ES short term trading 12-28-10

KOOLBLUE,

Not to stir the pot, but why are you sweating ticks?

Mike

Mike!

Why don't you post your strategies so we can learn. I love Koolblue's tools. I am ALWAYS LOOKING FORWARD HIS POSTINGS and I am sure that most of the people on this site too.

Show us what you know :)

Diana

Originally posted by Big Mike

KOOLBLUE,

Not to stir the pot, but why are you sweating ticks?

Mike

I too like Koolblues posts, it was a legitemate question. Why sweat a couple of ticks when you have your trade setting up?

No hostility, no challenge of his abilities or setups. Just a question, why miss a couple of point trade over a tick or two?

Kool's projection was 1251.25 and he "gave up" one tick to get in at 1251.50, so his expectation was for 1251.25 to at least print a few contracts and allow his fill 1 tick above that. In this instance, the market sat on his 51.50 level but did not give him that one block trade he needed for a fill. If you look closely at the last chart Kool posted, there are 3 five minute candles in a row with their low at Kools price. That tells us the market spent about 15 minutes testing his price level. We need to keep in mind this week has very light holiday trading conditions, ranges have been narrow, order flow on the tape is light, and as this example shows fills at the exact turn price level are not easy to come by. Kool's ability to project forward into the future and see the turn price to the exact tick is an extraordinary skill.

Originally posted by Big Mike

I too like Koolblues posts, it was a legitemate question. Why sweat a couple of ticks when you have your trade setting up?

No hostility, no challenge of his abilities or setups. Just a question, why miss a couple of point trade over a tick or two?

Actually, Mike, it IS a very legit question, answered very well by P.T. emini. I would only add that my hoped for entry on these light vol. conditions was for a move to 1254.50(and exit at 1254.00) is only 2.50 handles! Every tick counts! Also, normally when the market hits my price many times ,i almost always get a fill by the 2nd or 3rd touch of my price! So a little frustration here. I can only assume that the thin conditions and light vol caused the 'no fill'. Lastly , one tick is a whole lot more important ( to me anyways) on a 6-7 handle range day as opposed to the normal (historically) 20 handle day! On those days i would likely have 'chased ' with an entry at 1251.75 or even 1252.00 entry. No offense taken!...