S/R Emini Journal

[romik]

OK, right now we got our pop and testing quite important support level (intraday). Inexperienced traders should not be trading right now, very tough decision making

 

[YMZ]

Small loss today. I was long from 11413 (thick green line)with an initial stop at 11393. You can see on the 1min chart where we consolidated as the longs and shorts decided who was going to come out the winner. Once I entered I began moving my stop up slowly to reduce risk. I eventually moved my stop up to 11409, just below the pullback to 11410 which you can see on the on the 1 min chart. I figured either we were moving higher in the next few minutes or we would head back down. Net result was a loss of 4 ticks. I will wait to see if we test either of the key levels later on today.

 

[YMZ]

1 min chart for above post

 

[ksonsinc]

Woh 1304.50 is holding on preety strong
hope it brake that

 

[romik]

stopped on S/R group trade, double up on next break of either 1307.25/1304.25

 

[YMZ]

I believe Romik pointed this out earlier using RSI for those of us who were getting long on the breakout to new highs. You can see also on the MACD the divergence as we pushed to new highs indicating that maybe there would not be much follow through. I guess the question is....can one still take the trade and maybe just keep the risk level very low given that not all the factors were lined up in our favour? Or is it best to sit on the sidelines?

 

[romik]

Quote from YMZ:

I believe Romik pointed this out earlier using RSI for those of us who were getting long on the breakout to new highs. You can see also on the MACD the divergence as we pushed to new highs indicating that maybe there would not be much follow through. I guess the question is....can one still take the trade and maybe just keep the risk level very low given that not all the factors were lined up in our favour? Or is it best to sit on the sidelines?

That boils down to what you trade - a system or discretion. A system trade commands staying with the system's calls, where a discretionary trader will be constantly observing market conditions, which we all do, but not necessarily take action depending on the sentiment.

 

[ndjeff7]

short the ym here at 11388 with a real tight stop, looking for a quick pop down.

 

[belavia]

Romik, would it have been correct to draw a pennant with the two yellow lines and to go short below it, with confirmation from indicators?

 

[ndjeff7]

covered at 11377 per 4re's exit strategy that he has helped me with