S/R Emini Journal

[monti1a]

Quote from 4re:

Good trading guys hope you are having fun and making some money.

4re

one winner..one scratch on the russell...done for the day...

 

[4re]

Quote from monti1a:

one winner..one scratch on the russell...done for the day...

I am done for the day as well. Starting to get a little scary to the downside. Glad to be out.

 

[4re]

Quote from romik:

4RE, I am gonna return the favour by rooting for ya today by adding to short interest @ 58.50 @ 11.15, if that is to happen

Romik,
Thanks for the root, I guess it helps when somebody else is out there rooting for ya. Otherwise I end up rooting for myself and then the whole ego thing kinda pops up.

Hope you are having a good trading day.

4re

 

[romik]

Quote from 4re:

Romik,
Thanks for the root, I guess it helps when somebody else is out there rooting for ya. Otherwise I end up rooting for myself and then the whole ego thing kinda pops up.

Hope you are having a good trading day.

4re

yeah, it's all pretty good today, like you I mainly "hunt down" 1-3 points per trade, though I do not stop at 2 points per day, IMO there is no justification to stop trading after a couple of trades IF your system is providing clear signals that you would have taken otherwise, I am certain you will come to that conclusion one day. Like yourself I am a big fan of S&R levels (various ones).

 

[4re]

Quote from romik:

yeah, it's all pretty good today, like you I mainly "hunt down" 1-3 points per trade, though I do not stop at 2 points per day, IMO there is no justification to stop trading after a couple of trades IF your system is providing clear signals that you would have taken otherwise, I am certain you will come to that conclusion one day. Like yourself I am a big fan of S&R levels (various ones).

The main reason that I do just go for 2 and stop is because I like to cherry pick the best possible trades I can find and go with 1 large trade. It seems like the more I trade in a day the more stupid I get. So I like to get all trading done before stupid sets in.

Do you prefer the breakouts or reversals? It seems like you are pretty good at spotting the reversals. I tend to use breakouts myself.

4re

 

[romik]

Quote from 4re:

The main reason that I do just go for 2 and stop is because I like to cherry pick the best possible trades I can find and go with 1 large trade. It seems like the more I trade in a day the more stupid I get. So I like to get all trading done before stupid sets in.

Do you prefer the breakouts or reversals? It seems like you are pretty good at spotting the reversals. I tend to use breakouts myself.

4re

neither has a preference in my trading, I trade mainly off wide range bar formation continuation patterns that can happen in either reversal or breakout situations. Like you I also trade multi lots with scaling out.

 

[4re]

Quote from romik:

neither has a preference in my trading, I trade mainly off wide range bar formation continuation patterns that can happen in either reversal or breakout situations. Like you I also trade multi lots with scaling out.

Well, it seems like you are doing good for yourself. Are you doing any other trades for the day?

 

[romik]

Quote from 4re:

Well, it seems like you are doing good for yourself. Are you doing any other trades for the day?

short @ 57 or earlier on wrb, long above 70. waiting for a set-up at the mo. good trading to you 4RE

 

[sandygray66]

Romik -

How do you gauge a wide range bar formation?

Thanks.

Sandy

 

[romik]

for me a perfect wrb is a candle which has shadows much smaller than the body and the High to Low/Low to High @ 4 points on ES or very near, no less than 3.75. I look for wrb on 15 min charts mostly, though sometimes on 10 min charts and quite rare on 5 minute ones. Once a trade is open I tend to ignore the chart and trade off tape, stop loss varies from 2-3 points depending on the set-up and position size. Scaling out after 1 point gain with 25% of position, further scaling depends on price action. If stop is hit I would re-enter the trade once the price hits my original entry point, but that would depend on other factors. Like 4RE has said in one of his posts, that a lot is contributed to amount of time spent actually trading/observing.