S/R Emini Journal

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Quote from monti1a:

My emini-russell levels for tomorrow:

Long above 718.40
Short below low of today at 702.60

any comments greatly appreciated :)
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A few questions:

How far above 718.40 do you take your long position?

Do you use volume or anything else to confirm your entry?

If you are long at 718.40, where would you have your stop (where will you be proven wrong)?

Thanks.
 
futures trader-

I will enter the trade 1-tick above the entry levels posted..

I use S&P pit noise to filter the trades before I take them (you might want to go back to 6/2/06 and 6/3/06 where I explain how I use pit noise and my stop rules)......for instance today, I took an s/r russell trade that was good for 2 points (I could have gotten double that in hindsight), and another proprietary trade that was a scratch.....I believe that if it hadn't been for the loud pit noise at the time I took the scratch trade, I would have been stopped out for a 15-tick loss as price hit my 1st target at 4-ticks and immediately reversed to stop me out on the balance for a scratch...
 
when u find your stuff that works stay with it until it doesn't work anymore.......it might surprise you and work forever.....too much information is worse than not enough for me........especially other markets.....for daytrading emini's other markets will eventually prove to you what it has to me........don't need it and it is bad for trading....if i in for a few pts many times a day why do i need anything but a proven signal that says enter and a point target that says exit..........focus on one market for now unless you are pro, and if u r pro, u ain't reading or writing here.........ma ybe a couple of exceptions, mr bright and grob probably......a few others.....but they are not daytrading emini's i don't think they are anyway........but bottom line is if you are trying to mix positional and daytrading and you are not very experienced the daytrading is the hard one........very few succeed.........it can be done, but be prepared for a long hard costly ride......it can be everything u wish for.....it can be done by a working hand with intellectual short comings.......that is me and i am looking at stuff that proves what i say everyday.....all day every kind of market....up down sideways and every combination imaginable......big bars small bars all day trends range days of all kinds.......short ones long ones doesn't matter because i don't look at oscillators ........volume.......news....i don't alllow but very little thinking.....no mind bias....try to never say i think this is next or most likelyh or proabably.....that stuff is bad for anticipating stuff adn that will kill you.....seeking more knowledge can be a trap and usually is....i don't have time with many trades setting up each day.........i wait for signal that is always and i mean always highest probability...it is the ultimate edge.....i exit when most r planning entry.....no brag just fact that took many years to perfect........5 full years this february.....ridiculous but i love the challenge not the money.....money is green paper...u cna't take it with you and if u do it might get burned up anyway.. ........4re has a signal...he waits for it to be hit he enters.....based on backtesiting and realtime testing....he ha s a mechanical system .....he plans it early that is very mechanical........he plans it he sees it he takes it....that is mechanical.....he is a great guy, go with him in a very positive way and u will get something from this forum workin gtogether.........i only say the above for encouragement to the sincere ones.....i don't care if anyone believes or not....i am only here for interraction with other traders, as i don't get much of that and most don't.......not many traders around my neighborhood how about yours?
 
Porgie,

I have to be as mechanical as possible. Tried the other stuff and it didn't work for me. Maybe I am not smart enough for that... I also try to do the same with my exits. I try to let my winners ride and it bites me in the butt everytime. Did it on my first trade this morning and took a loss. Won't do it anymore...When I am 1.5 points in the money I won't let it turn into a loser again...

4re
 
Quote from 4re:

Porgie,

I have to be as mechanical as possible. Tried the other stuff and it didn't work for me. Maybe I am not smart enough for that... I also try to do the same with my exits. I try to let my winners ride and it bites me in the butt everytime. Did it on my first trade this morning and took a loss. Won't do it anymore...When I am 1.5 points in the money I won't let it turn into a loser again...

4re
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4RE,

have you considered scaling out since you trade multiple lots per trade?
 
we have to prove something over and over someitimes to ourselves......i worked for a man who would fire people who let their point targets be seen and then not hit the exit button.......4 re my brother did same thing the other day he saw 130 on screen as he let greed overtake him and it came back and really did the no no..........he didn't move to b/e and let it take a few bucks from him........he made two errors......didn't exit by the proven rule, and didn't move stop to breakeven by the proven rule.... we learn but we unlearn....what i like to think is this.....prove u can capture points consistently.......then keep the mindset that it is enormously easier to capture contracts than more points.......
 
Quote from romik:

4RE,

have you considered scaling out since you trade multiple lots per trade?
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No, with my lack of time I usually just like to get out all at once so I can be done for the day. There isn't anything wrong with scaling out or in for that matter. I just get called away alot of times to deal with patients so this is the only that I get to trade right now...Had to fit trading in with my business.

After I sell my company and retire maybe I'll get to start taking longer positions...
 
scaling out works better if bigger pt targets.....but too big and it trades of f bad for trader.....but, scaling out is great..........i don't prefer it as i like all in all out....money in bank re-enter....money inbank re-enter......clean deal each trade....risk reward about 1 to 2 1/2......extreme high percentage makes it very low risk with mental stop best and easiest but not recommended for most....mental stops that is.........requires extreme discipline........ intraday YM only speaking...
 
Quote from porgie:

we have to prove something over and over someitimes to ourselves......4 re my brother did same thing the other day he saw 130 on screen as he let greed overtake him and it came back and really did the no no..........he didn't move to b/e and let it take a few bucks from him........he made two errors......didn't exit by the proven rule
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Like you have said...we are our own worst enemy

4re
 
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