S/R Emini Journal
- Thread starter 4re
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I entered the short @1273 but exited for a half point loss. The ES didn't shoot down when it broke thru 1273, in fact, it vacillated above 1273 for about 10-12 minutes before it finally shot down for the 2 points. I thought that the point of the breakout was for the stock to make a quick move immediately when thru the resistance? When I didn't see such a move and the ES wouldn't go below 1273 I figured resistance would hold up. Whats wrong with my thinking? I remember a few trading days ago that 4RE took a single point when a breakout stalled. Doesn't the same apply with taking a loss? Or is the 2 point stop loss set in stone?
Honestly, I need to trade this system a lot more thru simulation. I mistakenly thought it was a simple system breakout buy (or sell) with 2 point stop loss and 2 point profit-taking. But there seems to be a need for judgement calls within the trade. Sometimes you need to get out early with only a point, sometimes you don't enter it due to low volume or pre-market action. I think I was pulled in (my own fault) by the simplicity of a 2pt system.
Perhaps you could write up a checklist for what to look for before the initiation of the position as well as what to look out for to tell you to sell early, take a loss, take the 2 points or hold for more points.
4RE, don't take this the wrong way, I take full responsibility for my own ignorance about the permutations of the system. Just irritated at myself for not grasping the elements more fully.
BTW, does anyone know there is a charting system that runs with Macs? Esignal etc seem to only run on PCs.
Honestly, I need to trade this system a lot more thru simulation. I mistakenly thought it was a simple system breakout buy (or sell) with 2 point stop loss and 2 point profit-taking. But there seems to be a need for judgement calls within the trade. Sometimes you need to get out early with only a point, sometimes you don't enter it due to low volume or pre-market action. I think I was pulled in (my own fault) by the simplicity of a 2pt system.
Perhaps you could write up a checklist for what to look for before the initiation of the position as well as what to look out for to tell you to sell early, take a loss, take the 2 points or hold for more points.
4RE, don't take this the wrong way, I take full responsibility for my own ignorance about the permutations of the system. Just irritated at myself for not grasping the elements more fully.
BTW, does anyone know there is a charting system that runs with Macs? Esignal etc seem to only run on PCs.
If you will look back several pages you will see how I exit my trades. I do get out early for a couple of reasons. If price moves 1.5 points and reverses I will get out with 1 point but I do it with the intention of re entering if it comes back. If price moves 1 point in my favor and reverses I move my S/L to 1 point. If price moves less than 1 point in my favor I play the trade out and keep my S/L at 2 points. But I am always looking to re enter the next time that number comes up again. This morning price jumped through a half point and reversed back to 1274.25 and set there (they were waiting for 9:00 news to come out. No reason to exit at that point as long as you have a S/L entered. No reason to be up set just try to sim trade it for a little bit before jumping in. Try to comeup with your own money management system that maybe will make more sense to you. That way it is easier to remember. You could use point target and 2 point stop loss or anything like that. Every market takes a certain amount of feeling to trade. What might seem logical to me may seem difficult to others. What seems to make sense to you I may find very difficult. Keep at it until you find what works for you and sim trade it to see if you can make money with it. Sorry for your loss, hope you make it back tomorrow.
4re
Hey 4re,
Awesome thread!
Just wondering if it ever eats at you when a trend day develops like today? Your discipline to get your 2 points probably outways hindsight trading though.
Keep up the great work!
MiniDowTrader
Awesome thread!
Just wondering if it ever eats at you when a trend day develops like today? Your discipline to get your 2 points probably outways hindsight trading though.
Keep up the great work!
MiniDowTrader
No, I am usually happy with my daily 2 points although today I actually did 2 trades that got 2 each. I own a company and have to go out and work sometimes so I couldn't trade very many trendy days anyway. I am even happy when I get 1 point in a day. Profit is profit in my book. Thanks for the nice words, I hope you like the journal. How is the dow working for you?
4re
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