. I kind of figured that you have made up any losses with your short term account. It has been pretty consistant. Good luck to you today.
 
4re,

Thanks for the kind words and I'm looking forward to keeping up with your journal and hopefully providing another method of trading futures to go along with everyone else's successful methods. Since I started going with the trend it has been much less stressful. When I traded against the trend I felt like I had to be "right" all the time, like I had to pick a reversal, where if I trade with the trend now it feels like I already have an advantage when I put the position on.

I'll try to post my trades in here with you guys although I only take a couple futures trades per day since I still trade stocks full-time. Looking forward to continued discussions!
 
Quote from ndjeff7:

4re,

Thanks for the kind words and I'm looking forward to keeping up with your journal and hopefully providing another method of trading futures to go along with everyone else's successful methods. Since I started going with the trend it has been much less stressful. When I traded against the trend I felt like I had to be "right" all the time, like I had to pick a reversal, where if I trade with the trend now it feels like I already have an advantage when I put the position on.

I'll try to post my trades in here with you guys although I only take a couple futures trades per day since I still trade stocks full-time. Looking forward to continued discussions!
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Thank you, I look forward to it.

Gary
 
Quote from 4re:

I think we will get some action today. Don't you?
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most definitely, or u will have to e-mail me your shorts for eating purposes

My crystal balls :) tell me that it might be the case of up to 1300 and down to 1288-86 range.
 
OK I am going to really step out on a limb here and make a call right out of Romiks playcalling book.

Today I think the ES will go up some and will also go down some.

How's that!!!:D
 
Quote from romik:

These are my smaller position size level based trades for today, unless we get WRBs. I'll be looking out for either breakout and/or bounce of these levels today.

EDITED CHART!!!
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I would say if price action takes us to 1298 and falls back to 1294.00, then I would short to 1289 range, otherwise a break of 1302 and I would be long there.
 
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