S/R Emini Journal

[LondonUSTrader]

Quote from brandon12:

My whole pt of my statements was to show how incredibly difficult it is to make a living trading futures....just warning all to keep you expectations in check

I have always wondered why we get people from time to time on ET that have to warn people against the "dangers of trading".

Why do they care? Does it affect them in anyway if you lose?

It is up to every trader to follow their own path. I personally believe the opposite to Brandon et al. I think anything is possible and if you have a passion for trading you should give it a go. You will make mistakes, but you might learn from them and change your life as well. Anything is possible if you believe it is possible.

 

[4re]

Quote from LondonUSTrader:

I have always wondered why we get people from time to time on ET that have to warn people against the "dangers of trading".

Why do they care? Does it affect them in anyway if you lose?

It is up to every trader to follow their own path. I personally believe the opposite to Brandon et al. I think anything is possible and if you have a passion for trading you should give it a go. You will make mistakes, but you might learn from them and change your life as well. Anything is possible if you believe it is possible.

I do believe anything is possible as well. And I think 500% in a year is achieveable as well. Just I don't have the stomach to try an do it year after year and expect it out of myself.

I think we all know that Dan Zanger has done it and more so it is possible with gutsy plays and perfect timing.

This is one of the main reasons that I don't talk about my position size and don't expect others to either. It would turn into another PnL journal if we did. The only time I give advice on position size or how to manage a trade is if I am asked. I think every trader has to figure how much risk they are willing to take? But if you are going to run your trading like a business the first key to staying in business is survival.

Gary

 

[belavia]

Gary, hows the weekend going?

Reading about technical analysis, I see that the H&S pattern is considered to be among the most accurate. What is your opinion on it, as well as other reversal/continuation patterns and their significance vs. price action and indicators.

I also read you practise charting on a list of stocks that you have (50?). What timeframe do you suggest to look at. QT provides 10 days worth of data, is this enough, as there could be significant long term S/R lines unnoticed.

Sorry about the rather long questions!

 

[romik]

Quote from 4re:

I do believe anything is possible as well. And I think 500% in a year is achieveable as well. Just I don't have the stomach to try an do it year after year and expect it out of myself.

I think we all know that Dan Zanger has done it and more so it is possible with gutsy plays and perfect timing.

This is one of the main reasons that I don't talk about my position size and don't expect others to either. It would turn into another PnL journal if we did. The only time I give advice on position size or how to manage a trade is if I am asked. I think every trader has to figure how much risk they are willing to take? But if you are going to run your trading like a business the first key to staying in business is survival.

Gary

Do you remember that sell-off back in May? Next time this happens, I am gonna risk a lot more than I usually do. These are the sort of days when higher risk is actually reduced due to the fact that the market nose dives and no entity will be able or want to reverse it. Being able to trade risking small proportion throughout most of the year keeps a trader safe and DOES make money and increasing size dramatically on "special" days makes phenomenal returns. That's why I read B1S2's posts with great interest and try to derive as much knowledge as possible from his writings. Studying daily charts is as important as monitoring an real-time chart, if not more important (depends of course) to be able to see heavily O/B and O/S market conditions awaiting the "special" day and being ready for it.

 

[4re]

Quote from belavia:

Gary, hows the weekend going?

Reading about technical analysis, I see that the H&S pattern is considered to be among the most accurate. What is your opinion on it, as well as other reversal/continuation patterns and their significance vs. price action and indicators.

I also read you practise charting on a list of stocks that you have (50?). What timeframe do you suggest to look at. QT provides 10 days worth of data, is this enough, as there could be significant long term S/R lines unnoticed.

Sorry about the rather long questions!

I have to admit I don't usually look for a Head and Shouldes but if I see one then I pay attention to it. They are good for trading. I think they become even more significant on a daily chart then they are for intraday but that is just my opinion.

As for stocks I do keep my eyes on stocks that I have traded in the past and they are marked up just like my ES chart is. I never daytraded my stocks I played them on the daily charts for longer periods trying to catch a move from say one major support to a major resistance. But I curremtly look at about 20 stocks, more for practice than anything else.

