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Perfect entry tonite at 14506. It's a double leg pullback captured within that clear upleg from 14361 to 14823. It just broke above a previous high after the 2nd downleg. 2 contract trade, target for first at 14698, and 2nd at 14823. Stop at 14402, just below 2nd leg low.

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Perfect entry tonite at 14506. It's a double leg pullback captured within that clear upleg from 14361 to 14823. It just broke above a previous high after the 2nd downleg. 2 contract trade, target for first at 14698, and 2nd at 14823. Stop at 14402, just below 2nd leg low.

 

 

I liked this idea. It seems that many others liked the idea as well and acted also upon it... today's moves smell like a stop run...

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I liked this idea. It seems that many others liked the idea as well and acted also upon it... today's moves smell like a stop run...

 

Same trade is still on. New stop at 14393. Same entry as before, same targets. Such is the nature of the markets, no predicting, only preparing. One thing has changed, you are now with the strong longs if you are in this trade, all weak longs have been shaken off, watch for price to move up quickly!

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Same trade is still on. New stop at 14393. Same entry as before, same targets. Such is the nature of the markets, no predicting, only preparing. One thing has changed, you are now with the strong longs if you are in this trade, all weak longs have been shaken off, watch for price to move up quickly!

 

 

Agree! Though, I like the chart of ES more than YM, as ES has already made new highs late in the session and YM couldn't. I wait until European session on Tuesday and see how price reacts...

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Short ES at 1573.50. Still overall bearish (see earlier comments). Looks like a downward trend line is being established here.

 

Still sticking with my original call on this one, sorry but trendlines are too subjective an art to believe in or quantify in my opinion. 14698 then 14823.

The ES broke out of its downtrend above 1570.75, but nothing to lean on yet for a trade on the long side. Just my opinion.

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If someone is following this thread, he or she will have noticed that I have somewhat changed my trading style recently.

 

Whereas I began this thread as a "swing trading" journal and held positions for a few days to several weeks (the latter would be better characterized as "position trading"), I recently started to look at price movements taking between a few hours to 2-3 days and tried to benefit from these instead of holding positions for longer periods.

 

When I looked at my trades I've realized that my entries and exits were pretty poor. So I've started to try to figure out how to improve these. However, during this process I came to the conclusion, why not try to benefit from these shorter-term moves altogether (now you see, what a journal can be good for... ;) ... assuming that my trading will be more successful in the future than in the last few months :) ). This might deserve the label "swing trading" also more than my former trading style.

 

Another change is that I now try to focus on one instrument only, whereas earlier I've looked for opportunities in various instruments. Although I think that there are opportunities in other futures markets as well, for me, equity index futures are the "easiest" when it comes to assessing potential movements within the next 1-3 days. Hence, I will focus on these for the time being.

 

The last trades in this regard were with the e-mini Dow, but I will start to trade ES as well (... and maybe focus on it completely).

 

Another change is that I post my account size, in order to provide some more information for anyone who is interested.

 

My current account size is 18,150$ but I plan to cash out a bit and reduce it to between 10,000$ and 12,000$, which is sufficient to trade 1 ES contract, in my opinion, at least for my holding periods / "typical" stops.

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Still sticking with my original call on this one, sorry but trendlines are too subjective an art to believe in or quantify in my opinion. 14698 then 14823.

The ES broke out of its downtrend above 1570.75, but nothing to lean on yet for a trade on the long side. Just my opinion.

 

 

Congrats! First target hit :)

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