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S/R Emini Journal
- Thread starter 4re
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thanks for the PM 4re, i was out of commission yesterday, which is too bad because it looked like an interesting one.
i am keeping an eye on your ES levels.
here are my levels for the YM for tomorrow. the shorting level is quite clear, but there are several levels which look like good longs. there is a certain elegance to the buying level i have settled on as it is the same distance away from 11000 as the shorting level- and it is also above the technical completion of the double bottom formation.
Buy Above 11100
Buy Above 11060
Sell Below 11000
Sell Below 10940
one thing that i have difficulty with is 'padding the stops'. it is hard to find a good compromise between getting filled (or minimizing slippage if you are not using a stop limit order) and buying at a price level that reduces the number of false breakouts encountered. if anyone has any advice they would care to share on this subject (or anything else that i have posted for that matter) please do so!
happy trading tomorrow.
-Ben
i am keeping an eye on your ES levels.
here are my levels for the YM for tomorrow. the shorting level is quite clear, but there are several levels which look like good longs. there is a certain elegance to the buying level i have settled on as it is the same distance away from 11000 as the shorting level- and it is also above the technical completion of the double bottom formation.
Buy Above 11100
Buy Above 11060
Sell Below 11000
Sell Below 10940
one thing that i have difficulty with is 'padding the stops'. it is hard to find a good compromise between getting filled (or minimizing slippage if you are not using a stop limit order) and buying at a price level that reduces the number of false breakouts encountered. if anyone has any advice they would care to share on this subject (or anything else that i have posted for that matter) please do so!
happy trading tomorrow.
-Ben
Quote from BenChi:
thanks for the PM 4re, i was out of commission yesterday, which is too bad because it looked like an interesting one.
i am keeping an eye on your ES levels.
here are my levels for the YM for tomorrow. the shorting level is quite clear, but there are several levels which look like good longs. there is a certain elegance to the buying level i have settled on as it is the same distance away from 11000 as the shorting level- and it is also above the technical completion of the double bottom formation.
Buy Above 11100
Buy Above 11060
Sell Below 11000
Sell Below 10940
one thing that i have difficulty with is 'padding the stops'. it is hard to find a good compromise between getting filled (or minimizing slippage if you are not using a stop limit order) and buying at a price level that reduces the number of false breakouts encountered. if anyone has any advice they would care to share on this subject (or anything else that i have posted for that matter) please do so!
happy trading tomorrow.
-Ben
Hey Ben,
What trading platform do you use. I use ninja trader and her is how I do my order entry and exit. This will prevent getting in early at a false break out.
1. For entry use Stop Limit and put both the stop and the limit at your intended entry.
2. For exit use a limit order.
This took me a while to figure out as well but you need to spend an afternoon in simulation and just try it a bunch of times until you have it right for breakouts.
When I first started the breakouts I was trying a limit order for entry and it will give you the best price available which you DON'T
want.
Good Luck,
4re
hey 4re,
yes, stop limit is definitley the way to go. prevents the horrible slippage that happens when you use a stop order. thanks for the advice, i will do some experimenting with the price levels that I use. i guess it is really a trade-off between fill price and certainty- some kind of happy medium is probably ideal...
yes, stop limit is definitley the way to go. prevents the horrible slippage that happens when you use a stop order. thanks for the advice, i will do some experimenting with the price levels that I use. i guess it is really a trade-off between fill price and certainty- some kind of happy medium is probably ideal...
Quote from BenChi:
hey 4re,
yes, stop limit is definitley the way to go. prevents the horrible slippage that happens when you use a stop order. thanks for the advice, i will do some experimenting with the price levels that I use. i guess it is really a trade-off between fill price and certainty- some kind of happy medium is probably ideal...
Good luck with it. But that should get your entry right if you are doing breakouts and not reversals.
Quote from Lamont_C:
You think you'll be able to reach BE with all that congestion between 59 and 61?
I think so as long as we can clear those needles between 62.50 and 61.50. Might just go for 1.5 points on though.
I would really like to jump up today though and get my 69 long. I think we are due for it anyway...
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