ES tonight

This is a discussion on ES tonight within the Trading Journals forums, part of the Reception category; thurs 2 july 927.5 923.25 915.25 911.0...

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Old Jul 2, 2009, 1:30pm   #393
 
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rathcoole_exile started this thread thurs 2 july

927.5
923.25

915.25
911.0
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karl6666: 'Why doesnt anybody like you R_E, is it because you shout?'
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Old Jul 13, 2009, 5:58am   #394
 
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rathcoole_exile started this thread figures for Mon 13/7:

premarket:
876.75
875.5

873
871.75

market:
880.75
877.25

871.25
867.75
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Old Jul 13, 2009, 6:17am   #395
 
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rathcoole_exile started this thread weeklies for w/c 13/7
892.5
883.25
(879.25)
865.25
856.10

one of the reasons I don't enjoy trading on a Monday is because of the mini session on a Sunday.
I don't beleive Sunday's price movements are serious enough to change my set-ups which are based on friday's OHLC, but you can see that yesterday's crap action already took price down to 866, below the BreakDownShort trigger on the Daily set up for Monday.

But that small move has now brought price within a whisker of the Weekly Reversal Long at 865.25.

So my provisionary plan for today is:
if price dips below 865, I'll set up to go Long from 865.25 looking for a move back towards Weekly PP at 879.25,
ready to Short again from daily RS 877.25
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Old Jul 13, 2009, 9:17pm   #396
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RE, question for you.

(I am demoing pretty much this, using R1/S1 and the .5 R1 and .5 S1 as my kill zones, and am trading the NQ fwiw)

Few thoughts on the strategy:

- Is buying a break back up (from sell zone, vice versa for buy zone) really a high % play? From having a look selling the retest seems more legit than potentially selling the breakout of S1 to the downside. Thoughts on this alteration?

-Also, I cant decide on stop losses. Obviously keeping losses super small is key, but is 6 ticks TOO small iyo?
My trading account will not be massive when I go live, but I am more interested in the correct practice and most of me thinks covering after a 6 tick move against me is adequate, but I can see you operate much bigger than that and I wasnt sure why?
I would be looking potentially for profits of 10-12 ticks at a time.
Do you think that this is too scalpish for this strategy, and that I need to operating with bigger stop losses and bigger targets?

nice one
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Old Jul 14, 2009, 1:59am   #397
 
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Quote:
Originally Posted by mEmmerrr View Post
Is buying a break back up (from sell zone, vice versa for buy zone) really a high % play? From having a look selling the retest seems more legit than potentially selling the breakout of S1 to the downside. Thoughts on this alteration?
well it worked well enough on Monday, RL just triggered by a hair, then went on rampage northwards, taking out BOL at 880.75 (add positions), blowing through to upper extremities of Weekly range, for more than 20 points profit

Personally, I expect to see a big reversal south again within next couple of days, especially if price creeps into the 904-913 range, with a break back down thru 904

High % probability ? I don't know, but as I suggest in my signature, if plays like yesterday's work out 1 in 10, with the others all netting off for more or less par, then I'd still be very happy


As for Stops, I have no idea, I never look at NQ. Let me take a look tonight and see if your suggestions make sense.
best, r_e
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Old Jul 14, 2009, 2:05am   #398
 
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rathcoole_exile started this thread Tues 14/7, Happy Bastille Day to all cheese-eating surrender monkeys
913.25
904.25

886.75
877.75
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Old Jul 14, 2009, 7:45pm   #399
 
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Quote:
Originally Posted by rathcoole_exile View Post
with a break back down thru 904
oops, this is embarrassing,
how can one guy be so right so often ?

spooky.


(yes I am a big headed kunt, no apologies here for calling it right...)
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Thanks! The following members like this post: Trader333 , tenbobtrader
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