The hourly bar just completed on ES would be called an outside day reversal down if it was on daily or weekly charts. Does anyone think it carries the same significance intraday?
stopped at 1316.00 Loss on 2 units of 11.5 pts Loss on 1 unit of 3.5 pts Total pts loss= 15 pts. sell stop order entered at 1314.00 at 4 units
flat for the end of day. No orders pending now. March 22,2006 results 3 trades 0 winners 3 losers Pts lost 18.5 = $925 Commission = $25.08 Total Loss = $ 950.08 JTD totals 39 trades -- 17 winners 22 losers 43.58% Total net profit including commissions= $1142.07
Comment on today's performance is as follows: I had decided to work with the very short term 3 minute chart, but again shifted emphasis back to bigger short term bias. There were 3 distinct long opportunities today off the three minute chart, but I did not take them. I wil start doing so if I see it tomorrow. I will again apply focus to the 3 minute chart for tomorrow's trade. I have noticed that the more time I spend with the 60 minute chart, the less successfull I become. If I am trading the 60 minute chart, I may as well trade long term which I am already doing. I must say, I would have loved to have held my 3 units overnight, but the idea here is to go flat at days end. The down part for me is that I was stopped out on the day's high. Not too down though. (Not at all really)
=============== Buy1sell2; I am trying to think of something besides trend day that has anywhere near significance intraday as end of day. Cant think of any thing . Trend days clearly are better on intraday, than eod. Did think of a notable exception , its so infrequent, but it would be fine for daytradetrs, not so fine for eod traders; Oct,1987 A medium trend change in one day=very unusual.
If you don't mind, I will mention my trades for today. I normally look to make a profit of 2 points per trade in my primary trading system, I am currently experimenting with a different one, where I try to aim for 4-5 points per trade without AVERAGING. I always have been against averaging technique when day trading futures. I think that would explain why you finished in the red today and I in the black, please don't take it the wrong way, the aim is not to boast, but analyse what happened. I believe you finished in the red today because of averaging and staying in the market when it went against you. Perhaps OK when position trading, but in day trading could be a bit dangerous. I was also selling the market today in all 3 trades. First entry was same as yours, though at a slightly earlier time 10.25am Sell 10 lots @ 1310.00. . I have 3,5 and 15 min charts open by the way. I covered 5 lots @ 1308.25, 5 lots covered @ 1311.00 35 minutes after entry. Second trade was Sell 10 Lots @ 1313.00 @ 1.40pm and covered 10 @ 1314 as I was worried at that time that I might be shorting into a bit of a upward trend. Third trade was Sell 10 Lots @ 1312.75 @ 2.05pm as I saw some stronger sellers present and I knew that I wasn't going to wait this time round for 4-5 points profit - target 2 points as my judgement on 2 previous trades was clearly a bit wrong. Covered @ 1310.50 @ 2.33pm. I know we all implement different strategies in our trading. Today, comparing your trades to mine, we both have expected the S&P to tank back below 1300.00. If I was to average against the temporary market sentiment, I would have finished negative for the day as well. Anyway, just a friendly comment this time
Wasn't the trend long? I had to go long from the opening. After we reached 1314 i had to reverse to short; but in the next bottom at 1310 i had to go long again because i was clear (to my system) that the short was only a minor correction. To me you take too many shorts, and the resultst confirm that it was not such a good choice. A trader has to be open minded, if you are obsessed by the shorts you will miss all the opportunities long. And in a major bull market you will miss all there is. I learned not to guess or think, but to simply follow my system without asking any questions. As long as it works well i will never question the signals generated by my system. And in the long run it was the best choice; not because the system is so superior, but because emotions and human reactions are banned from making decisions.
Yes, I did indicate that for the intraday experiment that I need to be taking longs as well. This would be apart from the short positional build. The way that I can do that most effectively is to use the shorter term charts. The style that I have been using is better suited to holding overnight. (I would like to be holding the trades overnight tonight). In any event, even with the poor intraday performance percentagewise , I do still have a net profit at this point.
some tech glitch with ET prevented me from posting. I am short from 1313.50. 3 minute chart Bearish divergence with Histogram-- stop at 1316.75 15 minute chart shows a near triple top in RSI as well