switching from ER2 to ES

Discussion in 'Journals' started by bandit77, Aug 31, 2007.

  1. The big contract doesn't trade electronically during RTH. If you're consistently trading size on the ES then consider leasing an IOM membership or getting an Electronic Corporate Membership (106.R).
    #41     Sep 4, 2007
  2. Day 2, net +2800 after commission on 15 ES. basically rode the drop from 80 to 75 and called it a day. volatility helps when trading ES since it moves it faster. efficiency is also getting better, yesterday I traded 48.
    #42     Sep 5, 2007
  3. Day 3

    Net +1525 on 15 contracts. I'm loving the liquidity ES provides. Basically shorted from 78.5 to 76.5 averaging in and out.

    One thing I've noticed with ES is that since the multiplier is smaller at 50 vs 100 for ER2, I take on bigger position, but scale in and scale out at limit MUCH more than ER2. ER2 seems to give you just enough time to see the bid/ask before reacting with a market sell/buy order. ES lets you sit back a little bit, ie a few seconds more, and make a more informed /less gut reaction decision.

    And of course, right after I cover, it goes down more by 2 handles, ie if I held on for a few minutes would have doubled my profit. But them's the breaks.
    #43     Sep 6, 2007
  4. Day 3

    Couldn't stay out... gotta work on that discipline. shorted around 73, covered around 78 for loss. went long at around 78.25, sold at around 80.25.

    Net +2215 after commissions on 63 ES traded. I think I'll stay out for good now for the rest of the day.

    #44     Sep 6, 2007
  5. Admin/moderator, please move this thread to the Journals section. I'd like to use it to keep trake of progress. Thanks,

    #45     Sep 6, 2007
  6. DonKee


    Keep an eye on the floor pivots.

    S1 is 69.50....lod=69.50. Then popped right up to the pp of 76. Nice trade for 4-5 handles.

    Backed off of PP from 77.25...once it came back around (buy stop at 77.75)....another 3 quick handles.

    Following the behavior around the PP's can work.
    #46     Sep 6, 2007
  7. Yes, I learned the hard way that, indeed, some areas are heavily defended on ES. I didn't have floor pivots on as a chart, but have now turn it on with its own 5 min chart.

    I should have taken the offer when I was in the money on the short, but got greedy and kept 1/3 of the position. That ran away pretty quickly when it looked like support would hold. Stupid stupid. Chalk that up as experience eh?
    #47     Sep 6, 2007
  8. DonKee


    Today has been pretty much a "perfect" day to trade the pivot points.

    They don't all work like today, but when they do, it's a pleasure to trade.


    It don't get much better than this.
    #48     Sep 6, 2007
  9. Thanks DonKee, good lesson. One thing I also have to work on is rangebound slow days. It's usually when I do something stupid and lose money. I do better when there is a strong trend vs a lot of back and forth.
    #49     Sep 6, 2007
  10. DonKee


    now you have a way to trade "rangebound" days.

    Rangebound days=> follow the PP's

    Trend days => trade with the trend and try to hang on
    #50     Sep 6, 2007