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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
that's me flat on the ledge run filled at 1117...didn't add as I was waiting for that 1120 high to get run out but it didn't happen before the ledge run....
no one short here? i am the only one?
nvm, I took 1 tick profit
Hi Lorn,

Can you please post an updated chart? I would like to see the PRC band.

Thank you!

Originally posted by Lorn

Here we have two conflicting projections on this 5 min chart. Interesting to note both 2.618 projections have been reached. Question is which 4.326 projection will be touched first?



Click image for original size
fibprjec832010

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 wrong and 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!
Updated chart.


Click image for original size
fibprjec832010a
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!
nice example of a neutral close....best fib is 50% so look where we closed in days range..
Look at the volume make up of today. Classic range bulge with most of the volume in the middle of the range. Study how prices walked above and below VWAP with no real direction.


Click image for original size
footprint 8032010b
Blue, I called for the 14.50 test a bit after 1 PM today as per this post...the afternoon low is 14.50 EXACTLY!!.....Not sure what the meaning is though.....we are all in search of tradeable information for our personalities and account size......I didn't hold any shorts for this test....so in terms of this "call" having value, it doesn't to me because I couldn't use it to make money.....but the concept in general of the naked 30 minute or 60 minute POC's May have some value...

Let me be clear that just because I don't or am unable to use someones ideas doesn't mean that I don't respect them or their work. I was hoping you would have elaborated on last nights comments....

Oh well, I'm not gonna drag this on but it would be ashame if Kool left because of what transpired....That guy rocks and is a master at his work...there are many here who are on their way to mastering his methods....just look at the chart Lorn recently posted...as a quick example...Kool has posted a bazillion trades demonstrating his projections effectiveness....

I wanted to set the record straight on how I feel about Kool and his work...
Originally posted by BruceM

On my 30 minute charts I have Naked POC per volum edown at 14.50 from today and 12.50 FROM YESTERDAY...ON THE UPSIDE THERE is one at 21.75..Odds favor the 14 and 12 test down here as we are so close
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.