ES range 1004.5-1022.5, sell @ 1018 ZT range 108'270-109'205, stop @ 109'060, buy @ 109'040, sell @ 109'160, buy @ 109'040 YG range 372.5-382.5, no trade (entry not hit) QM range 29.3-31.5, no trade (missed 2 point drop, entry not hit)
9/2/03 Day 11 ES Bias: down Position: open from 1018 on 9/2/03 P/L: -22.5 (990-1008, 1018) Sell and hold P/L: -32.5 (990-1022.5) ZF DEC03 Bias: up Position: open from 109'040 on 9/2/03 P/L: -10/32 (109'260-109'060, 109'040-109'160, 109'040) Buy and hold P/L: -24/32 (109'260-109'020) YG DEC03 Bias: up Position: none P/L: 0 Buy and hold P/L: 0 QM Bias: down Position: none P/L: 0 Sell and hold P/L: 0 No fear, no greed, lots of patience
So ES hits a new high not seen since June of `02, and you still have a bias to the downside? Just out of curiosity, at what level would you reverse that bias? 1050? 1100? 1500? Neither bear markets nor bull markets last forever. . .
"The market can remain irrational longer than you can remain solvent." John Maynard Keynes Lundy was eventually right about a bottom coming up, but he lost it all before he found it.
I will trade an up bias when my indicators read up. This could happen at 1050 or 950, or any other number. I have no way of knowing at what level it would turn.
Undertrade is the only way to guarantee that you last longer than craziness. Overleverage kills. Greed kills.