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ES Short Term Trading 01-10-2011


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Hi Bruce,
I understand what you're saying about the runners. Through my career, I've realized that this is more a psychological obstacle. We all want to jump on board a runner because of the potential profits, but what I've had to accept is that those huge runners are just not part of my system and be happy with the other trades that I am profiting from (I'm more of a full size in and out scalper). The flip side you have to look at is that by holding some contracts for those big runners you have a 72% chance of those contracts not making you money on the more common 1-5 pt moves. I know it comes down to personal trading style, but I think the biggest key is really acceptance of your system and not shooting for that superman approach of catching all the moves the market offers. Just my 2 cents.
Very well put.


Originally posted by DRob

Hi Bruce,
I know it comes down to personal trading style, but I think the biggest key is really acceptance of your system and not shooting for that superman approach of catching all the moves the market offers. Just my 2 cents.
DRob,

I agree with you. I only see that the market is full of scalpers not trenders or runners. That is why I only trade my psychology setups. I use S/R , P.Open, P.Close, Gap, HOD, LOD and I trade my Heikin Ashi setups. Today I have 90 % all my trades on favor using the EU and ES markets. Remember: Not always the market is trending in your favor.
I agree...well said indeed...we need to know who we are...for me that comes down to knowing that I just don't like missing that last move...now if I can get over that and not be tempted to jump back in the market I would be more profitable but over the years I've proven to myself that watching the market move after a final exit is sometimes painful and frustrating......

so this is an obvious emotional demon that I haven't mastered yet....another addition to the "trading improvement " category....

The point also which complicates things is that even though I may not get that 6- 9 point winner out of that runner it still sometimes capture 3 - 4 points.....which is around the same target I would get if I pulled the runner off early..

but that isn't always the case...I'll have to review that concept when I have more time..thanks for the feedback
Originally posted by Lorn

Very well put.


Originally posted by DRob

Hi Bruce,
I know it comes down to personal trading style, but I think the biggest key is really acceptance of your system and not shooting for that superman approach of catching all the moves the market offers. Just my 2 cents.

I wasn't in the market but the mean reversion traders will use the daily Pivot as a target, the previous days Vwap and then the close of Friday as ultimate goal...

we hit the pivot to the tick....anything else is just a bonus for you long folks but congrats to those who were able to hold that!!Don't get too greedy...!

Dr, Bret..one of my and many others "idol" has some good write ups on that stuff

The 2:30 close will be important as we have had only one marginal close above the 60 minute high...bulls need to do better than that!!
my above post is wrong..I was looking at the wrong swing point...we have had 3 closes above the 60 minute high ..so longs don't want to see a close below that 60 minute high
ES hit 1268.00. exited and closed shop. Will see what it has for us tomorrow.

ES trading 1267.50 @ 12:32 .
Originally posted by i1hunter

ES just moved above 1264.00. The objective is at 1268.00 and possibly 1269.00.
(It's possible for small zig-zag in this area 1262-1266.00)

Moving below 1261.00 will void the above.

As always, the market has the last word and in due time will show us the way.

ES trading 1264.25 @ 12:08
nice call on the 68 area Ihunter..I have that as O/N high and VA low at 67.50...did u have that for any other reason?
where and why was your entry...I've noticed you post exits but I don't see entry////perhaps you can clear that one up for me...thank s
Originally posted by i1hunter

ES hit 1268.00. exited and closed shop. Will see what it has for us tomorrow.

ES trading 1267.50 @ 12:32 .
Originally posted by i1hunter

ES just moved above 1264.00. The objective is at 1268.00 and possibly 1269.00.
(It's possible for small zig-zag in this area 1262-1266.00)

Moving below 1261.00 will void the above.

As always, the market has the last word and in due time will show us the way.

ES trading 1264.25 @ 12:08

Thanks Bruce. Yes I had the O/N H. and also a daily deg. 135^ @ 1269.00 but 1268 is close enough for me. More so this late in the afternoon. Some times everything is congruent and works well, other times does not work out and the nearby stops saves my a%#. LOL
Originally posted by BruceM

nice call on the 68 area Ihunter..I have that as O/N high and VA low at 67.50...did u have that for any other reason?
thanks for taking the time explaining...I appreciate it
Originally posted by i1hunter

Ok. Look in the 60m chart. Bruce we talked about double bottom and double tops. In a different context but many things can be extrapolated from those post few days back.

In today's 60M chart, all sessions, you will notice a double bottom. Just about any isolator was in oversold, plus the 2 minutes chart was also in oversold at about 10:06. The beauty of this double bottom at 1258.00 was that yesterday's low was at 1257.75! I enter at 12 59.50 with stop at 1257.50. (I entered at 1259.50 because my daily Deg. had 1259.50 at 45 Deg) One trade today. that was it. As I said before in a previous post. I'm always looking for double bottoms....Some times they work, and when they do hmmm nice. Hope this helps.
Originally posted by BruceM

so I am not learning any thing from the comments....I think most would want to know "WHY" but I won't speak for others....u do as u see fit.....I'm more concerned with why people enter and exit where they do......I'm not concerned with your actually trade just the reason for a bias would do or a reason for an exit
Originally posted by i1hunter

Does it matter? LOL I'm posting the time and the price and objectives with a voiding point. Plus follow ups as it unfolds in real time, posting the price and the time, nhen I can....No buddy cares how much one makes or looses. What they care is if they can use the info in their favor. I do hoppe that works out for every one.-

Originally posted by BruceM

where and why was your entry...I've noticed you post exits but I don't see entry////perhaps you can clear that one up for me...thank s
Originally posted by i1hunter

ES hit 1268.00. exited and closed shop. Will see what it has for us tomorrow.

ES trading 1267.50 @ 12:32 .
Originally posted by i1hunter

ES just moved above 1264.00. The objective is at 1268.00 and possibly 1269.00.
(It's possible for small zig-zag in this area 1262-1266.00)

Moving below 1261.00 will void the above.

As always, the market has the last word and in due time will show us the way.

ES trading 1264.25 @ 12:08