S/R Emini Journal

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Quote from princessa:

hey guys!

i just made 4 points!

woo hoo!

two trades and i'm out....

happy trading to the rest of you. days like today make it look easy. don't want to get too cocky, though, so i'm out.

later, dudes!
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WTG :)
What trades did you take?
 
Quote from 4re:

No offense taken. I have taken my losses as with any method. If I lose on my initial trade I allow myself another trade to try an break even. I only take that trade if my numbers or a good chart pattern comes up though. If I lose that second trade I stop for the day. If I win I am at breakeven for the day minus commissions. Since starting this journal I have lost two trades in a day 3 times. I also have a set punishment for a losing week. If I have a losing week I go into simulation for a week. That has not happened since two weeks prior to starting this journal. That was the hardest week for me. Because I won every trade I took in simultion. It sure did help my conidence though.

As for how I approach the lines once they have been breached. I have several different ways I do it. If I got my 2 points, I wait and re evaluate at the end of the day although I have traded the same S/R numbers several times in one range day. If I lost the first trade and the same numbers come up again I will take them a second time (Romik has even doubled up on the second approach, successfully I might add). So those are just a couple of ways I do it.

Does that help any?

Gary
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Gary,

Thanks again for the clarification. There is so much to sift through. I've been trying to learn about the markets for a couple of years and have just started to actively look for things that will work in a short term enviornment. Your method of support/resistance meshes pretty well with some other methods that have a true ring to them. Most of the methods that seem worthwhile set you up before hand to react in a certain way if/when price gets there. Thanks for sharing.

Jim
 
HI Gary,

I think this will be the last time I'd like you to check my chart...I'm starting to get the hang of it and am about 90% wins paper trading, and am about ready to hit the big time.

Thanks for all your help!
 

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Quote from Allen3:

Gary,

Thanks again for the clarification. There is so much to sift through. I've been trying to learn about the markets for a couple of years and have just started to actively look for things that will work in a short term enviornment. Your method of support/resistance meshes pretty well with some other methods that have a true ring to them. Most of the methods that seem worthwhile set you up before hand to react in a certain way if/when price gets there. Thanks for sharing.

Jim
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Jim,
Thanks, I hope I answered your questions alright. The important thing when beginning your trading is to find a method that you understand and that will work no matter what market you are trading. Once this is met then you need to learn everything about the method while watching how the markets react around the levels you pick out. Once you feel like you got it then test the waters. If you just run up to the edge and do a cannon ball there might be a stump lurking just beneath the surface, guess what part of the body it will enter...If you know what I mean :)
 
Quote from TinGull:

HI Gary,

I think this will be the last time I'd like you to check my chart...I'm starting to get the hang of it and am about 90% wins paper trading, and am about ready to hit the big time.

Thanks for all your help!
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Before I answer look at this chart and answer my question...:)
 
Hey Guys and Gals,
Here are my numbers for tomorrow. Surely we are due for a trendy day soon. I sure hope so.

Long 1340.25 - 1343

Short 1330.25 - 1324.50

Ya'll have a good trading day tomorrow,

Gary
 

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Quote from 4re:

WTG :)
What trades did you take?
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glad you asked.

today, after fomc, i figured the market would move up or down dramatically. so i watched the 2 minute chart and noticed a downward pattern. it would go down, then backtrack, then go down some more. my strategy was to catch it on the backtrack moves, then follow it down for a point. in and out quick, in case it should decide to reverse. i took 2 trades, 2 contracts ( my current MAX), 1 point each for a total of 4 points. i'm counting points so i know how much money i made. two trades and i'm out. i only do 2 contracts if i'm very confident. if i'm just somewhat confident, i do 1. and if i'm not confident, i do the paper trade so at least i'll see what i WOULD have made.

here are my trades:

1424 in at 1336
1428 out at 1335
1431 in at 1334.75
1440 out at 1333.75



i took your advice gary. no more than 2 contracts. just go for a point or point and a half. you're so right. it's less nervewracking that way and i get my quick points and out.

i noticed the other day when voltaire - (yeah, i know it's volente, but i'm pissed at him right now so i call him what i want) - was trading like a bandit, he would go for quick in and outs, so i figured i would try it too, instead of going for bigger points. to me, it's much easier to get a point at a time because then, even if you're right, you don't have to be right for long....
 
Quote from TinGull:

HI Gary,

I think this will be the last time I'd like you to check my chart...I'm starting to get the hang of it and am about 90% wins paper trading, and am about ready to hit the big time.

Thanks for all your help!
More...

wtg, dude.
i hope i get to 90% soon....
 
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