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ES Short Term Trading 8-2-2010


Range Based S/R for Monday August 2.

R1 = 1108.50
S1 = 1078.50
R2 = 1113.50
S2 = 1073.50

Steenbarger Pivot = 1095.875
So do you ever sit on the sidelines? Or is it your strategy to be in as often as it seems you are in?

Just curious. No disrespect intended by the question.





Originally posted by BruceM

I tried Lorn but bailed as that gap and that ledge...but more the gap at 20...poor volume...just may be too early!!I wanted the efficient long...not a long that left somebody behind...that gap....so I'll miss th elong if it keeps going


rough day in terms of getting it right but at least they aren't taking my money!!! today!!!
sorry for the short answer Chris..this volume has me a bit frustrated up here.......the trips are in a row but on a 30 minute you can match prior lows or highs at any point in time...that would be called a ledge and a ledge doesn't need to be consecutive!
Originally posted by chrisp

Originally posted by BruceM

Chrisp...trips need to happen in a row
thank you... appreciate your time and posts
Cheers
no problem Lorn...( smack me around when I deserve it ..ha!!)I'm sidelined now....today was a frustrating day a bit....I try to hold runners as long as I can...until final targets...so often I will have them for a while...but my core contracts come off fairly quick....Today none of my runners hit final targets and I am confused up here with the volume....

The shape of the profile and the context made me get long but that damn gap ( at 20 )had me bail at 21.75....I wanted volume to come in...if it was a better time of day I'd probably try for the fade but I've also seen micro gaps stay in the market like that..and get cleaned up the next day or O/N... I'm trying to go with the better odds especially late in the day....so confusion leads me to be sidelined....

you can also see that gap on a 15 minute chart so many people see it....hopefully one of us will trade for it...and actually get it!

Originally posted by Lorn

So do you ever sit on the sidelines? Or is it your strategy to be in as often as it seems you are in?

Just curious. No disrespect intended by the question.





Originally posted by BruceM

I tried Lorn but bailed as that gap and that ledge...but more the gap at 20...poor volume...just may be too early!!I wanted the efficient long...not a long that left somebody behind...that gap....so I'll miss th elong if it keeps going


rough day in terms of getting it right but at least they aren't taking my money!!! today!!!

Sticking to your game plan, I like it. Takes most years and lots of dollars to figure that out.

Cheers.



Originally posted by BruceM

no problem Lorn...( smack me around when I deserve it ..ha!!)I'm sidelined now....today was a frustrating day a bit....I try to hold runners as long as I can...until final targets...so often I will have them for a while...but my core contracts come off fairly quick....Today none of my runners hit final targets and I am confused up here with the volume....

The shape of the profile and the context made me get long but that damn gap ( at 20 )had me bail at 21.75....I wanted volume to come in...if it was a better time of day I'd probably try for the fade but I've also seen micro gaps stay in the market like that..and get cleaned up the next day or O/N... I'm trying to go with the better odds especially late in the day....so confusion leads me to be sidelined....

you can also see that gap on a 15 minute chart so many people see it....hopefully one of us will trade for it...and actually get it!

Originally posted by Lorn

So do you ever sit on the sidelines? Or is it your strategy to be in as often as it seems you are in?

Just curious. No disrespect intended by the question.





Originally posted by BruceM

I tried Lorn but bailed as that gap and that ledge...but more the gap at 20...poor volume...just may be too early!!I wanted the efficient long...not a long that left somebody behind...that gap....so I'll miss th elong if it keeps going


rough day in terms of getting it right but at least they aren't taking my money!!! today!!!


well Lorn, I try to keep this real as it helps me to put things down...a journal....I try to admit when I get confused...and you will probably notice my confusion comes in four areas usually..

1)From small gaps - micro gaps
2)Triples that haven't been run
3)Ledges that haven't been run
4)Air pockets that aren't filled

so looking at those in comparison to the day type can lead to problems for me. I know they are high probabilities in the right conditions/context...but sometimes it is very hard to get a trade off for them.


Just two months ago I use to say "when we trend I lose"...so I'm trying to shift that and slowly making progress...not fading late in the day is helping that immensely

If we can get back below 21.50 I will think about going for the gap but otherwise my best position is no position..
Originally posted by BruceM

sorry for the short answer Chris..this volume has me a bit frustrated up here.......the trips are in a row but on a 30 minute you can match prior lows or highs at any point in time...that would be called a ledge and a ledge doesn't need to be consecutive!
Originally posted by chrisp

Originally posted by BruceM

Chrisp...trips need to happen in a row
thank you... appreciate your time and posts
Cheers

no apologies are ever necessary Bruce... the time you spend posting and explaining your tactics are very much appreciated..
Thanks again
Click image for original size
997
Originally posted by blue

.................


Click image for original size
2

blue.... is that a program you are using or is it markings on your chart from your calculations.... Thanks in advance
Knowing problem areas sure helps the learning curve, it gives you something to focus on.






Originally posted by BruceM

well Lorn, I try to keep this real as it helps me to put things down...a journal....I try to admit when I get confused...and you will probably notice my confusion comes in four areas usually..

1)From small gaps - micro gaps
2)Triples that haven't been run
3)Ledges that haven't been run
4)Air pockets that aren't filled

so looking at those in comparison to the day type can lead to problems for me. I know they are high probabilities in the right conditions/context...but sometimes it is very hard to get a trade off for them.


Just two months ago I use to say "when we trend I lose"...so I'm trying to shift that and slowly making progress...not fading late in the day is helping that immensely

If we can get back below 21.50 I will think about going for the gap but otherwise my best position is no position..
let me babble some more...I think one of the general problems with us folks who have been trading awhile is that our ego's get in the way of learning. We are afraid to admit that we get confused or just plain suck sometimes....I try to come on here scars and all and try not to sugar coat my trading....

we can be very confused 49% of the time and still make money....the added benefit of being more selective late in the day is this:

If I take trades early and they stink, then I have time to trade out and try to make it a better day.....trades that stink late in the day can mess up previous wins and ruin your evening/life...they can eat at ya!!

By typing things out and reading all the great input and ideas here helps me become less confused...I certainly would never want to imply that trading doesn't mess with your head. It does!!


This may get quick and dirty now...and BLUE...great call on the 24.25....educate me...was that Kools projection?...well done to u 2 Koolio!!
you freakin asshole.. if you follow my work at all i explain it as i go.. i basically call turns all day long ..in advance not after the fact! and have for 2 years. The gross misinterpetation of my work is areflection of your jealousy and /or ignorance. Its because of idiot replies like this that im thru with mypivots!