S/R Emini Journal

Status
Not open for further replies.
Yes, the bid ask spread is usually 0.25 (or $12.50)

I have also only recently started trading futures. IMHO the most important attribute for a successful trader is discipline. When you're disciplined, you put the odds in your favor.

And hope you lose a little money right off the bat. It'll make you a better trader.

Just my 0.02.
 
Quote from 4re:

I see, This is why I like to master one or two things and trade them. But I still like to see what others are seeing as well. All part of learning. I know romik and those guys on the ES thread are good at what they do. I just don't know their set ups. Sorry for being dumb...
More...

Well, divergence based set-up is pretty simple in theory, the reason that it might turn out to be complex or not work most of the time for some of us is mainly due to trade management issues. Not to say that they provide 100% signals all the time of course. Divergences occur in most time frames, the bigger the time frame the more scope for larger potential gains. S/R levels are pretty important factors when deciding where to part-/exit the trade and/or whether to take the trade at all. From JJs chart one can see that the first triple bearish divergence worked really well today, offering quite a few points working off S/R levels. I am not going to take this thread off subject here, but just to mention that allthough my methodology might be different to 4RE, various S/R levels are of essence when I estimate potential profit targets.
 
4re,

You are on the only track i am interested in......i personally don't care for the breakout approach.....but it is your appraoch and it works..........it is not bad if it is what you prefer and is certainly your money and your business......obviously you like it and are happy with it......that is the great advantage of this business......there are so many systems that will work great it is unbelievable........i have one totally unlike yours, and it works on all markets, but it works well also.......there is a great similarity in our trading st yles......get in see your target and exit, unless powerful move sucks you along with it as we say, "thanks for the bonus pts" mr. market........not often but take the freebies, or as my 22 yr experience broker said once, futures trader broker at that, said, drop the coins in the purse while you can.......she was referring to those big trend days.....and big moves that seem to let us trail the stop with ease which i don't normally do..........i see my target i exit......i can capture more contracts a lot easier than i can cap;ture more points.........and re-enter with confidence after an exit...if everything stays in place.........i like your approach.....i like your personal style of talking to others properly even me when i get testy and dumber sometimes just because i am gripy.....thanks for the good forum .....the breakout used to be what the big man i worked for used .....but he sold low and bgt high...the high and low thing disappears ifmove is good.....high becomes low and low becomes high...........never moved stops and they were 10 points default each time.....never moved them ever......had point targets and we had to exit when we saw it on the screen........no discretion exits, when u c it on th escreen .........he had a lot of stuff right........and a lot wrong.....ES...10 traders...4 contracts each moving up to goal of 10 and then to big s and p with 20 contracts planned and he had themoney to do anything he wanted.......flawed system sma crossing only and slow stochastic and bad bad risk reward....10 point stops and 5 pt target???? he was a big gambler.......this was 5 years ago........he is still filthy rich but futures not source of riches.......
 
Romik,

I am intrigued by this. Do you have any links or posts you could refer me to?

Thanks,

pkts

Quote from romik:

Well, divergence based set-up is pretty simple in theory, the reason that it might turn out to be complex or not work most of the time for some of us is mainly due to trade management issues. Not to say that they provide 100% signals all the time of course. Divergences occur in most time frames, the bigger the time frame the more scope for larger potential gains. S/R levels are pretty important factors when deciding where to part-/exit the trade and/or whether to take the trade at all. From JJs chart one can see that the first triple bearish divergence worked really well today, offering quite a few points working off S/R levels. I am not going to take this thread off subject here, but just to mention that allthough my methodology might be different to 4RE, various S/R levels are of essence when I estimate potential profit targets.
More...
 
Porgie,
While our methods may be different we probably trade a lot alike. It is very hard to get people to settle for 2 points when at the end of the day they see market moved 20 points. I really believe it eases so much pressure to make a mistake if you simply identify a target and get out. I am sitting back relaxing while they are tense wondering and hoping for better.

I have seen so many times when my target gets hit with a lot of momentum goes past it .50 and then reverses just as fast. If you are trying to let it ride you then see the reverse and do a market order to get out. By the time you get out and add the obvious slippage you net 1 or maybe 1.5 points. That is when you kick yourself for not setting a hard stop. Then you watch as the market sails on up. This is the best way to screw up your psyche and account. IMO...

Happy Trading tomorrow,
4re
 
4RE,

I have taken an amateur's look at the last 2 days of trading. Was wondering what you think of my S+R levels? I would like to develop an eye for S+R.

Long 1274.75 to 1278.50

Short 1263.25 to 1258.75

I have attached the chart but don't have a program to mark it up. The exit points for each trade are hard for me to find since there is a lot of air (good thing!)

Thanks,

pkts
 

Attachments

Romik,

Every trading system seems very easy when you put in the time and effort to master it. Like I was just saying to Porgie, our methodologies may be different but our trading styles are probably very similiar. Number one find a proven method that fits you personality and master the mess out of it.

This morning you and I found the exact same trade using different methods but they both worked. That is the key. I wish you and the ES journal group many happy trading days.

4re
 
Quote from pkts:

Romik,

I am intrigued by this. Do you have any links or posts you could refer me to?

Thanks,

pkts
More...

From stockcharts.com -

"Divergence A situation that occurs when two lines on a chart move in opposite directions vertically. People often look for divergences by comparing a stock's direction to the direction of its RSI, its MACD or its Stochastic Oscillator. There are two kinds of divergences: positive and negative. A positive divergence occurs when the indicator moves higher while the stock is declining. A negative divergence occurs when the indicator moves lower while the stock is rising."

There is a lot of info on this subject on the net, just google for it. Try searching ET as well. All the best.
 
Quote from 4re:

Romik,

Every trading system seems very easy when you put in the time and effort to master it. Like I was just saying to Porgie, our methodologies may be different but our trading styles are probably very similiar. Number one find a proven method that fits you personality and master the mess out of it.

This morning you and I found the exact same trade using different methods but they both worked. That is the key. I wish you and the ES journal group many happy trading days.

4re
More...

4re,

When you place your orders do you have an order waiting with your target attached or do you put it in as it trades to your price?

Thanks,

Dean
 
Quote from Dean80:

4re,

When you place your orders do you have an order waiting with your target attached or do you put it in as it trades to your price?

Thanks,

Dean
More...

I have my trading platform programmed for my target and stop loss. I can click one button to change on the fly if I need to exit early or if I want to let my winnings run a little more. I rarely do the later but I do it every now and then when things match up right.
 
Status
Not open for further replies.
Back
Top