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This is a discussion on YM journal within the Trading Journals forums, part of the Reception category; Read it better today. Details sort of on Trading ES 1st quarter 2004 and I've gotta eat! Churned in the ...

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Old Mar 2, 2004, 10:07pm   #57
 
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frugi started this thread Read it better today. Details sort of on Trading ES 1st quarter 2004 and I've gotta eat!

Churned in the morning, made it back on the completion of 5 wave down/ABC retracement.
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Old Mar 2, 2004, 10:08pm   #58
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Frugi - Are you holding ES over the weekend then? Very brave!

As you're trading 60 min charts, I guess this may be necessary when in a good trend. Maybe spreading against a back month could reduce the risk.
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Old Mar 2, 2004, 10:17pm   #59
 
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frugi started this thread It's a little confusing trying to run an hourly system and simultaneously daytrade through TWS so as of yesterday night I've transferred the whole hourly thing to steal4afatfee, leaving TWS free for intraday only (although I'm happy with the odd weekday overnight if the situation looks particularly inviting).

Yes I did hold over the weekend and wasn't entirely comfortable doing so without a guaranteed stop (one of d4f's better points when compared to Globex, of which there are very few!) which is one reason why I have separated my activities/systems. Perhaps I should have hedged it a little I agree, since the market is closed for a long time.

You were right about my nature I think, BBB - my heart is simply not in mechanical, though, for the moment at least, I thrive on the enforced discipline and need it to yield an influence somewhere in my trading. That said, I'm gonna make a sterling effort to get this intraday ES discretionary business sorted within a year or two as I feel that style is most sympathetic to my temperament and ambition.

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Old Mar 2, 2004, 10:40pm   #60
 
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How long have you been doing this?

What is you pnl since you have started?

What's your sharpe ratio?

But more importantly are you enjoying it?
It seems like you are which is the main thing....best of luck frugi
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Old Mar 2, 2004, 11:15pm   #61
 
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frugi started this thread Nearly 5 years I suppose, 2 of them seriously

It varies

Up there with Hattori Hanzo steel? 4 Porterhouse Blues to 1 Riotous Assembly? Sorry, I don't know.

Yes immensely, I consider myself extremely lucky to be able to try/do this, fascinated by the market, probability, armchair economics and psychology etc., though often frustrated by my own stubborn stupidity and lack of patience. Also surprised quite how different day trading feels from swing or position trading, although many of the principles are the same.

Thank you and likewise.

Last edited by frugi; Mar 3, 2004 at 1:42pm.
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Old Mar 3, 2004, 12:42am   #62
 
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frugi started this thread Overnight long at 1148.50, stop 1145 for the record. I reckon the 10min channel height justifies the risk.

Edit: On reflection I should have used an overnight limit order to get a better entry right on the support line, a point or so lower. Must constantly remind myself to think of the risk first then the potential reward.
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Old Mar 3, 2004, 10:48pm   #63
 
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frugi started this thread Well, given that I started the day $200 down thanks to my ill chosen overnight long, today wasn't a disaster. IB enjoyed plenty of commssion though . I moved the stop down 0.5pt to 1144.50 as well - foolish! - on the flimsy pretext that the hourly 50% retracement was at 1145.25 so it "needed some room to bounce". Hmm, yes, never mind that I was wrong already because ES had broken below a long term channel (the grey line that bisects the pink "3").

There was a brief morning flurry back into the channel but note that the long doji failed to closewithin it so the reversal was not confirmed. More of a gap filling formality before the down move could continue.

Ironically I entered long at 1144.50 a few minutes later on the close of the bar after AFTER the huge volume bar and the lower low on lesser volume bar.
An ABC looked complete after 5 smaller messy waves down (pink numbers). I have marked the C wave wrong, it should denote the 5 I've just mentioned.

Exited this at 1146.75 on the second test and failure to close above the 10 day EMA (marked 2 in green).

Scalped a short at the top.

Then made a mistake - thought the triangle had broken to the downside s shorted 1145.25 but it was just a normal pullback. Result: stopped 1147.25.

Good thing too cause the next move was a breakout up above the triangle top, then the 10 day EMA. to complete a lovely 1-2-3. So, two longs 1147.25 and 1147.75, closing too early as usual at 1148.75 (just below the channel bottom - I thought there wd be res here -nope!) and 1151.25 (within .75pt of the triangle target).

Then a load of scalps in that slow dull chop. Too cautious taking those quaters though, should have looked for safer halves.

Penultimately broke another little rule - don't trade after 8.30pm - and shorted the false break from the consolidation at 1149.25, stopped at 1151.

Finally another quarter scalp at the close. Result even minus commission.

Glad to have grabbed a chunk of the breakout, irritated by my impatience.
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