 

[4re]

Quote from romik:

Do you remember that sell-off back in May? Next time this happens, I am gonna risk a lot more than I usually do. These are the sort of days when higher risk is actually reduced due to the fact that the market nose dives and no entity will be able or want to reverse it. Being able to trade risking small proportion throughout most of the year keeps a trader safe and DOES make money and increasing size dramatically on "special" days makes phenomenal returns. That's why I read B1S2's posts with great interest and try to derive as much knowledge as possible from his writings. Studying daily charts is as important as monitoring an real-time chart, if not more important (depends of course) to be able to see heavily O/B and O/S market conditions awaiting the "special" day and being ready for it.

I do remember that sell off and I always keep my eye on the daily charts. I had to watch the dailies on that down move because that was the only way I could find support at the time. I had a very good record during that move since we had a lot of trendy days. We'll keep our eyes on it together and I hope we have as much fun the next time.

 

[romik]

Quote from 4re:

I do remember that sell off and I always keep my eye on the daily charts. I had to watch the dailies on that down move because that was the only way I could find support at the time. I had a very good record during that move since we had a lot of trendy days. We'll keep our eyes on it together and I hope we have as much fun the next time.

I'll be closing my short any time now, looking on a daily chart I realise that entry was early and I see the mistake that I've made, no confirmation from RSI, which substantiates a confirmation of a possible move. Question is do I wait for a pullback or close ASAP? Did you get the chart I emailed you? Similar pattern in ES and I would say in DJ30 and NAS. So...I will decide this week. Somehow I don't see a sharp inflow of cash into equities, so I do favour a pullback to at least 20ma/uptrend support horizontal. We'll see.

 

[belavia]

Quote from romik:

I'll be closing my short any time now, looking on a daily chart I realise that entry was early and I see the mistake that I've made, no confirmation from RSI, which substantiates a confirmation of a possible move. Question is do I wait for a pullback or close ASAP? Did you get the chart I emailed you? Similar pattern in ES and I would say in DJ30 and NAS. So...I will decide this week. Somehow I don't see a sharp inflow of cash into equities, so I do favour a pullback to at least 20ma/uptrend support horizontal. We'll see.

Romik, what % of your trades/profit are intraday trades?

 

[4re]

Quote from romik:

I'll be closing my short any time now, looking on a daily chart I realise that entry was early and I see the mistake that I've made, no confirmation from RSI, which substantiates a confirmation of a possible move. Question is do I wait for a pullback or close ASAP? Did you get the chart I emailed you? Similar pattern in ES and I would say in DJ30 and NAS. So...I will decide this week. Somehow I don't see a sharp inflow of cash into equities, so I do favour a pullback to at least 20ma/uptrend support horizontal. We'll see.

In my opinion (for what it is worth) Friday we broke out of the Ascending triangle which is very bullish. I think the last 2 weeks were the end of the pullback or consolidation. I would be watching early Tuesday morning when your European brothers are trading and see if they provide an escape for you. If not see what the first hour or so brings. As long as we stay above the triangle it will be bullish. Like I was saying for the last couple of weeks I would not be surprised to see 1340 before the end of September. I hope this helps you some and I hope you have made enough on your intraday trades to make up for it. Then again maybe I am wrong you know my market calls.

 

[belavia]

Quote from 4re:

In my opinion (for what it is worth) Friday we broke out of the Ascending triangle which is very bullish. I think the last 2 weeks were the end of the pullback or consolidation. I would be watching early Tuesday morning when your European brothers are trading and see if they provide an escape for you. If not see what the first hour or so brings. As long as we stay above the triangle it will be bullish. Like I was saying for the last couple of weeks I would not be surprised to see 1340 before the end of September. I hope this helps you some and I hope you have made enough on your intraday trades to make up for it. Then again maybe I am wrong you know my market calls.

On what timeframe do you see the triangle? Can you please post it, if you have time.