Maybe you could be more specific as to what you're looking for in this journal. Your first post was pretty general. Are you interested in exploring S/R? Ways of determining when to bail out ahead of the target? Ways to avoid a full SO? As to reversals, the primary difficulty is that there's generally no "air" above/below you. Instead you're moving back into the range and all the multiple S/R levels across multiple swingpoints and consolidations across multiple time intervals. Therefore, a wide stop is required and is too often no good anyway. Unless you're reversing off a climax run, you're spending a lot of time waiting, or over-trading. I find that reversals are far more likely to encourage hope than breakouts are.
That looks pretty close to what I would say also. I have not really gone over the different charts yet though. On that chart here are a couple of suggestions. 1. The line you have at 1258, there is a big needle bottom about 14:00 that I would want to clear by at least .25 point before entering short. But I do see why you put it there. Good Job. 2. I like the 1266 line there is a lot of congestion in that area and you are going above it. I would say enter 1266.50 long and that should clear and meet the requirement of at least 2 points. Tonight I'll look at different times and see if I can find anything else. You pretty much got what I have been doing. The tough part (for me anyway) is once the trade is on and we are having trouble getting to my 2 point target. Do exit with a smaller win or what.
I was just wanting a forum where I could share ideas and strategies with other traders. I don't care if people trade reversals or S/R breakouts or whatever. I would like this to turn into a learning thread. You have already taught (or starting teaching) me something that I never would have looked at. I just used the S/R name because that is what I use. I think there are a lot of sound ways to trade ES and I want to learn more. Beside guys like you make me think, and that is good. It makes me have a reason to place a trade at a specific time and price or I have to answer to it. That is my reason for this thread and I am glad to have you guys in it with me. 4re
Ok, thanks 4re. So my revised numbers are: Long: 1266.75 Short: 1257.00 Looking forward to see your levels. Saico
I'm trying to get my charts set up for ES trading; currently I'm showing that todays pivot point was 1263.10 R1 was 1271.00 and S1 was 1254.25; does any of that line up with your charts? I cant see futures really using any moving averages (they seem to go where ever) ; do any of you use ma's? Any indicators? Thanks
I don't really use pivot points because I have found that the way I trade when momentum take it through my entry it will also blow right through the pivots also. Some people are using them actually a lot of people use them. But I don't. I do use a 20 and 60 day exponential moving averages because they will direct you to the trend when I get the time to stay in the trend.
While trading I only watch the 3 minute chart. But leading up to a trade I am watching the 3,5 and 15 minute charts. To me the 1 minute is too noisy. Anybody else have anything to add to Dominic?
Calls for tomorrow. Saico, I still really like the long at 1266.50 This might throw you for a loop but looking at the 3 minute chart I found this trade. It really isn't based on S/R but it is in the middle which really works good to. And it happens to end before the needles that I said we need to clear. Looking at the 3 minute chart kind of cleared it up for me. Short 1260. Long 1266.50 Short 1260 (this one will probably be taken out in the pre market) If so I will and see if we set a new low. 4re