Discussion in 'Index Futures' started by Cutten, May 25, 2004.
Then sold at 1409.50, doh.
Don't you just hate it when that happens?
I thought the mkt was reversing @10:10 but I said don't do this I will have to break my rules to enter here so I stayed away.
Damn... 23 point low to high SPX range today.
I know in the end you are rewarded for sticking to your system and this doesn't happen often but..
sure you ask youself questions like - whoa, what a move & why have you made just x points..., but in the end it won't help you - routinely picking your setups with no time lag is what matterns to me!
i'm lucky. i will happily be one of few (i hope ) who got stopped out of the ES today for a small loss.
after the stop, i went back and reassessed my entry strategy, my signals, and so on. i scratched my head and guessed that i was lucky to get out with such minimal damage. ah-ha, where is my re-entry strategy? DOH! i watched the price go up. and up. and ... well, you get the idea. higher highs, higher lows. it just wouldn't quit. it was really quite an enjoyable show - from the sidelines. i missed the boat, and i wasn't about to just ditch everything and hope i didn't get hit.
i love learning. it is cool.
i know there will be new opportunities, new trades, every day. i understand this fact. but today was just SO golden (unless you were short and kept thinking it has GOT to reverse).
oh well, i live to trade another day.
hope everyone else (which i know is impossible) captured at least some of today's movement. it really was something to behold.
take care and trade well!
yes. and in a very unmistakeable way, today helped me take a hard look at some of my strategy. it may not have helped me enjoy the feast today, but i am convinced it will prevent me from famine in the future.
take care and trade well!
That's not as bad. I was in YM (Dow eminis) in the morning. Got stopped out 2x. I bought it back at 9927!!! It ended up the day 10,119!!! 182pts/contract.
OUCH! And I had this mental picture that it would rallied hard today too. But I gave up too soon. Whenever, I ignore my intuition I get screwed.
To add insult to injury, I lost a bunch trading euro! I should have just hitch on that ride again. Actually, I came back and rode it for a few points here and there.
Luckily, if it wasn't for my natural gas futures, I would be down. Which would be a real insult today. Nevertheless, I still ended up nicely. One of my better days. It could have been my BEST day too!
I can relate to the posts here. I had a couple of small winners in the morning, and took off for lunch for a couple of hours. When I returned, I found the YM had rallied over a hundred points, and I had missed the move.
It's easy in hindsight to look at what was left on the table, or play the coulda/shoulda/woulda game. As traders, we must ask ourselves this question: "Did I follow my system?" If we answer yes, then we should forget it and move on. The market is constantly in motion, and we never know where it will go next.
The only way to capitalize on large moves like today is through a trend-following system that will keep you in the trade until the move is exhausted. The downside is that you will have many false moves, and possibly a long streak of losers before the next big winner comes along. If you have a system and follow it, you are successful, and should give yourself a high-five.
Yes, false moves generally allways kill me.
But what did show the sign of strong move yesterday?
Volume and news, like in stocks were here not any sign yesterday.
The longer price consolidates, the more likely the move out of the consolidation is going to be a powerful one. The consolidation in mid-March was only three days. This one was more than two weeks.
As for the volume clues and a means of staying in the trade, I posted a couple of charts yesterday you may find interesting. Just click the Journal name, below.
Separate names with a comma.