Trading the Pivots
- Thread starter JimmyJam
- Start date
on swings, i take some profits, but im working on taking less initially and letting more run.
i have a buddy who using the Taylor @s from that book. i seem to remember issues with trend versus range bound days for your system. a break of taylor number isnt bad guideline for identifying a trend day.
the blog link is on my other box - ill forward it later
OK,
Pivot held, I'm obviously LONG here, lets see how it plays out.
Some really good info came out this weekend (strong economy, investors looking to get back in the market, yada yada yada). While I normally don't listen to that "noise", it does affect my psychology a little big, so let's see how thes positions play out.
Shooting for R1 (which is 1316.00 - give/or/take) on my spreadsheets.
Pivot held, I'm obviously LONG here, lets see how it plays out.
Some really good info came out this weekend (strong economy, investors looking to get back in the market, yada yada yada). While I normally don't listen to that "noise", it does affect my psychology a little big, so let's see how thes positions play out.
Shooting for R1 (which is 1316.00 - give/or/take) on my spreadsheets.
Hey Don, was wondering where'd you gotton off to.
The 3 minute is going to give me a slightly faster reaction time than the 5 minute (I actually don't trade based on time, I trade based on price action in my own personal trading, so I'm just trying to find the "best fit" for this thread), so I'll go with the 3 for now because it'll give me a faster reaction time in pointing out the trades to the reader, that's all.
... and I'm up late at night, and I'm up early too, and I love to see what happening in the overnight markets, that's why I tend to have it up (for instance we had the gap up, it filled, and now, depending on what chart you are looking at, we will either have a higher low - on the NQ, or a double bottom - on the ES, so this may be the bottom of the day ... who knows?), but I can close that info out if it's too much.
Best,
JJ
Enered @ 1312.5
Closed @ 1314.5
Double on the 2nd hit off the Median Pivot point (each hit gives you the opportunity to enter another position).
Total 4 pts.
Hope it's mak'in sense to ya folks.
Time for me to get some coffee.
Later,
JJ
P.S. I won't be going into it here on this thread, but the NQ is giving a lot more bang for the buck than the ES.
... anyone who wants the reversal off of R1, it's all yours (it might work out pretty well). I wont' be taking it, because I never fade trends (not anymore at least). this way I know that, over time, my system will have a positive expectancy and I will WIN with NO GUESSWORK!
best,
jj
best,
jj
Before I hit this load of wash, here's my list of thing NOT to do when trading:
10. Fade the Trend (however YOU determine TREND).
9. Hope for a position that is a LOSER to work out (stretching my stop this morning was a calculated risk, and I knew at what point to cut it lose, the difference between that and hoping for a loser to work out? time, experience, probability).
8. Overtrade (When you got your loot, it's better to just call it a day, there's always tomorrow).
7. Trade Undercapitalized (This is unique to the individual, but you have to be ready and willing to sustain losses in this game).
6. ADD to a LOSER (No Not Ever).
5. Guess (you'll end up looking like this) ----->
:eek: 
.
4. Take Tips (including taking setups off of a thread here at ET). I"m just showing you a process for determining how to make trading decisions.
3. Trade against the Trend (yeah, I know I already said Fade the Trend, I just want to make sure you get the point. Nobody's big enough to buck it).
2. Worry about the other guy's P&L (that's his/her business).
1. Revenge Trading (In the first season of Deadwood - man, that was good stuff - on HBO, there was a scene where this guy was gambling at this craps table, and instead of stopping play when the dice weren't going his way, he kept extending his credit and going into debt-ostensibly trying to make his losses back, while going even deeper into debt ... don't).
10. Fade the Trend (however YOU determine TREND).
9. Hope for a position that is a LOSER to work out (stretching my stop this morning was a calculated risk, and I knew at what point to cut it lose, the difference between that and hoping for a loser to work out? time, experience, probability).
8. Overtrade (When you got your loot, it's better to just call it a day, there's always tomorrow).
7. Trade Undercapitalized (This is unique to the individual, but you have to be ready and willing to sustain losses in this game).
6. ADD to a LOSER (No Not Ever).
5. Guess (you'll end up looking like this) ----->
:eek: .4. Take Tips (including taking setups off of a thread here at ET). I"m just showing you a process for determining how to make trading decisions.
3. Trade against the Trend (yeah, I know I already said Fade the Trend, I just want to make sure you get the point. Nobody's big enough to buck it).
2. Worry about the other guy's P&L (that's his/her business).
1. Revenge Trading (In the first season of Deadwood - man, that was good stuff - on HBO, there was a scene where this guy was gambling at this craps table, and instead of stopping play when the dice weren't going his way, he kept extending his credit and going into debt-ostensibly trying to make his losses back, while going even deeper into debt ... don't).
George Angell books are good, I think. I read both of them years ago. Interesting fact. He got into big trouble with the CFTC a few years ago for selling a trading system that he said he had traded with real money when in fact he had only done simulations. I wasn't so impressed with him after that...
