S/R Emini Journal

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Quote from 4re:

Just try to be patient with me here. I am trying. I guess I never really thought anybody would even care to hear about it. But I am just as curious about other trading styles as well. I think people that are used to trading reversals like TI does would have the most trouble changing to breakouts. It is totally opposite trading and it kind of scares you. I just feel like I am guessing when I am looking for a reversal. If I am going to guess I'll go to a Casino where I at least get free drinks.:D
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Maybe you could be more specific as to what you're looking for in this journal. Your first post was pretty general. Are you interested in exploring S/R? Ways of determining when to bail out ahead of the target? Ways to avoid a full SO?

As to reversals, the primary difficulty is that there's generally no "air" above/below you. Instead you're moving back into the range and all the multiple S/R levels across multiple swingpoints and consolidations across multiple time intervals. Therefore, a wide stop is required and is too often no good anyway. Unless you're reversing off a climax run, you're spending a lot of time waiting, or over-trading. I find that reversals are far more likely to encourage hope than breakouts are.
 
Quote from saico:

Here is my suggestion, 4re.
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That looks pretty close to what I would say also. I have not really gone over the different charts yet though.

On that chart here are a couple of suggestions.

1. The line you have at 1258, there is a big needle bottom about 14:00 that I would want to clear by at least .25 point before entering short. But I do see why you put it there. Good Job.

2. I like the 1266 line there is a lot of congestion in that area and you are going above it. I would say enter 1266.50 long and that should clear and meet the requirement of at least 2 points.

Tonight I'll look at different times and see if I can find anything else. You pretty much got what I have been doing.

The tough part (for me anyway) is once the trade is on and we are having trouble getting to my 2 point target. Do exit with a smaller win or what.
 
Quote from Lamont_C:

Maybe you could be more specific as to what you're looking for in this journal. Your first post was pretty general. Are you interested in exploring S/R? Ways of determining when to bail out ahead of the target? Ways to avoid a full SO?

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I was just wanting a forum where I could share ideas and strategies with other traders. I don't care if people trade reversals or S/R breakouts or whatever. I would like this to turn into a learning thread. You have already taught (or starting teaching) me something that I never would have looked at.

I just used the S/R name because that is what I use. I think there are a lot of sound ways to trade ES and I want to learn more. Beside guys like you make me think, and that is good. It makes me have a reason to place a trade at a specific time and price or I have to answer to it.

That is my reason for this thread and I am glad to have you guys in it with me.

4re
 
Quote from 4re:

That looks pretty close to what I would say also. I have not really gone over the different charts yet though.

On that chart here are a couple of suggestions.

1. The line you have at 1258, there is a big needle bottom about 14:00 that I would want to clear by at least .25 point before entering short. But I do see why you put it there. Good Job.

2. I like the 1266 line there is a lot of congestion in that area and you are going above it. I would say enter 1266.50 long and that should clear and meet the requirement of at least 2 points.

Tonight I'll look at different times and see if I can find anything else. You pretty much got what I have been doing.

The tough part (for me anyway) is once the trade is on and we are having trouble getting to my 2 point target. Do exit with a smaller win or what.
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Ok, thanks 4re. So my revised numbers are:

Long: 1266.75
Short: 1257.00

Looking forward to see your levels.

Saico
 
I'm trying to get my charts set up for ES trading; currently I'm showing that todays pivot point was 1263.10 R1 was 1271.00 and S1 was 1254.25; does any of that line up with your charts?

I cant see futures really using any moving averages (they seem to go where ever) ; do any of you use ma's?

Any indicators?

Thanks
 
Quote from Dominic:

I'm trying to get my charts set up for ES trading; currently I'm showing that todays pivot point was 1263.10 R1 was 1271.00 and S1 was 1254.25; does any of that line up with your charts?

I cant see futures really using any moving averages (they seem to go where ever) ; do any of you use ma's?

Any indicators?

Thanks
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I don't really use pivot points because I have found that the way I trade when momentum take it through my entry it will also blow right through the pivots also. Some people are using them actually a lot of people use them. But I don't. I do use a 20 and 60 day exponential moving averages because they will direct you to the trend when I get the time to stay in the trend.
 
Quote from Dominic:

"I do use a 20 and 60 day exponential moving"


On what type of time frame? 1 min 5 min?
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While trading I only watch the 3 minute chart. But leading up to a trade I am watching the 3,5 and 15 minute charts. To me the 1 minute is too noisy.

Anybody else have anything to add to Dominic?
 
Calls for tomorrow.

Saico,
I still really like the long at 1266.50
This might throw you for a loop but looking at the 3 minute chart I found this trade. It really isn't based on S/R but it is in the middle which really works good to. And it happens to end before the needles that I said we need to clear. Looking at the 3 minute chart kind of cleared it up for me. Short 1260.


Long 1266.50
Short 1260 (this one will probably be taken out in the pre market)
If so I will and see if we set a new low.

4re
 
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