S&P 500 & other indexes - intraday. Plus chat

re: Intra day S&P 500

splashy said:
Hi mike/robster. Having strict trading rules and being disciplined enough to stick to them is one of the cornerstones of successful trading so if sticking to one rule per day or whatever helps you achieve that, then thats fine.

I couldn't find this price action on the chart so i don't know what happened...i would have been tempted to let it play out a little longer due to the triangle being formed (more often than not, they're continuation). Having said that, it may have stopped at the double top and come back - as you say its all about maximising probablities and we all have differnet perspectives.

I don't want to clutter up robsters thread but i'm curious about your money management though - there's no way i could make 2% with 7 pips without creative accounting and breaking some important money management rules. If the explanation is on your thread, i'll check it out.
keep up the good work.:clap:
Click to expand...

Splashy,

Nice to hear from you. Keep in mind that I only trade forex.

Mike
 
re: Intra day S&P 500

splashy said:
Having strict trading rules and being disciplined enough to stick to them is one of the cornerstones of successful trading so if sticking to one rule per day or whatever helps you achieve that, then thats fine.
Click to expand...

It's an interesting point. I don't personally have strict rules outside of the 1-shot per day to manage overtrading. Entry, likely targets and exits are all on the fly based upon what is happening 'now' vs what I believe is likely to happen. For me personally letting go of this strictness and trading with the market was the main thing that turned my intraday from mediocre to good. I actually learnt to trade rather than stick to following rules. I'm not advocating this for everyone by the way.
 
re: Intra day S&P 500

robster970 said:
It's an interesting point. I don't personally have strict rules outside of the 1-shot per day to manage overtrading. Entry, likely targets and exits are all on the fly based upon what is happening 'now' vs what I believe is likely to happen. For me personally letting go of this strictness and trading with the market was the main thing that turned my intraday from mediocre to good. I actually learnt to trade rather than stick to following rules. I'm not advocating this for everyone by the way.
Click to expand...

i know what you mean... but by strict rules i don't mean that everything has to be by the numbers like a series of yes no answers that results in a trade. For that, one may as well get an automated system and spend the day in the pub. Its more of a framework. My system gives me around 15 setups perday but i get discretionary and may take 2, or 5 or none depending on what i see around the pattern. For example, i don't set targets either.
My stict rules relate to money management, and one or two other criteria that my backtesting spreadsheet tell me don't pay on average so i bow to its knowledge. You probably do have rules if you sit and think about i but they've become automatic so you don't think about them any more. They may be rules that tell you what not to trade rather than what to trade.
Whatever, if you've found the balance that suits you, stick with it robster.:clap:
 
re: Intra day S&P 500

splashy said:
that tell you what not to trade rather than what to trade.
Whatever, if you've found the balance that suits you, stick with it robster.:clap:
Click to expand...

Yes, finding balance is the way to go.

I would use the word guides instead of rules.

I agree on what you both saying, but I am not sure about the issue regarding to take only a predeterminate number of trades.

I can watch the market for hours without entering, but then I can take 3 trades in the matter of 30 minutes, why not take them if they are part of your system?

Of course keep in mind that my setups are irrelevant if the underlying strength is not taken in consideration in which discretion plays a big part in it.
 
re: Intra day S&P 500

Mike Kshemaraja said:
I agree on what you both saying, but I am not sure about the issue regarding to take only a predeterminate number of trades.
Click to expand...

There is no issue for me Mike. It works. That's not to say it would work for others though.
 
re: Intra day S&P 500

Mike Kshemaraja said:
Bob

Sure, I think those kind of exchanges can be good.:)
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I'm all for this kind of exchange on this thread. There is a lot of ambiguity in the very act of trade selection, in-trade mgmt, exits and the associated risk mgmt. I believe that many of the 'truisms' of trading are true but much of the rhetoric propagated in the retail trading community is utter horsesh1t. As this journal goes on, people may see behaviours that are questionable within their own frame of reference. However this does not mean that they are invalid, do not work or are dangerous/risky for me. It is entirely a matter of opinion and any healthy discussion around these things is an opportunity to learn for me and maybe for the people challenging what I am doing.

