S/R Emini Journal

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4re

Greetings,

I concentrate solely on the ES emini. I like to plan my trading day the night before so that when the markets are moving fast I know exactly where my entries and exits are. I like it to be as methodical as possible. For planning my trades I use support and resistances. I don't care which way the market moves. I have a Long and a short position and which ever one comes first I take it. One problem I have had with this method is that sometimes my entry gets hit in the premarket so I have to adjust and find another level of support or resistance after the market opens. I usually take one trade for the day and if it works I stay away from trading the rest of the day. If the first trade gets stopped out I allow myself one more trade to make up my losses and then quit for the day at even money minus commissions. While I will be posting an entry an exit for every trade sometimes I do tend to let my winners ride if it looks like we may be in a trend going my direction. Usually my goal will be 2 points and out. I will post charts so that anyone that wants to can see the S/R that I am looking at. I hope this journal will be helpful for some folks and I hope some of you will help me also. I am always open to constructive criticism just no name calling and such. I believe there are a lot of ways to make money in these markets and nobody has THE way, even me.

Here is my chart for tomorrow and my calls for the day. I am using my options xpress chart for planning my day but I use Esignal for my actual trading.

Entry Long @ 1300-1302
Entry Short @ 1293-1291

GL,
4re
 

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This morning I was in long at 1293 and had my 2 points in less than 2 minutes. Usually the morning moves hit my targets pretty fast.

in at 8:41 out at 8:42

4re
 
Went long at 1300 this morning and got stopped out at 1299. I could have taken a 1 1/2 point gain but it looked like we had enough buying power to stay in and get 2 points out of it. I tightened up my stop so as to minimize losses. If we come down to 1293 I will go short to 1291.
 
Well it hasn't been a very good day for me. I went short at 1293 and it reversed on me for a second time today. I stopped out at 1295 for a loss of 2 points. So far this is the first time I have had 2 busted trads in one day with this strategy. All my signals matched and the patterns were there so I can't fault anything just stick with the plan and suck up the loss. No more trading for today.

GL,
4re
 
You seem to be trading a breakout type strategy. If price fails to breakout of one side/level then you may have a good fade opportunity to the other side/level.

Just my 2 cents.:D
 
Quote from K-Rock:

You seem to be trading a breakout type strategy. If price fails to breakout of one side/level then you may have a good fade opportunity to the other side/level.

Just my 2 cents.:D
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You are right on both accounts. Sometimes I do reverse and it does work for me. Thank you.
 
Additionally, you should consider letting price action (higher-highs and lower-lows) take you out of a trade instead of an arbitrary 2 point stop.
 
Quote from K-Rock:

Additionally, you should consider letting price action (higher-highs and lower-lows) take you out of a trade instead of an arbitrary 2 point stop.
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Good point, I do use 20 and 60 day moving averages to keep me in a trend
 
So I didn't have a very good day today. Very unusual to have both trades reverse the way they did.

Tomorrow they should gun for either the linear regression line or re-test the low of today. Either of those should make for an easy 2 points.

Long at 1304.50 - 1308
Short at 1291.75 - 1288
 

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