S/R Emini Journal

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Quote from riaamaan:

If I interpreted 4re's method correctly, you should only move that stop to 1 point if the momentum gets flaky and looks like it's hesitating, pulling back. This is a discretionary move and requires experience and vigilence to nail it. To me, it's the hardest part of the system. Maybe it's just best to move that stop to b/e + .25 if you're uncertain.
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Rick,
You are right. I came up with that method because a lot of new traders would see price move 1.5 points and reverse on them so they were taking bigger losses than they wanted to. So this is a way where they can make smaller profit but more consistantly. I look at other things while I have a trade going that tell me when to bail most times but I can't type a pst fast enough for others to benefit from. So that is where this method came from.

Gary
 
Quote from Buy1Sell2:

The information in my posts is free of charge, but comes from many years of experience. I offer it to you as help. My advices are good and well thought out.
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Yes your information is valuable to me as well. And I thank you for that.

I do agree with your longer timeframe trades. I have been riding the Q's up since early July and loving it. Day trading is only for steak money. My rent money and retirement comes from my company. My long term trades however they are how I have built up my capital. I had never even tried to day trade until this year and it didn't take long to realize how much time it takes to do.
 
Quote from 4re:

Rick,
You are right. I came up with that method because a lot of new traders would see price move 1.5 points and reverse on them so they were taking bigger losses than they wanted to. So this is a way where they can make smaller profit but more consistantly. I look at other things while I have a trade going that tell me when to bail most times but I can't type a pst fast enough for others to benefit from. So that is where this method came from.

Gary
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Hey Gary,

Yeah, I was starting to get the idea that there may be some discretionary element in this part of the plan. So far I've been moving it pretty mechanically. I find myself cringing, because of the seeming high probablitity that this stop will be hit. I will work at developing a feel for putting this stop in place.
 
I am not looking for a reversal, just a pullback towards 20ma. There are quite a few things pointing to that from my point of view. S&P being close to the top of the daily channel should favour price not making a run away from its 20ma. As I said, not really looking for a reversal.

Very funny BB :)

EDIT: I meant to say near the top of a monthly channel, but also helped by the fact of hitting top of daily.
 
Quote from romik:

I am not looking for a reversal, just a pullback towards 20ma. There are quite a few things pointing to that from my point of view. S&P being close to the top of the daily channel should favour price not making a run away from its 20ma. As I said, not really looking for a reversal.

Very funny BB :)
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I thought so. I can buy that theory as well. I wish you well on it. I think we are about ready for a pullback on everything right now.
 
I edited previous post with Monthly channel, as it's more important than daily to me right now. Looking at past oscillations, price does not like to be taken away too far away from 20 ma when already at either top or bottom of channel.
 
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