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ES Short Term Trading 8-3-2010


02-Aug
1124.25
1110.25

possible highs for the 3rd:

1110.50
1110.75
1111.00
1111.25
1111.50
1111.75
1112.00
1112.25
1112.50
1112.75
1113.00
1113.25
1113.50
1113.75
1114.00
1114.25
1114.50
1114.75
1115.00
1115.25
1115.50
1115.75
1116.00
1116.25
1116.50
1116.75
1117.00
1117.25
1117.50
1117.75
1118.00
1118.25
1118.50
1118.75
1119.00
1119.25
1119.50
1119.75
1120.00
1120.25
1120.50
1120.75
1121.00
1121.25
1121.50
1121.75
1122.00
1122.25
1122.50
1122.75
1123.00
1123.25
1123.50
1123.75
1124.00
1124.25
1124.50
1124.75
1125.00
1125.25
1125.50
1125.75
1126.00
1126.25
1126.50
1126.75
1127.00
1127.25
1127.50
1127.75
1128.00
1128.25
1128.50
1128.75
1129.00
1129.25
1129.50
1129.75
1130.00
1130.25
1130.50
1130.75
1131.00
1131.25
1131.50
1131.75
1132.00
1132.25
1132.50
1132.75
1133.00
1133.25
1133.50
1133.75
1134.00
1134.25
1134.50
1134.75
1135.00
1135.25
1135.50
1135.75
1136.00
1136.25
1136.50
1136.75
1137.00
1137.25
1137.50
1137.75
1138.00
1138.25
1138.50
1138.75
1139.00
1139.25
1139.50
1139.75
1140.00
1140.25
1140.50
1140.75
1141.00
1141.25
1141.50
1141.75
1142.00
1142.25
1142.50
1142.75
1143.00
1143.25
1143.50
1143.75
1144.00
1144.25
1144.50
1144.75
1145.00
Cannot edit prior post.

The low of 1113.25 stands so far. Target correction posted earlier stand too at 1153. I'll have these same views in AM until 1110 breaks and holds. I'd not be as wary if and when 1132/3 hits now that we retraced lower from todays' open. A nice pattern to me for up.
I'm no astrotrader, not discounting it, just not into it. Huge solar flare in AM I read.(I don't know who times these things but would think NASA). Timing of Gann reaction in AM per chart(I'm a novice at timing). hmmm
Originally posted by DavidS

1121.44 the 50% level for the S&P

I have the 1107.5 as that for the futures. Just noting my divergence as I've only just started trading futures a few months ago and don't know if significant??

Watching 1115 for a possible am low if it goes down that far. That would match this last leg, if up?, to 1145 if equidistant? If it doesn't decline to there and it ramps, move it higher from the low(approx 30 pts).

Losing the 50% retrace would not be good here since a wave C can be complete already for the ABC upward wave from the low of last month. It can remain in the 50% indecision area, but not forever.

The problem here is that the 1129 previous high has not been eliminated. My targets today are targets, and that's all.

If it declines and continues,1107.5, 1102,1088,1065???

I'll be wary if high stalls 1132/3 without new low from O/N session.
Lorn, I think the ability to be able to stop trading for the day when you think you are out of sync already means you are very disciplined.


Thanks for replying.


Originally posted by Lorn

I've experimented over the years with setting max draw downs and profit targets, etc.

To be honest (and most likely its because I'm not that disciplined) they have never helped.

Maybe its an experience thing. When I'm out of sync I know it and tend to stop trading.

But I'll continue to experiment with using mechanical rules because they just seem to make sense.

What has helped me tremendously is keeping journals. Journals of trades. Journals of systems and testing. Journals of emotion reactions. I can't urge enough the importance of this.

Originally posted by hari

Those of you successfully trading for several years, can you please share any money management rules that you follow?

Anything like:



Stop trading for the day if the loss equals 0.5% of acc equity
Daily profit target of 1% of acc equity
Stop trading for the day if 20% of the day's profit is lost
..........




