S/R Emini Journal

[romik]

Quote from JimmyJam:

Good question.

After getting my butt roundly kicked by the market I like to keep it real simple.

a) I like to look at the higher time frames (because it tells me what the bigger money is dong). When I violate that rule, I lose.

b) I like to take 2 pts and move my stop to breakeven. When I violate that rule, I get greedy and get in trouble, and lose.

c) I like to look at S/R and Pivots to determine possible exit points, and use something like a 20 SMA crossover to exit the trade. When I violate this rule, I lose.

Lotta clowns runn'in around here talk'in about how traders can't make money, when we do'in it every week (not everyday, but everyweek).

If it doesn't hold here, next support is at 1275 based on the chart.

I gotta start getting ready for work (gonna have a little party) .

Later,

JJ

where do u work man?

 

[romik]

I can still remember the times when I would have gone long here

 

[JimmyJam]

Quote from romik:

where do u work man?

I do graphics (go figure).

Yeah, I remember when I not only would have gone long too, but I did!

There is a median pivot point at 1279, so the bulls are gonna pretty much try to hold it ... but I don't think it'll hold (could be wrong, and since I've been paid, it doesn't matter) ... I think Pivots make nice targets, but they are not so good for initiating trades.

JJ

 

[ksonsinc]

i have to say they are fucking around a very crutial level
1278.50 and 1280.50
either way it could go with force just matter of time but at these levels the big boys are fucking with a lot of pll up and down

 

[romik]

Quote from ksonsinc:

i have to say they are fucking around a very crutial level
1278.50 and 1280.50
either way it could go with force just matter of time but at these levels the big boys are fucking with a lot of pll up and down

that's why we have to trade with them, not against them, this journal, the main principle behind it, will help all intraday traders understand what this is all about. If you base decisions on SHORTISH TF MA crossovers, RSI, macd, etc - there is about an equal chance of success vs failure at best, unless you are real good.

 

[JimmyJam]

Quote from JimmyJam:

Both trades in profit (how often does that happen? ) Still holding short on 2nd set .. I'm just gonna chill to mz. market says different.

Covered at 1276/1505 on the remamining set, I think support could come in (there is enough time) and make a push back up.

Ciao!

Jimmy

 

[romik]

another short upon wrb

 

[romik]

Quote from romik:

another short upon wrb

covered 73

watch yesterdays LOW here for further selling

 

[yvberj]

After this much of a drop today I really thought there would be at least a small retracement. But we're still dropping. Ended up a good day, but now I want a reversal.

 

[brightstone]

I have been looking through different calculations for pivot points and since the ES is based on S&P 500 with stocks in different markets, what determinatiion can we make on choosing relative pivot point calculations?