S/R Emini Journal

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Quote from 4re:

I did see his statements regarding Black Monday. It looks like my pennant formation is pretty much blown doesn't it. My T/A still shows quite a bit of upside but the funny-mentals kind of point to the negative. So I would be guessing if I said which way it will go. I will get to spend more time traing tomorrow. I wish your trade the best though and will be rooting for you.
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It sure is nice and relaxing trading these pivots.

S1- 1343.5 to the PP-1347

For T Bonds (ZB) PP=112 12 R1=112 24

The best part is:

1) No Thinking

2) No wondering "what the market is going to do"

3) No predicting

Just getting in a trade, knowing your entry, exits and stops.
 
Looks like new triangle forming on the 5m and 15m. Direction of breakout unknown. Down would help romik andn be in keeping with this range bound market.

4re - back from the Fair already. I guess if you've seen one giant cabbage you've seen them all! lol

twink
 
Quote from DonKee:

.....Just getting in a trade, knowing your entry, exits and stops.
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Do you enter right at the S/R/P level without some other confirmation? I personally look for divergences near the S/R/P levels. For example, there's a bear divergence setting up right now on the 1347.0 pivot level.

Also, what size of stop do you use on the S/R/P trades?
 
I can't get charts to upload this morning (will try again with this post.) Anyway the triangles I was showing had a breakout which failed (low volume on the breakout).

Looks like a mini BRD right now and ER2 is dropping down a bit. This market's so flat though I think everything is a head fake to draw the impatient (ME) into bad trades. So far I haven't been suckered.

twink
 

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Quote from sandygray66:

Do you enter right at the S/R/P level without some other confirmation? I personally look for divergences near the S/R/P levels. For example, there's a bear divergence setting up right now on the 1347.0 pivot level.

Also, what size of stop do you use on the S/R/P trades?
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ES:

For R1 and S1 entries, I do use a momentum divergence for confirmation (ie: mscd 3,10,16 per lbr on 5min bars). Stop is often initially set 1 point beyond the S1 or R1 level, moving stops to b/e after 2 points are hit. Exiting at least some or all of the position at the PP.

For R2 and S2, I just enter using a 4 point stop and other money mangement protocols per previous posts.

T Bonds:

I usually just buy/sell around the pivot point using a 4 point stop.

The direction is normally based upon trend of the 20ema.

Keep it simple. Every trade won't be a winner, you won't have big losers, but you will have big winners.
 
Okay - there's nothing happening here in the market so I might as well post this stuff here and see what everyone's doing.

The triangles are now a horizontal price congestion area. I hear these aren't very reliable.

twink
 

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Quote from 4re:

Romik,
Such bad language for your cheering squad, I understand though.
:D

My vote is more downside today. Here is the pennant I have drawn.

Gary
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Hi Gary!

I think I was looking at the same pennant on the 5-min chart, see enclosed chart.

Based on your rules that you mention in the videos, do you think an entry at 1346, which incidentally was the HOD, would have been ok? I know that most traders would probably just trade the break through the trendline (the way Bulkowski mentions it in his "Encyclopedia of Chart Patterns" ) but I like your approach of waiting for a confirmation better.

Have fun at the fair! :)
 

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