What's a worthwhile daily take on the e-mini S&P 500?

[SimpleMeLike]

My fellow broker Joe Easton, watches the ES closely and shared this:

[7:04 AM] Joe Easton - Cannon Trading
In my opinion 1/3 of the daily range is a "good take"/result. 1/2 to 3/4 is excellent and 100% or more of the range is extraordinary. These are ballpark #s and the goal in any day is to be green. Even 1 pt positive is moving in the right direction and easier said than done.

Tell Joe Easton, I said exit wherever the market tells you to exit and stop playing ass around and be happy you made money and a good trade. There is no set amount of money to make per day, just take the trades and exit and take whatever money you can get.

who cares about ES daily range? That does not have anything to do with nothing. take the trade and exit where the market tells you to exit at, not some silly percentage of daily range.

 

[Laissez Faire]

There is no set amount of money to make per day, just take the trades and exit and take whatever money you can get.

Actually, there is.

You can't make more than the market offers on any given day.

who cares about ES daily range? That does not have anything to do with nothing. take the trade and exit where the market tells you to exit at, not some silly percentage of daily range.

I certainly care about the daily ES range and other key metrics which tracks market moves on a daily basis. The larger the range the better the trading (more profits).

 

[Tradex]

Actually, there is.

You can't make more than the market offers on any given day.

Actually you can.

Daytraders can earn more than the daily range, on any given day.

 

[SimpleMeLike]

Actually, there is.

You can't make more than the market offers on any given day.

I certainly care about the daily ES range and other key metrics which tracks market moves on a daily basis. The larger the range the better the trading (more profits).

The daily range means nothing per day. If you see a trade, take it.

Yesterday daily range does not help me make trades starting at 8 am central daily. Only whatever I currently see.

Put the stop loss where it needs to be and take the trade and prepare to exit. Then get ready for the next trade.

It's best to keep things simple and ignore all that stuff.

 

[Laissez Faire]

Actually you can.

Daytraders can earn more than the daily range, on any given day.

Do you even read what you respond to? Maybe you should re-read the thread from start to finish.

I specifically said: "You can't make more than the market offers on any given day".

Where did I say you can't earn more than the daily range?

 

[Laissez Faire]

The daily range means nothing per day. If you see a trade, take it.

Yesterday daily range does not help me make trades starting at 8 am central daily. Only whatever I currently see.

That may be true for you.

It's certainly not true for me.

It's best to keep things simple and ignore all that stuff.

And how many points are you extracting per day from the market by 'keeping things simple and ignoring all that stuff'?

You have said yourself that you're not a consistently profitable trader, so maybe you should get that in order before being an expert advisor telling others to discard key metrics of the market and valuable parts of their methodology.

 

[SimpleMeLike]

That may be true for you.

It's certainly not true for me.



And how many points are you extracting per day from the market by 'keeping things simple and ignoring all that stuff'?

You have said yourself that you're not a consistently profitable trader, so maybe you should get that in order before being an expert advisor telling others to discard key metrics of the market and valuable parts of their methodology.

You right sir, I'm done posting here.

 

[Laissez Faire]

You right sir, I'm done posting here.

And why is that?

 

[SimpleMeLike]

And why is that?

For what, what's the purpose of me posting on a trading forum if I'm not making money? I don't have any business giving trading advice and misled others. That's time I can spend perfecting my own trading rather then thinking of things to post here.

And if I do decide to post, I'll make my declaration (i.e., Note, I'm not a consistently profitable day trader, the below is my personal experience, etc) like I always do and I encourage others to do as well. Lol

 

[Laissez Faire]

For what, what's the purpose of me posting on a trading forum if I'm not making money? I don't have any business giving trading advice and misled others. That's time I can spend perfecting my own trading rather then thinking of things to post here.

Actually, it might not be a bad idea. ET is mostly a waste of time assuming we have other priorities. I have a lot on my plate today and shouldn't really be posting here, but I'm tired after a long week and am procrastinating.

As for trading advice, you don't really need to be giving it out unless you have something to share that you know to be true. You came on strongly here saying the daily range is irrelevant. A statement I strongly disagree with as it's a vital part of my own trading methodology. You can check out my trading calls in the ES journal for last week. Most of them turned out fairly well and were posted well in advance or in real time.

I'm very careful to not write something off as it's quite possible that it's I who missed something or didn't yet figure something out while someone who's smarter than me or simply spent more time studying it discovered something I did not.

As for focusing on the simple and easy stuff - I don't think there's anything easy about trading the markets and I don't think a 'simple' approach will ever make anyone rich.

But, a complex approach or framework becomes simple and easy as you gain experience and knowledge.