Martys ES Ameba Tracking System

Discussion in 'Journals' started by martys, Jan 1, 2006.

  1. I am starting a "newbie" journal for 2006 because I found myself often closing the shop too early and also I don't want things to get "moldy". I know I am NOT good enough to handle a real time journal so all posts will be done at the end of the day. I will report my results using a hypothetical account of $5000 starting with a single contract of ES.

    I will not get into too much details of my system. I only trade ES reversal using support/resistance levels. I have looked at Fibonacci, implied volatility band, Gann Square of Nine etc...etc... I throw away as much stuff as I can that doesn't work whole lot of times (distractions) for me and have tied together a system of my own using stuff from scam artists' junk to my own observations. I only use leading indicators for my entry which are pretty precise so I often use a 1 pt ES stop. To prevent myself from fighting "persistent" trend, I will use "1-losing-trade-stop" rule if it seems like a trend day or if my rolling week percent profitable deteriorated below 60%. Otherwise 2-3 strikes I am out for the day. Live and fight another day!

    I go for 2 pt (2:1 reward/risk) profit target for the first half of the contracts and momentum profit target for the remaining contracts. It means I am really trading 2 systems for diversification but since I will start off with a single contract in the model account, I will always exit at 2 pt profit or stopped out losing a pt!

    My momentum profit target is based on the idea of Terry Laundry's T Theory. It doesn't always work but that is my idea of long term. Basically I diversify the system with two different exit rules (short and longer term) hoping for lower drawdown instead of optimal profits.

    I am just start reading a book by Andre Kostolany. He said it is foolish to scalp the market and I think he is right... but that is what I do for now. :(

    If this journal doesn't work out for me, I will shut it down early.

    Good trading.
  2. Buy at 1258 Sold at 1260. +2

    I got in a little early... too anxious but it still worked out luckily. I would say any one trade is luck... I just saw it comes right back.
  3. Looks like it is trending. I am gonna have to wait a long time...
  4. Short... do not fight the trend ;)
  5. I am not a good trend trader... not enough patience... too worried about drawdowns. Maybe next lifetime :(
  6. Short at 1257.25 stopped out at 1258.25. Done for the day.
  7. Looks like I might have bailed too early on this one. Oh well, welcome to my pizzaria!
  8. What sort of approach or system are you looking at or using. When I made my post, the ES was at 1256 or so and kept falling to 1251. However at 10:35 or so the downward trend reversed and we have been in an uptrend ever since. I attached a chart.

    Maybe looking at minute charts will help you time your longs and shorts better. It has helped me and although not perfect does give you better signposts.
  10. monee


    Is the Andre Kostolany book written in english ?

    I only saw a book by him with a foreign title.
    #10     Jan 3, 2006