S/R Emini Journal

Status
Not open for further replies.
Gary just curious how you derive your long and short numbers, such as today your long is very near where your short is for tomorrow. Do you always close the trade after 2 points ?
 
Quote from volente_00:

Gary just curious how you derive your long and short numbers, such as today your long is very near where your short is for tomorrow. Do you always close the trade after 2 points ?
More...

Hey V,
Yeah, I don't mind explaining it. The problem is finding the right wording so bear with me here.

I doesn't matter to me how far apart they are from each other. I have never really thought about that before. Here is how I determine my levels. Yes, my point target is always 2 points even if the channel I come up with might have 4-6 point range. That actually gives me more wiggle room on entry or it makes my 2 point goal more comfortable.

1. price at close of day
2. Then I look for the first support below that price and resistance above that price.
3. Does the support/resistance level give me at least 2 points. I really need about 3 points to make it work because I look for a breakout of the S/R by at least .50 points
4. If it doesn't really give me that then I am forced to move to the next level.

I don't know if you or anybody else noticed but right now I am even looking at a farther out chart right now. I usually use a 15 day 15 minute chart. The problem is that the next resistance level was set 4 weeks ago so I had to move to a 30 day 30 minute chart so it would show up. A few months ago I had to use a daily chart because we were at the low of the year. So I basically go back as far as I have to in order to find the right levels for my calls.

Note: when we were using those daily charts for support we were winning every day. That was fun.

I hope this helps but if it doesn't just let me know and I'll try again.

Have a good night,
Gary
 
So long as prices hold below 1283.50 it's going to be a "downer". The price action yesterday was typical of summer fake rallies in that it was enough to make a number of shorts say "mommy" (ya gotta love it!). :(

Fib Chart


(I'm trying to figure out how to post images, so please be patient).

See ya in a few,

JJ
 

Attachments

I am going to have to go against the grain. Shorting on a gap down is very risky, and afterall it is T day. After the news is out I will be looking long. Would love to get rule of 10 signal ~ 10 - 10:20.
 
Volente don't see how you can consistently make money as all you do is buy into weakness and try to short on spikes. You seem to avg down a lot. I'd say you have a lot of disaster trades that you keep a secret. The way you trade breaks every rule in the book as you're always fighting the short term trend
 
Quote from bighitter1:

Volente don't see how you can consistently make money as all you do is buy into weakness and try to short on spikes. You seem to avg down a lot. I'd say you have a lot of disaster trades that you keep a secret. The way you trade breaks every rule in the book as you're always fighting the short term trend
More...



Simple concept huh. I do not average down. I may only enter half size depending on my conviction.
Who's book ? How would you trade a gap down ? Can we put you on record for short ES at 1275 right now since you want to trade with the trend ?
 
Status
Not open for further replies.
Back
Top