S/R Emini Journal

sosa1974 · Aug 25, 2006

Positional is short @ 1300. I havent got any signal yet to add to this sucker. I got a breakeven of 1331 on this trade because of 31 points locked in on a previous short @ 1280. Ive been watching your numbers for the last few weeks and feel comfortable to give it a go. I like the discipline and rules behind it. Structured yet dynamic enough to maybe catch some bigger moves. Can't hurt and will potentially raise my break even above 1350+.

romik · Aug 25, 2006

Quote from Thom64:

Greetings,

That is a great post,and gives great encouragement to me in my learning.

I was wondering if you ever mix up your indexes?I have been watching several,YM ,ES,QM,QG.

I look for one with a tradable chart,as of late I hit the QM.

My targets are .10 QM, .02 QG,1 ES,and 10 YM,all with the same value,but different set ups that dont always match.

I thought it might be wise to not limit to just one market,and use the one thats moving?Your thoughts appreciated.

cordially Tom

I only trade ES, but that's just me. I find that I can't concentrate 100% tracking more than one.

romik · Aug 25, 2006

Quote from sosa1974:

Positional is short @ 1300. I havent got any signal yet to add to this sucker. I got a breakeven of 1331 on this trade because of 31 points locked in on a previous short @ 1280. Ive been watching your numbers for the last few weeks and feel comfortable to give it a go. I like the discipline and rules behind it. Structured yet dynamic enough to maybe catch some bigger moves. Can't hurt and will potentially raise my break even above 1350+.

Welcome to the "S/R Club" Sosa

4re · Aug 25, 2006

Quote from romik:

Welcome to the "S/R Club" Sosa

Yes, I forgot to say that as well. I have seen you so much in the ES journal that I feel like I know you already just like Romik and B1. I think Romik is a perfect example of how you can use one method for intraday and another for long term positional trades.
With this new method for exits you should see your win/loss % go up and your tension go down. I know it worked for me.

So welcome and keep us posted on your results.

Gary

sosa1974 · Aug 25, 2006

Thanks, Im eager to give this a try. Mix it up a little bit. Time to get the blood flowing again. This market has really gone dead fast but it is still summer so its no real surprise.

sosa1974 · Aug 25, 2006

Quote from 4re:

Yes, I forgot to say that as well. I have seen you so much in the ES journal that I feel like I know you already just like Romik and B1. I think Romik is a perfect example of how you can use one method for intraday and another for long term positional trades.
With this new method for exits you should see your win/loss % go up and your tension go down. I know it worked for me.

So welcome and keep us posted on your results.

Gary

Sounds like a solid crew to me! Yes combining both strategies keeps you more engaged with the markets, long and short.

4re · Aug 25, 2006

Quote from sosa1974:

Sounds like a solid crew to me! Yes combining both strategies keeps you more engaged with the markets, long and short.

I know I am proud to be part of this group. We have a little of everything in here. I don't think we are even a blip on the radar screen of ET but we are making good money every week in here. So far since this journal started I have been profitable every week.

belavia · Aug 25, 2006

I am really glad I came across this journal. I hope I will have the patience to become profitable one day too. If I do, I will owe much of it to you guys!

LondonUSTrader · Aug 26, 2006

Quote from romik:

I only trade ES, but that's just me. I find that I can't concentrate 100% tracking more than one.

I am the same. ES only since 2003. During that time lots of other traders have chopped and changed, but I always remain the same.

I think there is something to be said for consistency and becoming an expert in your market or specialising in one market.

However, I do know some successful traders who may look for the same signals across multiple markets at once. The signals they use are not that common so they have to trade more markets to get trades every day.

Both approaches work.

Cheers.

ndjeff7 · Aug 26, 2006

4re,

Thanks for outlining your exit methods so clearly for me. I'll look them over later on this weekend when I get some more time but I think I can incorporate them well into my trading plan. I'm trading similar to your style where I'm coming up with short and longer-term support/resistance areas. I'm monitoring the price action around those areas and taking the trade in the direction with the highest probability.

One of the big things I've learned from this journal that I never thought of before was to take into account what kind of action is happening at what time of day. By this I mean the 1030 reversal possibility and also observing what the low volume, lunch time crowd is doing and possibly looking to fade their moves after lunch if all the signals line up correctly.

I'm stuck inside today doing lots of chores around the house but when I get a chance I'll look over those rules more in depth. Thanks!