next stop 1327
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S/R Emini Journal
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Quote from joeyata1:
No when iw as arguing about averaging down it was not what romik is doing. i was talking about averaging down within a small area almost like a single trade and having a tight stop. what romik is doing is just plain averaging down a loser and losing
There are various levels of tolerance, you can tolerate -2pts, somebody else -10pts, somebody else -20pts. You can only trade a set amount of contracts per every set-up, somebody else will allocate different amounts based on probability. There is no point carrying on this conversation as there is a group of people that understand the reasons and another that would only understand what they trade and everything else is plain wrong. That's the way this sounds to me.
rule of 2 over that resistance
Quote from romik:
There are various levels of tolerance, you can tolerate -2pts, somebody else -10pts, somebody else -20pts. You can only trade a set amount of contracts per every set-up, somebody else will allocate different amounts based on probability. There is no point carrying on this conversation as there is a group of people that understand the reasons and another that would only understand what they trade and everything else is plain wrong. That's the way this sounds to me.
I can't believe we are still having this discussion either. I'll try to put it to rest here.
This is part of some traders method it all has to do with risk/tolerance. Nobody is wrong on this. For me at this time it isn't part of my strategy but I would never say it is wrong for B1 or Romik as I have seen it work perfectly for both. Now the way that hedge fund did it I can and will say that was wrong for more than the obvious reasons. The main reason was they did it with OPM and most likely will keep gettig their pay as long as there are investors. For me it is wrong because of timing.
So lets quit beating a dead horse and just trade according to our own plan.
Quote from romik:
Long closed 1324.00
-6.18pts
IMHO you closed early. It was a good trade with a well-thought strategy and correctly implemented tactics.
The selling is abatting, a base is forming and the day will end at or above the Open. The markets aren't selling-off just yet.
While I enjoy the camraderie, entertainment and knowledge shared, IMO blogging while trading is a seriously bad idea, and is counterproductive to producing consistent profits in the markets.
I obviously do not have a position on now.
Best Regards,
Jimmy Jam
sold at 1326, leave 1327 for romik !
Quote from JimmyJam:
IMHO you closed early. It was a good trade with a well-thought strategy and correctly implemented tactics.
The selling is abatting, a base is forming and the day will end at or above the Open. The markets aren't selling-off just yet.
While I enjoy the camraderie, entertainment and knowledge shared, IMO blogging while trading is a seriously bad idea, and is counterproductive to producing consistent profits in the markets.
I obviously do not have a position on now.
Best Regards,
Jimmy Jam
Maybe it was a reaction to housing report, perhaps it was Thailand, maybe it was reaction to tomorrow's FOMC - I don't know. I go by the chart and my money management. I did have a reason to be long, I also had a reason to close it, certainly not based on negative posts here. 240 has kicked in and I did say that it was a low/average probability trade, hence smaller position.
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