I'm brand new to jpj's room, and I have a few questiuons regarding terminology. I'm not sure what the following expressions mean:

1) "leaning on"

2) "wiggle room"

3) "got some" (is this covering a short or selling a long for profit?)

4)"initial range" (how is this different from IB)

Thanks in advance.

leaning on
A good analogy for how we are assessing the risk of a trade. If you are (physically) leaning on (against) something and that "thing" (say a door or a pole stuck in the ground) gives way then you are "gone" - you fall over. The same in trading, if I'm short at 1212.75 and I'm leaning on 1213.75 and the market trades to 1214.00 then the resistance that "I am leaning on" (i.e. 1213.75) has gone and so am I: i.e. stopped out of the trade.

wiggle room
The amount of slack we're going to give the trade before we stop ourselves out.
wiggle room = stop size
If we are long at 1317.00 and we determine that this type of trade/set-up requires a 2 point stop then we give it 2 points of wiggle room. If the market trades below that "wiggle room" then the set-up has failed and we want to get out.

got some
Partial covering of a short or selling of a long position. Usually used in the context of taking profit on a partial but can also mean the scratching of trade that has been trading at a loss.

initial range
This might be the Opening Range which is the first 1 minute of trading. If it isn't the OR then it might refer to the range during the first 15 minutes of trading. I'm not 100% sure about this one. The IB is the range during the first hour of trading.

Thanks so much for the quick reply.

I have learned a lot from deltat1......many thanks.

you're very welcome

I am also new to JP's room. I have quickly comes to realise that "wiggle room" is not "stop size". If my stop size is say 1.5 pts, and price moves 1.5 pts from the entry price then price has hit my stop and I exit. However, if "wiggle room" is 1.5 pts, then JP will make a judgement of the "conviction" when price moves BEYOND the 1.5 pts and will usually not exit until 2 pts beyond the entry price, effectively putting the "stop size" at 2 pts. This gives 2 ticks of price movement in which to judge the "conviction" i.e. how heavy price is trading beyond the "wiggle room".

Please correct me if I have misuderstood this concept but I believe that it is misleading to say that "wiggle room" = "stop size".

We run the risk of getting stuck in semantics here with "wiggle room" and "stop size".

I believe that JP uses the two terms interchangeably to mean the same thing or if not an identical concept then one that is very hard to distinguish between the two.

The basic concept, whether JP is talking about "wiggle" or "stop" is the same. If the market moves to the area where JP wants to stop himself out then he looks at the number of contracts moving through the market and judges the speed that the market moved to that area and the "conviction" that this will or will not continue.

Ninja Trader implements this idea in what they call a simulated stop. If the market hits your stop price (say a long) then the order to exit your position will not be sent to the exchange until the number of contracts bid drops below a given level.

Ninja uses 500 contracts (I think) as the default for the simulated stop on the ES. So if your stop is at 1212.00 in the ES and we trade there, then the stop is not triggered until the number of contracts bid drops under 500.

This is part of what JP is watching and does manually. He is also watching other factors that are telling him what the probability of this working are.