ES Trading

new_trader

new_trader

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I have decided once again to tighten my STOP to 0.75 points. The 1st trade was made with the original larger STOP size of 1.25 points and suffered some slippage. I expect this month’s result to be a little erratic as I refine my methodology.

This journal is continued from my original journal: -ES Trading Journal
 

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I was busy Friday and most of Monday (Yesterday) so I haven’t really got into sync with the market. However, I was confident enough to make another trade with the 0.75 point STOP size. I cut it early just to be safe. It is going to take a few trades before I am sure my methodology is sound enough with a tighter STOP...or not.
 

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Trading with a tighter STOP certainly focuses the mind. All trades were in the right direction which means my market reading is 100% correct, as usual, but I just need to refine my entry. I have (I think) pinpointed where I have been going wrong, which is good.
 

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I was anticipating at least a 10 point move down from the mid 1150's which would make the target mid to low 1140's.
 
new_trader said:
I was anticipating at least a 10 point move down from the mid 1150's which would make the target mid to low 1140's.
Click to expand...

And there you have it - [email protected]

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I've known many men who were right at exactly the right time, and began buying or selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine--that is, they made no real money out of it. Men who can both be right and sit tight are uncommon."

from - Reminiscences of a Stock Operator
 
I notice someone has started a live ES calls thread. Good on him/her. Today isn't a day to trade for me, unless it starts acting right for me. But in any case, the trade to make would be a long around 1250.00 for a move into the low to mid 1250's...probably 1253 to 1255. Market currently @ 1250.00
 
IMO: Scalping should only be done with market orders and tight stops, but only when the market is ready. The market isn't ready.
 
Hello BSD, I see you. It seems you are interested in what I have to say, even though you think I talk nonsense:)
 
new_trader said:
I notice someone has started a live ES calls thread. Good on him/her. Today isn't a day to trade for me, unless it starts acting right for me. But in any case, the trade to make would be a long around 1250.00 for a move into the low to mid 1250's...probably 1253 to 1255. Market currently @ 1250.00
Click to expand...

1253.50 hit @18:26

Everything is known in advance! :smart:
 
I may be back later this afternoon, if not, I will be watching the market without posting live commentary. Just remember this:- Everything, Yes, EVERYTHING is known in advance!
 
new_trader said:
I notice someone has started a live ES calls thread. Good on him/her. Today isn't a day to trade for me, unless it starts acting right for me. But in any case, the trade to make would be a long around 1250.00 for a move into the low to mid 1250's...probably 1253 to 1255. Market currently @ 1250.00
Click to expand...

If my figuring is correct, this market is ready to advance into new territory which should be the mid to high 1260's perhaps by market close on Monday. Naturally I will be keeping a close eye to confirm.
 
new_trader said:
If my figuring is correct, this market is ready to advance into new territory which should be the mid to high 1260's perhaps by market close on Monday. Naturally I will be keeping a close eye to confirm.
Click to expand...

My figuring is 100% correct. 1267.00 hit around 14:48

Market now@ 1270.00
 
new_trader said:
If my figuring is correct, this market is ready to advance into new territory which should be the mid to high 1260's perhaps by market close on Monday. Naturally I will be keeping a close eye to confirm.
Click to expand...

Market closed @ 1265.25

Those who know, know and those who don't, start idiotic threads!
 
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