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goodoboy
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Everything posted by goodoboy
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Well, I don't want to blow any accounts. This is why I try to learn from mistakes and set some goals for myself when learning and practicing. Most of it is mental and a bit of second guessing. But its better. I tried to watch someone trade ES for about 5 months and the person/mentor had about 7 indicators (2 special indicators), 3 indices, and only traded 1-3 times a week, with about 4 different screens. I ask the guy for coaching, he said I need to talk to his buddy to get about 5 screens first as a requirement. Well I sure didn't get coaching, after realizing and losing money, that wasn't the path for me. The problem with watching someone trade is finding a good person that fits personality to watch trade. I like things simple and straight forward, and i could be wrong, but just watching one chart and price is so far making most sense. Like you saying, just being a good observer is what i am doing. So, I just been reading and practicing and making some some rules/plans for myself. As well trade management notes that works for me. I will stick to sim until I reach my goals to trade live again.
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Thanks Steve, You are right about the observing. Well, right about everything you wrote. Dismorning was interesting as twice price action probe to 1408 in search of sellers after testing 1414 for buyers. Thanks for the chart.
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Yes indeed. got a long at 1421 and exit at 1424 for 3 pts. This data release at 9am got in the way of a better entry. but go up as you please ES!
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Just 30 minutes before this I was short. Thanks for the posting.
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Thanks for the posting Steve. Your work is well appreciated. What means by "at that point buyers come in to mark it up"? Does this means buyers come in to push price higher, searching for more buyers to take it even higher? This is something, I need incorporate in my early morning analysis. Just take 20 mintues just to watch what happen in over night session before thinking of taking trade. Thanks,
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Good day of staring at ES go round and round like roller coaster
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took a short about 1:15pm central at 1401.25 from that drop, after some consolidating. Stop out for -1.25pts. Silly me, went short right in the middle of the trading range 1402-1401. I didnt even wait til price break 1401 atleast to continue down. :crap::crap:
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I am just sitting for now. Yes I do see the hinge. I am just watching.
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Thanks Db, I haven't used it in 2 months along with the lower indicators and I seem to be understanding things better this way.
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I have a question: Can I just the trade the ES (intra-day) by strictly looking at the ES chart and not the SPX? I have only been watching ES price action only and my friend swears I should be looking at SPX as well.
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Thank you for the chart.
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Exit at 1400, now lets see where the buyers wanna get in at .
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I am not sure what the number will be. But I am short 1404.25 with at target of 1400 if it is bad. Of course bring stop to break even incase they are good. Price is making a trend of downside, so I better get on board and get to managing.
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Excellent post and good read and good grounding for there is far too much stuff out there for the beginner like myself to stay focus on one learning path.
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Thank you Bakrob99
I just got your messages.
Over the last few months I have learned a tremendous amount just from TL. Although majority of the time most the post are back and forward post about comparing methods to methods. I try to ignore those.
You said it right, smaller losses and letting winners run. My days of taking those big losses (hoping if comes back is completely over). This is something I know with my own eyes works. Just my opinion, its the trade management that is the key to getting winners. Its something that can make or break the trade.
I have not yet fully developed a entry plan that fits how I want to trade yet. But I do realize that this plan must match whats fits my style and understanding. It has to be simple for me to understand.
Each day I record in my journals entries I won, loss, or missed. I try to understand why the results. Either it be lack of discipline (no patience, impulse trade, etc.).
Thanks for the advice.
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Yes, keep it simple. This is all I want do is buy/sell at the low part of range in any direction of price movement on a retrace. Counter-trading even doing intra-day trading does not work for me, neither does looking for the bottom. one thing I am adding to my journal is try best to get the first retracement.
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long 1403.75 out at 1406.75 +3pts market started going up again, i bought on retrace after supply line since drop at 1408 occured.
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Thank you Steve. See my picture and maybe I need to scale down to 3 min chart for better entry. Did I do something wrong on that trade? I admit, I should have entered on the first retrace of the uptrend. This is the only way that make sense to me. Like now, the direction/trend is down right, so what wrong with me going short at 1404? This is the only way i see it for now until I finish reading price action.
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stopped out -1. no breakout, atleast not now.
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still waiting for 1412 to break. long 1409.25 stop 1408.25 target 1416, if 1412 breaks. reason: trend of the moment is up, and i want to get on board.
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exit at 1403.75. Really poor trade management on that trade as I moved target to 1398, but then moved it back when price got 1398 back to 1396. The old more more more more got me. Lesson learned.:crap::crap:
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I just woke up to see market moving upwards, now its moving down. short at 1407 target 1396, but this depends on what happens depending on all this BB talks. so trade management now. price actions making lower highs for now.
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Thanks Db, no problem at all. Good to know, as you stated before the NQ is a more profitable and easier to trade. Thats all I needed to know. This ES is boring and I love easy, so I put NQ on my screen so I can compare them. But your analysis on NQ did show a larger range. While the ES is just stuck in the smallest range giving the headache. lol, never heard of lutefisk or haggis, but it sounds nasty.
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Thanks Db. Good to see. Can you post one on the ES if you feel like or just have free time?
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HAHAHAHAHHA, you are right about that too.