Hey there, grand snowpigeon (good luck bird of Tibet or it may be the tufted duck...either way, everything is auspicious there and to have one aligned with who you are at your deepest level, well...), It seems as if such tight stops would be tough with what has become a hideously choppy day, especially if you are going for those bigger moves? That is not to say that fairly precise price action analysis can't give you signals with which that would work but we have been in a 6 point ES range for going on 3 hours now (and i know you know that at least as well as i do, just wondering what your stop loss system is or if it is more discretionary, if you are cozy with divulging such?). It could be that you are exceptionally good at...OK, we may be breaking lower or just another bounce...Must try to make some cash... Good luck, egret, and thanks for posting
Bounce it is. I could not find it, but somewhere in the archives of your posts, I thought I had read that you were going for the bigger moves but it may just have been the long NQ contract you are holding until the daily chart trend indicates a reversal. Certainly, there is more than enough wiggle in a 6 point range to make money all day but if your stop is just .5 points, if you have enough of them, it very well may cut down on your daily P&L in a Paul Bunyan on crack styley. As you were intimating earlier in the day, if you can find out the range of the day or better, of the particular intraday period...ahhhh, the eternal million dollar question. Again, it is great to read some other musings as I drive myself mad with my own, thanks
Myshkin, That swing unit was killed at scratch.. I mean to swing BUT a near 20pt plus profit NEVER becomes a loss on my watch, even considering NQ volatility.. I simply cannot stomach that. There was a clear hourly TL break-down as we crossed 1778 or so the first time heading south. The error in this trade is it was not taken in a buy zone (mid 60's yesterday or low 70's today for, example) given the age of this daily swing and rising risk. It takes a very good trader to switch hats from swing to chop thinking, taking 4 or 5 whenever given. Most can barely be good at one either so best I swing and take good Morning trades only, staying away from the afternoon table tennis. If not my minor bout of schizophrenia will be come full blown. As far as stops I sure seem to be able to put them at very key prices. I am using 2.5 pt hard stops. Over the last few days the stop outs have been wasted as the trades were apparently at the proper defendable areas indicating a good system can afford larger stops.. Sounds like you are trading with Satellite somewhere in Tibet....
Morning Prep.. If we don't take out yesterday's high chances of a range developing growing. Declining TL on hourly "usually" resolves upward. Already working on 1781.5.. again.
BIGGEST question in trading.. is this a rest or a correction??? Please Gurus I want to know.. Guess I will know shortly