S/R Emini Journal

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Quote from romik:

... retail traders, do not create waves, we simply can ride parts of these waves
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he he he, this thread keeps giving out the good info


short @ 1238.75, looking for a retest of the bottom.

later,

jj
 
Quote from romik:

Yo Gary,

absolutely, the simple reason that an "important" level is being attacked continuously (2, max 3 times) is to be broken. My levels normally fall in the territory of broken yesterdays High/Low, so the initial "damage" has been done already, this is to put it simple. Now you take other "major" S/R levels (see how I differentiate between MAJOR and IMPORTANT) and trading breakout after double touch down and Martingaling would be unprofitable, as major S/R levels double tops/bottom will create a pullback, rather than a breakout IMO. Therefore, one reading my writings on Martingale approach to trading S/R levels has to bear the above said in mind to prevent situations going for the kill and not knowing what to expect.
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Yes, that is what I thought you were using. Not just blindly doubling into whatever the next trade happens to be. You are using a strategy based on a valid trading method. Plus you are a proven trader with capital to back it.

I will say this just using a Martingale system just to use it is bad trading.

Gary
 
Quote from JimmyJam:

he he he, this thread keeps giving out the good info


short @ 1238.75, looking for a retest of the bottom.

later,

jj
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still looking for re-test.

re short at 1238.50
 
Quote from hpeganz:

what is your reasoning that there will be a retest ??:)
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hey hpe,

1. maket's been dropping like a rock for the past week.
2. everything is underwater.
3. 10 min chart can't get past the 20 sma to save its life.
4. just figured it wasn't ready to go up

admittedly, this decision was not system based, it's not something that's total concrete, it was gasp a discretionary trade! :eek:

market will probably rebound from here, but bottom picking (or top picking for that matter) is not a game that i'm interested in playing anymore.

doubled on my second set (first was stopped out), got paid, psychologically happy, that's probably it unless we get a strong repbound move at around 1:30pm and I can catch a good retrace (to the upsdie) for another 2 pts.

later,

JJ
 
here's a 10min 20sma

(i sooooo wanted to put indicators on here to measure the potential divergence, but enough with that already - that stuff is like crack to me)

later,

jj
 

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Quote from JimmyJam:

here's a 10min 20sma

(i sooooo wanted to put indicators on here to measure the potential divergence, but enough with that already - that stuff is like crack to me)

later,

jj
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This market has been hanging by a thread here lately anyway. I think if we close under 1229 it is going to get bad.
 
Quote from 4re:

This market has been hanging by a thread here lately anyway. I think if we close under 1229 it is going to get bad.
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The Q's just broke through a very significant downtrend line that I have been watching at 35.63. If it stays below it Naz is toast also.
 
Quote from 4re:

This market has been hanging by a thread here lately anyway. I think if we close under 1229 it is going to get bad.
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yeah, my days of bottom-picking are soooo over!

what i also am not very good at is determining when a move is going to go for 4 pts as compared to 2 pts. i have some theories and i'm working on it, but it is still in the toddler stages.

later,

jj
 
Quote from JimmyJam:

yeah, my days of bottom-picking are soooo over!

what i also am not very good at is determining when a move is going to go for 4 pts as compared to 2 pts. i have some theories and i'm working on it, but it is still in the toddler stages.

later,

jj
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If you do figure it out please let me know also.
 
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