Thanks in advance!

How can you say you don't know what question -see below
OF COURSE I'm not saying you don't post trades
I said I you think I read K posts and posted one of his thirty odd targets THEN do that yourself today. Or tomorrow or any day.

That is VERY CLEAR.

You asked me if I stole is work.
It was a stupid and rude implication.

"
Posted - 08/02/2010 : 17:32:54
Originally posted by BruceM
This may get quick and dirty now...and BLUE...great call on the 24.25....educate me...was that Kools projection?
"

-----------------

Originally posted by BruceM

I'm not sure I know what question you are refering to ...I think it was Kool who thought you used his method...I wasn't sure what method you used to get your 1124.24 - 1125.75 zone...so I asked!!


I certainly hope you are not asking me to post trades because that would imply that you don't read the day trading threads or some of my posts over the YEARS.......get back to me an we'll straighten this out...If I owe you an apology then you will get an apology but I'm not really sure what you are asking with this post.

If you want a specific projection in the middle of the day then I suggest you ask Kool for one....beyond the ratchets and having specific chart points for targets ( hour highs and lows, triples, ledges , gaps etc)I'm fairly lame with projections... why do you want a projection from me?

I could give you projections now based on the RATs....and you could have used these this morning...here they are

1125...that is a Rat...it missed by 3 ticks and you had that number since the begining of TIME......every 6.25 points....I told you all about the 1118 number this morning...what is 1118.50....a rat!! Like anything else, you need to find things that YOU can use...I don't talk about the rats as much because there doesn't seem that much interest...which is ok by me..just a guide anyway..


A
Originally posted by blue

Hi Bruce,

The more I think about your question the more rude it seems - though I'm sure (hopefully) that you didn't mean it.

Your question implied that:
1. I was too stupid to pick a trade to within 1.50pts on my own
and
2. that I was intellectually dishonest enough to do so.

When you look at the enormous numbers of possible highs that K posted it seems to me that it is stupid to imply that I could have, if I had chosen to, guess which of the 30 odd choices was the number.

So now that you have insulted me in the forum, perhaps tomorrow around the middle of the day you will shift through the copious choices of k and post a trade from them.

Either up to (x to x+1.50)
OR
down to (y to y-1.50) as I did.

No evasion now Bruce.
Read K's post and come up with one clear trade.

Thanks for your honest response Bruce. Hopefully we will get to hear more about this topic from a experienced trader like you.

What I am looking at when trying to follow these rules is the amount of time that we can save. At least for me, lot of times I achieve a good profit in the first hour itself and then I overtrade and end up giving all or significant amount of the day's gain. If I stop trading then I keep my day's gain and I have the rest of the day to study other strategies/concepts etc.



Originally posted by BruceM

sorry Hari..I follow no set rules like that but they seem helpful...for me I usually don't add a third time to a trade idea...if I can't get it right by then I am reading the profile wrongand need to get out...more later!!
Originally posted by hari

Those of you successfully trading for several years, can you please share any money management rules that you follow?

Anything like:



Stop trading for the day if the loss equals 0.5% of acc equity
Daily profit target of 1% of acc equity
Stop trading for the day if 20% of the day's profit is lost
..........




Thanks in advance!

Blue,
I guess I didn't know the question because I was quite surprised by your defensive response. I gave you a sincere compliment and asked how you did your projection. I wondered if you used Kools methodology to arrive at that number. Why would I assume anything else when so many in the forum use his method and more importantly you have never consistently posted or explained your areas or method before ?

I asked Kool about having many different numbers and projections yesterday morning on the forum. He gave me an answer that I am quite satisfied with. If you have challenges with his numbers than you should ask him about it. I'm not sure posting a zillion levels like you did to start this mornings thread is the way to make a point.

