50 pts in the ES

Discussion in 'Journals' started by TheStudent, Oct 16, 2003.

  1. Thanks Chris.

    Actually, I was inspired to try "intuitive" trading by something you said in an earlier post about how the human brain is the most powerful computer of all - you just have to believe it.

    I've been building models, so this is new territory for me.

    I think to make the journal useful, I going to avoid real time posts. I thought the time stamp would be good, but then I realized that I am not trying to prove anything and rushing to post is distracting.

    I guess the goal for me is to keep me honest, learn from anyone kind enough to drop constructive criticism and if I get to where I want to get with this, pass on the learning experience.

    Ok - so, trading plan is to focus on ES only. Signals are based on volume and direction. I am trying to catch reversals, but I may also ride momentum.

    Stops are based on the charts, usually off a previous peak or trough.

    This is much harder than trading with a system I think - it takes faith in yourself, that you know what you are doing.

    So .... not much for a reader to grab onto here - sorry. But any observations are welcome.

    Anyway, last trade was just plain silly. I am attributing it to adjustment issues. If it happens again, I am going to be very cross with myself.
    #21     Oct 16, 2003
  2. dbphoenix


    #22     Oct 16, 2003
  3. 16:03 S @ 1049.25

    STP 1052

    The gap down was nice - wasn't expecting it. Thought we might see a nice 3 pt decay over the next few hours in the night session.

    Don't want to watch this overnight, so we'll aim to take profits at 1047.25.
    #23     Oct 16, 2003
  4. Magna

    Magna Administrator

    Hey Guys,

    Rather than discuss ET personalities let's see if we can all stay on topic for this thread. Thanks.
    #24     Oct 16, 2003
  5. dbp

    this is a great thread. Thanks for the reference.

    I do have a few systems that I have built that work. They are EoD systems that are based on liquidity indicators. This is an interesting foray for me - I'm hoping it does not end in disaster.

    There must be something in this "intuititve" trading thing though - a long time ago I did it to disasterous effect, and so retreated towards reading about systems and started building them.

    In that process, I learnt that good systems are basically about writing down your market observations. Complex TA indicators just didn't do it for me - studying market behaviour does.

    That being the case, you have to have good market observations. I figured that if I tried discretionary ES trading again, at the best, I pick up a skill and can build something around it, at worse, I understand the ES market a little better and can somehow use that for my systems.

    Thanks for the input!

    Just noticed - C @1047.25 + 2pt

    Today is flat, -0.12pt after commish.

    Will write up some ground rules tonight on how to trade with a journal.
    #25     Oct 16, 2003
  6. S @ 1049.25 10.38

    STP out at 1051.

    Had the right call on the AM to go short, but that 9.49 print @ 1052 was wild. Clearly a case of locals hitting stops I think. Well, it took me out too - next time I'll pick a less obvious place to be stopped out.

    It stunned me for a while - if I had my wits about me, I should have seen it for what it was, and immediately got back into position.

    Time to get a coffee and cool off.

    ES @ 1044.50
    #26     Oct 17, 2003
  7. Interesting. I also shorted @ 1049.25 this morning and went away. Just covered @ 1043.75. Maybe your stop is too tight?
    #27     Oct 17, 2003
  8. Cutten


    Why not try to make 100pt on 1 ES on one trade. It'll teach patience, and make a more interesting journal than scalping for ticks.
    #28     Oct 17, 2003
  9. Teach patience? Yes.
    More interesting journal? No.

    The whole journal will have only two posts.

    shorted 1 ES @ 1049.25

    covered @ 949.25
    #29     Oct 17, 2003
  10. you could have waited for the michigan number to come out..

    #30     Oct 17, 2003