Currently, NQ and ER are above the value-range and YM and ES are below it. Sell-limit 1312.50 Stop: 1317. If ES is trading above 1311 at 9.30. Sell-limit: 1315 Stop: 1319
Sweet.... Stopped out again so that means the high is probably in place. So far in my paper-trading account: 2 trades -4 pts.
Dude, You need to add some type of Basic Signal Mechanism to your System. MA's, MACD, CCI Histogram, just to name a few of the more popular (and useful) one's. Not taking big losses is crucial to developing a sound trading system. Regards, Jimmy
emini, Thanks for your prior response. I understand what you were trying to do. In your last post, did you mean that probably the low is in place? It looks like the market is trying to breakout, looking at market internals. The Ticks hit 1000+ and breadth is trending up (Trin is flat though). With respect to your trade, why didn't you move your stop to break even when the market started to move strongly in your favor?
Thanks. I think it will probably start working after Tuesday's meeting. We will be out of the range-bound trading.
No, I meant the high is in place as a joke. I have noticed that when I get stopped out the market reverses. I think I'll stay on the sideline till Wednesday and I have a feeling my system will work after that. Once the market breaks-out or breaks-down from this range, I'll be fine.
emt7- sorry if i missed it earlier in your thread, but what are your profit targets with your trades. when you consider a range day in the ES spans about 6-7 points and a trend day maybe 8-12 it seems many of your trades get caught up in the middle and get chopped up. you ran into a TON of support around the 1308 area this morning (S1, VAL, VP support, and PDL). i agree with hispatrader, once the trade starts going your way you might want to tighten up that stop. if not b/e, maybe to 2 points instead of 4? good luck and keep at! PaperTrader
emini, Keep an eye on the market because we are in a trading range, as you said, and these are the conditions that are great for traders. The breakout provides one of the best trading opportunities as Dalton states in "Mind over Markets" (i.e., going from balance to imbalance).