S/R Emini Journal

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KT,

You definitely called that one right. Volume on the breakout was a little weak and I threw two losing trades at it. I need to figure out if I'm going to reenter trades if an initial breakout suffers a throw back. One trade isn't close to enough info to make a decision on.

Definitely learned more today though!!

How's the paper trading going. What platform do you use for that. I would love to be able to do that but Tradestation doesn't support simulation or replay. I have heard that Ninja trader has a free demo which will use tradestation data. I will be checking that out.

twink
 
Quote from DonKee:

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.
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This late in the day, I move the stop to b/e or 1341.25
 
Hey guys and gals,

I know some of you use Quote Tracker and wanted to let you know TDAmeritrade bought them. There is a fact sheet on the QT site. Things will be changing.

Dean
 
Quote from djxput:

KyivTrader,

From looking at your chart I would call that price congestion more of a small dbl top or somewhat of a decending triangle.

I dont have a charting program atm (working on it); so this is just from looking at your .gif

Reason why I would call it more of a dbl top or desc. tri is because from the chart we have a small 'updraft' and then we have a price consolidation; usually pennants are continuation patterns; let alone I usually draw the lines near the bases of candles (it all depends thou since a chartist has to use his imagination and sometimes the edges of the wick serve you better or the bases of the candles).

Now that I think about it we perhaps alos have a failed pennant; so maybe you are right after all :)

-Just adding my 2 cents worth ie not bashing your charting-
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Thanks dj!

OK. I tell you a secret: :) I know, me being a "noobie" at these things, I will hardly ever get them correct. But for me that is not the point anyway.

I begin to like patterns because they allow me to play out scenarios, to say for example: if it breaks this level, I will be short, or I will be long. I like to plan my trades ahead of time, and be prepared when it comes to the level where I'm supposed to act. For me patterns make an easy job at this. There are probably other ways, for sure, but at the moment the simplicity of patterns is the main attraction for me.

I really like to keep things simple, because I noticed when I use complicated ways to get into the market, I will always come up with tons of reasons not to get in :). My stupid mind just works that way! :)

I also like patterns from a risk management viewpoint: you will soon find out if they have failed or not (e.g. if volume does not confirm a breakout), so you can probably get out with a scratch and try again another time.
 
Gary's S/R trade pays again!! Of course I missed it :mad: I was out with two losses doing ",my own thing". Maybe there's some truth to the notion that someone could show you their system and you probably still wouldn't be able to trade it. The S/R resulted in a conservative 3 pts of profit today and I lost.

Looks like I still have a long way to go!

twink
 
Quote from TraderTwink:

KT,

You definitely called that one right. Volume on the breakout was a little weak and I threw two losing trades at it. I need to figure out if I'm going to reenter trades if an initial breakout suffers a throw back. One trade isn't close to enough info to make a decision on.

Definitely learned more today though!!

How's the paper trading going. What platform do you use for that. I would love to be able to do that but Tradestation doesn't support simulation or replay. I have heard that Ninja trader has a free demo which will use tradestation data. I will be checking that out.

twink
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Hi Twink,

To me trading is the only job I know where I will surely learn something new every day! :).

Let's say I had something of a "hunch": I was looking at volume, a bit at market depth, watching a few trades done at that breakout level and concluded that there was no continuation of the move. But that is easy to say now with the benefit of hindsight. I could have been totally wrong, and believe me I often am. :)

I use a simple frontend for Interactivebrokers, called TSimPlus. It's free and has just what I need to quickly enter buy and sell stops, protective stops, etc. It writes a nice log with time and everything, so I can review it at the end of the day together with the charts.

I also use the free Simulator account with Interactivebrokers. Comes with a "virtual" USD 100,000, and the fills are pretty realistic.

KT
 
Here's my numbers for tomorrow. I put them up for discussion purposes only!!! I am NOT a profitable trader so following my numbers is not smart :D

Long: 1351.25
Short1: 1337.25
Short2: 1334.50

I attached a detailed explanation of how I came up with these levels (too long and boring) if anyone's interested or has the time to point out my noobie mistakes.

pura vida
 

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