In many of your posts you write about "respect to others" and inappropriate responses yet you are here causing problems. Saying that my comments are "stupid and rude". I never said you stole anyones work...please show me where I did that. I think it's time to look into the mirror my friend.

I don't use Kools projections...he's ok with it and so am I. Why do you want me to make a projection with his methods ? I experiment in my free time with the longer term projections but do not use any of it for day trading. That doesn't dilute the value of his contributions or methods in any way. I don't expect him to ramble on about MP concepts the way I do. That's what makes our threads in my opinion great...diversity !

I think you have overacted big time to my innocent question. You gave me an answer of how you came up with your numbers...I am also satisfied with that but encourage you to start a thread on it. It would be helpful and useful.

Bruce
Originally posted by blue

How can you say you don't know what question -see below
OF COURSE I'm not saying you don't post trades
I said I you think I read K posts and posted one of his thirty odd targets THEN do that yourself today. Or tomorrow or any day.

That is VERY CLEAR.

You asked me if I stole is work.
It was a stupid and rude implication.

"
Posted - 08/02/2010 : 17:32:54
Originally posted by BruceM
This may get quick and dirty now...and BLUE...great call on the 24.25....educate me...was that Kools projection?
"

-----------------

Originally posted by BruceM

I'm not sure I know what question you are refering to ...I think it was Kool who thought you used his method...I wasn't sure what method you used to get your 1124.24 - 1125.75 zone...so I asked!!


I certainly hope you are not asking me to post trades because that would imply that you don't read the day trading threads or some of my posts over the YEARS.......get back to me an we'll straighten this out...If I owe you an apology then you will get an apology but I'm not really sure what you are asking with this post.

If you want a specific projection in the middle of the day then I suggest you ask Kool for one....beyond the ratchets and having specific chart points for targets ( hour highs and lows, triples, ledges , gaps etc)I'm fairly lame with projections... why do you want a projection from me?

I could give you projections now based on the RATs....and you could have used these this morning...here they are

1125...that is a Rat...it missed by 3 ticks and you had that number since the begining of TIME......every 6.25 points....I told you all about the 1118 number this morning...what is 1118.50....a rat!! Like anything else, you need to find things that YOU can use...I don't talk about the rats as much because there doesn't seem that much interest...which is ok by me..just a guide anyway..


A
Originally posted by blue

Hi Bruce,

The more I think about your question the more rude it seems - though I'm sure (hopefully) that you didn't mean it.

Your question implied that:
1. I was too stupid to pick a trade to within 1.50pts on my own
and
2. that I was intellectually dishonest enough to do so.

When you look at the enormous numbers of possible highs that K posted it seems to me that it is stupid to imply that I could have, if I had chosen to, guess which of the 30 odd choices was the number.

So now that you have insulted me in the forum, perhaps tomorrow around the middle of the day you will shift through the copious choices of k and post a trade from them.

Either up to (x to x+1.50)
OR
down to (y to y-1.50) as I did.

No evasion now Bruce.
Read K's post and come up with one clear trade.


I think there was some misunderstanding here, nobody want to disrepect anyone, everyone just came here to learn. We all know being a trader was not an easy thing, we respect every trader. Lets forget yesterday comments and start TRADE!!
That works for me...lets move on from here!!
Originally posted by MrTee

I think there was some misunderstanding here, nobody want to disrepect anyone, everyone just came here to learn. We all know being a trader was not an easy thing, we respect every trader. Lets forget yesterday comments and start TRADE!!
The reason that we are here is to learn more from each other. The quality of discussion on this forum is exceptionally high when compared to other trading forums.

Getting into arguments in cyberspace is a losing battle. You will never win and all parties will leave upset and frustrated.

Let's follow the popular sentiment already expressed and put this behind us and move on.

We all want to learn more and be more profitable and fighting works directly against that.

I frequently receive PM's from site members when this sort of thing happens. If you have any concerns that you don't want to post in public then feel free to PM me.