I'm not here to offer a realtime signaling service, but to discuss my trades and ES setups. I prefer to take my time and write something worthwhile than saying "Here guys, I bought but go figure out yourself why." As I offered previously, I am very open for constructive discussion and gladly welcome an opportunity to talk with aspiring or established trend followers.
The market is a battleground for two opposing parties consisting of bulls and bears, who each fight for control. Bullish participants want the price to rise because only then they will make money, but they will forfeit money if the price falls. Bearish participants, on the other hand, have the exact opposite interest. The price action we are witnessing every day is a consequence of this dynamic fight which gets especially intense at certain zones called "support" and "resistance". If a trend is going higher according to the Dow Theory of higher highs and higher lows, you have bulls in a more advantageous position than bears. Nevertheless, bears counter against this influence at every opportunity of resistance and yield back, then regroup higher from where a fresh attack is more sensible and push the bulls back down to support. They in turn will regroup in larger numbers with the ambition to push prices back to resistance again, and beyond. This explains the frequent setbacks and ranges in an uptrend, but are not a reason to short altogether. The actual shift takes place when support is broken and bulls have lost the fight for control. According to my understanding, these are the best trade entries for short. Once a trend is in place, it will not easily stop. Think about Newton's law of motion: a body wants to retain its current velocity until enough external force has acted on it to reverse. Imagine a freight train which, once at full speed, will need to bring up a lot of force and time to halt, let alone reverse its direction. Numerous wagons are attached to the locomotive which also need to be halted first, before the train has a chance to change its direction. Inertia does not allow anything else. The same applies to a market which involves so many participants who need to gradually change their bias and position first. The common worry among newbie traders of a trade going against them any time is unjustified. Reversing constantly and setting tight stops leads to an accumulation of losses which by all means could be avoided if the focus was more on the forest than the trees.
Damn it Matt... take this down, why are you giving away all your secrets? Just post realtime entry, and then add pic/explanations later.
Adjusted my stop to 1105.50, allowing the price enough wiggle room and at the same time securing some profits since yesterday. Given my entry, unrealized profits are currently at about $2,150.
i think you are doing great with your system keep up the good work and just ignore the naysayers. Pac
Wrong, everyone knows that the market is run by a giant super computer designed to screw as many people out of their money as possible.
Who is your mysterious partner(s) ? You said this journal is not meant to be a signal service..So I guess collective 'us' referring to the public is out of question..
vinc, in that post I was referring to price alerts such as offered in TWS. I was once having a several month vacation in Kuala Lumpur and found this feature very handy (U.S. trading hours are at night time over there). Frequently, I had to wake up at 2 or 3 AM and do my trade. Funny times.