ES Tuesday 3-6-12

Kicking off Tuesday's trading topic with a question:

What would Bruce do?

It's an easy game and designed to make you think and become a better trader. Feel free to replace Bruce with KoolBlue or Monkey Meat or any other trader that you follow, understand or wish to emulate.

Before, at or after the market open and then at any time during the trading day ask yourself what that trader would do at this point. Post your trade (or non-trade) with the reason that you would have (or would not have) taken it. If you're learning and not posting an actual trade then say something like "I would have gone short here if I were trading real money because we hit up against the triples on..." etc.

If you see someone comment on a possible trade setup that you recognize then reply and confirm that you agree with the setup or what you think the setup should have been or why it is invalid.

Think of this as your midterm. You've been reading these topics for days, weeks, months or years. Now try it out and get feedback from your peers (hopefully).

Good luck everyone!
will try one more time if they can print 38.75 otherwise I'm sitting at high volume nodes as per time is tricky as everybody accepted that the first 90 minutes it is ok but later in the day is higher risk..

so far a perfect read jedi...well done indeed!
Bruce and all, based on internals there is not much saying to get long per Jedi's comments.

But if we based this on price action and market profile structure, there is fading opportunity longs.

I follow a site that uses price action and market profile principles to generate trading edges and trading plans and they are calling for a close above 1343.00 and below the open, and are suggesting longs below 1340 to 1336.50.

So although we have internals yelling SELL, there are edges to get long down here.

We are back testing the weekly value area low from the week of Feb. 13.

We have stopped timeframing lower and have not had the energy on the downside for a true trend day. Im getting long down here to 1336.50 and targeting sells above 1343.00. Reward is running around 4 handles so that is where my stop would on my blended entries. Give up point would be 1332.50.
thanks concern is that we spent a lot of time accepting the 42.75 and we are below that. I c the weekly Va too but I think the time spent at 42.75 was another hint that we may just be WRONG on our read for higher prices. The logic is there but not internals but that acceptance of the week of 2-13's PVP ( 42.75 on yearly too)is problematic down here...any rally has to get through all that again

I look at this as high risk but then to me anything outside of the first 90 minutes is high risk

Not trading anymore although I did try at 38.75 and went flat with nothing..too late for me

will keep 46.50 gap on the radar
good luck on the longs Horse I hope we get the pop into the close 4 ya..what is the site you follow..? I think it would be ok to post it if you want to
yep, very true. would make it easier if we had some single prints or an elongated profile to give us some better profile clues for a true trend day.
got 39.50 and will look to add in the 38-36 area if we get one more lower low. overall risk is 2% of my account should i be wrong so well within my tolerances.

horse43, i have free-tried that website in the past, and the way you phrase things seems kind of similar to the way they write. So i wonder if you aren't one of them.

I have nothing against the website (just did not work out for me), it is just that I hate it when somebody tries to sell or pitch a paid service in free forums like this one.

Forgive me if you are not one of them. It just sounds too familiar, especially remarks like the 2% of account value and so on.

I think it's ok APK because I asked Horse for the website. If he came on here and started promoting it then that would be a different story..

hopefully it's cool with everyone....tell us more about your experiences with the site APK if u have time
nope not one of them APK, and no worries, the only reason i posted was bruce did ask for it.

i dont remember them posting stuff about risk management or 2% account value, but my risk management system is 2% on any trade i enter so just wanted to add that in there. and i was referencing their latest report so i'd imagine there was some similar wording with my post.

this site is great, but there isn't a lot about stops or risk management which is a huge part of the game so i wanted to put it in. we never know if we are right or wrong on a trade, but do know how much we could lose each trade.

i've been around for a while on here and that's not how spammers operate.

this late in the day, if the short covering and +43 is going to come, then 1339.50 should not trade so im moving the stop up to breakeven and risk commission and will not add lower.
Originally posted by BruceM

I think it's ok APK because I asked Horse for the website. If he came on here and started promoting it then that would be a different story..

hopefully it's cool with everyone....tell us more about your experiences with the site APK if u have time

check my profile, i've been here since 2010

thanks for backing me up bruce.
Originally posted by BruceM

great trade's all cool APK..thanks for the recap..

final contract exit at 42.50.

thanks bruce! have a lot of respect for you and your thoughts for longs today added some conviction to my trade idea. when we have such a strong long term timeframe, it's easier to side with them, even on a day like today!

will be interesting to see what happens tomorrow.