ES Journal Archive (2006 - 2008)

Thanks--hasn't been so far, but in my position trading, many times big moves came just by testing the market and catching an unexpected wave, so we'll see.

 

Probes?? I can't tell from your trades what information you are gathering regarding the intraday market from your "probes"?? Seems to me you are using "probes" to "catch a move" as opposed to confirming/debunking or providing additional analysis.

But if it works for you, so be it.

Good luck
Osorico

 

Probes are just my way of entering trades small , so the loss will be smaller. I am using very short term chart for entry and overbought /oversold conditions to eventually catch a bigger move hopefully with a bigger position on. I could today have just sold the top of the channel and bought the bottom of the channel, but right now I am attempting to catch bigger moves than that. Of course, it may prove that the top and bottom of the channel strategy, while making smaller profits will be more profitable overall. This is just day 6 and I am in learning mode (as I am always with position trading as well). I welcome all comments, favorable and the not so favorable or downright mean.

 

Reversed and long with 2 units again here at 1291.50

1 pt profit times 2 ---- 2 pts total profit

 

One of the top rules of daytrading...

do not swing for the fences. Occasionally the wind will carry the ball anyway.

Osorico [being a realist, not a meanie]

 

Thank your for the input. I would say here though that just selling the top of the channel and buying the bottom ie "targets" would get in the way of the homerun. Is that what you were referring to? (channel?) Please elaborate further--

 

reversed and short at 1290.00(2 units) 1.5 time 2= 3pts loss

 

My initial thought is to say what works for you in position trading is not scaling very well for you daytrading. Keep in mind I have no clue as to your techniques/methods for finding trades.

That said, what is wrong with playing the channel? And what if you happen to catch a breakdown/breakout of the channel?? Each and every day the market is different. If your signals are working who cares!! You know, the market spends 20% (or less) of time trending. What is it doing the other 80% (or more) of the time? Play the probabilities you'll catch the trends and make money the rest of the time too.

Osorico

 

Trading the channel though requires a profit target at one side of the channel--is that right?

 

Trading channels is dangerous because when the market is really trending it will constantly break the channel and give false signals.