consider the use of pivots , know the recent highs / lows and daily ranges in ES , support / resistance levels ... try not to average down ... and definately do not do this more than once a day or week etc look at other NYSE indicators too as well as other markets that can influence the ES also ... read some of the YM trading thread ... might be some pointers there hidden among the posts there ... also art collins started recently posting some interesting stuff here on ET have you tried reading mark fishers book? TOS is a cool firm .. do they make money or have you made money trying to do their style of trading options in DIA back months ( for example ) or has the low volatility made this a waste of time ?
I am trying to limit my trades to once a day but have passed on days where no clear entries existed. I agree on averaging in and will avoid that. I will also look into the YM thread as well. I have not read Mark Fisher's book. I have been pouring through another book on and the name of the author escapes me right now. Which Mark Fisher book do you recommend? ToS is a good firm but I have not signed up for any of their newsletters or advisory services. I will be trading futures through TradeStation by the end of this week so will be using their tools.
Approaching the neckline resistance/former support from the previous trade at around 1184/1185. Interesting to see if it breaks through and then runs higher. Will not be trading this at all but watching from a technical standpoint.
Bounced right off to 1183.11, are the bears winning today? It might test this a few times in the upside and no clear up move until it can break through that neckline IMHO. 1180 might still be support on the downside for today although since it was broken previously, it might not be as strong as it was.
I have noticed mixed results when the tick takes a heavy dive in one direction or the other to +-800 in one three minute bar. Iv'e noticed that ES follows at times and at other times its a reversal and a continuation back in the original direction or it takes a heavy bounce after dropping a bit. For my style/strategy of trading its made me nervous enough to completely avoid immediate entries when tick drops more than 500 points to +-800 in one three minute bar but my timeframe is a bit longer than yours so my stops are probablly a bit wider. If it drops that far in one tick i'll usually wait for it to retract and see if it bounces off the bottom of 25sma or continues back above it and makes support of it before making a decision. As you know though im still pretty new to using tick. My personal approach and strategy has been to use tick for entries only and stick with my trades until stopped out or CCI confirmes an exit.