S/R Emini Journal

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Hey Gary,

Great move with the Omnovia, you kind souls have much to teach me.

Interesting volley on which money management technique is best.

Of course, the true answer is ... Both.

I trade 100% like Patricio is advocating, and while it is not optimal, it's going to keep in the game for a long time while I build my stash.

romik's approach requieres a lot more skill, and belief in yourself as a trader, as well as the stash, and peace of mind to use those bullets well, knowing that in the end, you're going to come out far ahead of the game.

Regards,

JJ
 
Greetings,

I would like to thank all that pointed out Mark Douglas' book,was expecting another method book,and got something that changed my thinking about everything.I see this journal has taken off,with differing opinions.All good as far as I'm concerned.

With trading," the absolute rule is there is no absolute rule" seems to apply.While its a contradictory statement,it appears to be true,likely because the market is made up of contradictory ideas about it.

Glad to be back,am reading Elders book now,

cordially Tom
 
Quote from romik:

holding position. I am following B1S2's long grail on hourly in RSI, CCI confirms, at the bottom of bullish channel, at the top of bull flag, set to re-test 1336 area (perhaps after hours). I will not add any more contracts (scale in), PT - 1340 or there abouts.
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Stop extended to 1326 which is below what might be a bull flag. Risk is being controlled, don't worry.

As I have thought, it seems that some guys got their wires crossed on averaging down with no stops and with stops (controlling risk). Currently using 1/11th of max stop level. As long as one does not hold in the face of a reversal and realises when to call it quits, there is not that much danger apart from a possible limit down.

Added 1 more contract @ 1328.50

Average Long 1331.33 Stop @ 1326 (under 1/10th of max stop loss)
 
There is a difference between chart analyses and a conviction of being right while averaging down.

When charts say I am wrong, I'll close the position immediately, I am not going to extend the position as THEN I will be adding to a loser as the directional bias is not supported by any reasoning. Will S&P be making new highs any time soon? I am not certain at all on that one, hence very small position for a daytrade turn to be a swing one, low odds=small size. Will S&P pullback to 20MA and perhaps to lower BB level and what are the odds? For that I need to see certain levels broken to the downside and to answer Billp's Q - in that case I will scale out at 20MA and carry the rest to either lower price level or cover at entry level, as there will be enough to scale out with to make me enough money.
 
Quote from billp:

Volente,

Why do you say that the trade at 1330.75 is a risky trade? Is it because its near to the 'closing time of 4pm'. IMHO, other than the time, it looks to be a good place to enter a long position. Your thoughts pls. Thanks.
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You are exactly right. I like to give trades time to work.
 
Quote from romik:

Stop extended to 1326 which is below what might be a bull flag. Risk is being controlled, don't worry.

As I have thought, it seems that some guys got their wires crossed on averaging down with no stops and with stops (controlling risk). Currently using 1/11th of max stop level. As long as one does not hold in the face of a reversal and realises when to call it quits, there is not that much danger apart from a possible limit down.

Added 1 more contract @ 1328.50

Average Long 1331.33 Stop @ 1326 (under 1/10th of max stop loss)
More...


I saw that you posted about a $7800 max drawdown. How many contracts would that be on ?
 
Quote from romik:

Stop extended to 1326 which is below what might be a bull flag. Risk is being controlled, don't worry.

As I have thought, it seems that some guys got their wires crossed on averaging down with no stops and with stops (controlling risk). Currently using 1/11th of max stop level. As long as one does not hold in the face of a reversal and realises when to call it quits, there is not that much danger apart from a possible limit down.

Added 1 more contract @ 1328.50

Average Long 1331.33 Stop @ 1326 (under 1/10th of max stop loss)
More...

Good luck on this one. I am still of the opinion that we will continue up for a little longer. I would still like to see 1343 before any kind of pullback.
 
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