TRADE TWO: SHORT/ PROFIT Went short at the pink arrow at 14h30 at 1986 Target: 83.25 (pink ellipse) Initial Stop: 89 This is an example of me not being prepared: I am using Firetip, so if I want to place an OCO order I need to use the DOM. Price was moving so fast → I couldnt set a buy limit at the close of the 14h30 candle, I should of had a limit order of 86.25→ but I was filled at 86. 2. Due to the fact that I have a OCO order, my target order was preset to 84.75 (and I didn't have time to calculate my target) but even though the blue arrow shows I was filled at 84.75 → price didn't go through that level so i will not consider it a realistic fill and will deem to have held onto my position until 14h54 where I would of been filled at the target of 83.25 (pink ellipse) (b/c I would of had time readjust my target order) . What I need to improve on for Tommorrow 1. Have an analog clock so I can see the seconds remaining in the candle 2. Have the target precalculated prior to placing limit orders
What instruments would you suggest? The ES has always struck me as very well behaved, i.e. has a discernible market "personality" that actually may make it somewhat easier than some other markets that strike me as a bit more schizophrenic, e.g. crude oil futures.
Anytime someone is new to trading or new to Emini ES or struggling in trading Emini ES...I always ask that question... Why trade Emini ES futures ? Iwilldoit answer is very similar to the answers every one else have given. With that said, I made no suggestions about what trading instrument to trade. Instead, I have stated often that most traders have access to data on more than what they are trading. Therefore, they should backtest their trade method on all available trading instruments data and let their trading results give them that answer to the question... What should I be trading ? Here at ET alone when ever someone backtest their trade method on many different trading instruments...they discover on their own that their results show that they are trading the wrong trading instrument. Thus, its an easy answer...test the trade method on many different trading instruments to find that answer to What should I be trading. Hopefully, what someone is trading right now will correlate to their backtest results as the best trading instruments versus their backtest results of other available trading instruments.
Ummmmmmmm thanks for the replies. But it would be nice if someone could actually comment and provide feedback on my actual trades. Thank You.
From a few trades you have done, entries are rather scary to me, in ES, getting in near highs for longs, ES is rather of break previous pivot by 3 ticks or less and that normally means reversal if price is near or at swing average. The loss you had on the 14th, when I see 3 equal highs, I give it maybe 30 seconds then think of plus one stop, it telling me resistance. Are you getting in on closes? Good luck on the journal
You are correct Hi @Handle123, Glad to see you finally posted on my thread. Thanks. Yes I am placing my limit orders on the signal candle.
TRADE ONE: LONG/ LOSS/ BLD/60/12H30 So on the 30 I see the stochs crossover to signal Bull Divergence. 12h30 I set my limit order to 97.75, TARGET= 99.5, INITIAL STOP = 96.25 Around 12h36, price dropped to 96.5, I was expecting to get stopped out. No I never drop stops, (I am past that stage). Got quite happy when I saw the green candle at 12h39, but as you can see I was stopped out at 12h42 (pink arrow). Oh, and of course, murphys law: price did surge up to 99.5 after I was stopped out. Thats ok, I did follow all rules. @Handle123 @Redneck @NoDoji @Buy1Sell2 @aquarian1 @Gueco @pak @slugar @zbestoch
My way of trading is high frequent scalping, unlike yours, I just don't have the patience any more, maybe age or more likely stats, but I try to get 12-15 trades in a hour, I will post some of my charts if ok with you, I don't mark exact entries too often as it allows readers to do their own back testing and colored arrows show type of trade. But within chart itself are often patterns that can help you identify times I expect reversals like Triple tops/bottoms near or at "Swing ave" which is usually between 7-8 points. Head and Shoulders shows high percentage trades. Volume divergence are best at extremes, Volume should be reducing as price makes higher closes at highs of a wave (waves make up a Swing) and lower closes of a wave. Waves normally are 3-5 points and "dips" or counter waves as in 2 and 4 of Elliott wave(Elliott said to have 5 waves in completed trend, 3 trend waves and 2 counter-trend), so the counter trend waves 2 & 4 are normally what traders look for in taking a trend trade, usually the coming out of wave 4 is shortest of all waves. BUT when dealing with short time frames, number of waves are seldom 5 waves, but knowing about the size of the waves you can keep track of where reversals most like might come in. There is also pattern show when not to take trades even when you have a signal, Triple highs/lows, you might not take counter trend trades which is fine, but you better know where they coming in cause it you have a trend trade coming in where many that do counter trend, you can expect to be paying worst price when you could have waited for more retrace and get in better or passed on trade altogether. Today's trading saw a Megaphone, usually at conclusion of 4th pivot you can readily see it forming and I stop taking trend breakout trades cause it usually loss for me, is an average wave in 4.5 points and from lows to breakout is 3.00 points you have a possible 1.50 points left but unless market really takes off and you trying to get more, that trend might be ending and become a lower high, Megaphones don't last forever but you can expect them almost each week. It is good to know where other traders are getting in even if you not getting here in those signals, I developed an automated system where it trades failure signals, it searches for approx. 50 different types of signals and time ending for those signals will take opposite trades. The importance of breakeven plus one tick, I had 22 trades today in 70 minutes and 11 were of Breakeven plus one tick, seven of them if I waited would have become losers and other 4 would not have covered losses. So I rather get out with a tick and look for a trade that will make more profits. But even if I had done 22 trades of one tick and if I was paying retail I would have net $187 per lot, so when you suffering losing days, start thinking about plus one tick.