I think I have developed to be an ok intraday trader. That does not mean that I am so arrogant to believe that I can't continue to learn from others, their wisdom, their personal experiences and their mistakes.
 
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re: Intra day S&P 500

robster970 said:
I'm all for this kind of exchange on this thread. There is a lot of ambiguity in the very act of trade selection, in-trade mgmt, exits and the associated risk mgmt. I believe that many of the 'truisms' of trading are true but much of the rhetoric propagated in the retail trading community is utter horsesh1t. As this journal goes on, people may see behaviours that are questionable within their own frame of reference. However this does not mean that they are invalid, do not work or are dangerous/risky for me. It is entirely a matter of opinion and any healthy discussion around these things is an opportunity to learn for me and maybe for the people challenging what I am doing.

I think I have developed to be an ok intraday trader. That does not mean that I am so arrogant to believe that I can't continue to learn from others, their wisdom, their personal experiences and their mistakes.
Click to expand...

I agree with you more than 100 %.
 
re: Intra day S&P 500

No trading yesterday or today for me. On the horse tomorrow and Friday only this week. Back to normal next week.
 
re: Intra day S&P 500

Today's trade:

a. ONH 1412.25, ONL 1404.75
b. Traded in a range yesterday, not surprising considering the big move on Monday but the little sell off towards RTH close is interesting
c. NVPOC's at 1411.75 and 1405.00 - look how close they are to the ONH, ONL. Nice confluence to use
d. Open almost at bottom of yesterdays range, 361k CBAVOL, nothing special
e. Take out gap close almost immediately, grinding up a little but it's looking like a 2-way auction
f. Hey-up, buyers look like they have taken control.
g. It looks like it is stalling around 1408.25 to 1408.50, look to fade this opening swing (1)
h. Oh hang on, it's got a second wind.
i. Sh1t, no it hasn't and I have just missed the entry for this move down.
j. It's like a bird of prey, it climbs high to get some momentum before taking out something a little lower down.
k. OK, here we are, loitering around the ONL - NVPOC at 1405.00 taken out
l. Seems to be stalling, long, market order at 1404.75 at 14:46 (2), buyers getting active on T&S
m. Bugger it's moving further down and the sellers look pretty active, delta quite negative, have I got this wrong?
n. Buyers coming in now, good, oh wait, it's stalling a little, probably a re-test
o. Here comes the re-test. Oh look, here come the buyers again. VPOC has shifted to 1405.00 now as well, sellers getting shut off
p. Nice momentum here, wait seems to be stalling around 1406.00 area.
q. Out, market order 1405.75 at 14:55 (3)
r. 4 ticks before commissions
s. MAE, 3 ticks, MFE 12 ticks, exit efficiency 33%
t. Best trade opportunity, fade of opening swing, entry around 8.25, cover around 4.5, 15 ticks on offer.
 

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re: Intra day S&P 500

wackypete2 said:
love the commentary :)

Peter
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Thanks Pete. I do it to give people a sense of what in trade mgmt is as it is never really discussed to any great extent. Only the entries, exits and stops get mentioned and there is a hell of a lot more to it as you know.

Incidentally, I was watching ES stall around 6.25 but did not get chance to post up on the live calls 'GET OUT PETE' - sorry dude. You pay your money, you take your chances.
 
re: Intra day S&P 500

robster970 said:
No trading today, something to take a look at in awe

abd-228.gif
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Great video, and rather relevant to trading I think:

Just as much as that tiger jumps further than the person on the elephant assumes it will, price can travel faster and further than a trader anticipates.

A stop is never safe lol.

Very apt, was that your intention?
 
re: Intra day S&P 500

wallstreetwarrior87 said:
Great video, and rather relevant to trading I think:

Just as much as that tiger jumps further than the person on the elephant assumes it will, price can travel faster and further than a trader anticipates.

A stop is never safe lol.

Very apt, was that your intention?
Click to expand...

a stock is never too high to buy or too low to sell, now who said that?
 
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