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short 1446.50

 

finally got in on this little ES. Tuff darn morning trading. But finally got one. Im holding on this one. Geeeeeeee Wiiizzzzzzzzzzzzz

 

Im out at 1441.50. I have no clue why I exited, I just got out. Im outta here for today. ES ticked me off today.

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Appears that I got whacked in a stop run beneath the HVN hit earlier in the overnight session. I should know better but just getting back into trading this mother. With the naked POC sitting below at 1443.25 and we know everyone is going to be buying there for a reaction - damn why could I not bring my mind to think like a market maker who was going to run that zone after building it since Oct 3?

To thems that trades this on a regular basis - what is an average stop run in the ES in points?

Would appreciate comments.

 

Thanks

slick60

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Im out at 1441.50. I have no clue why I exited, I just got out. Im outta here for today. ES ticked me off today.

 

Do you have a trading plan, and clearly defined reasons for entering and exiting, or are you purely discretionary? You seem to just use this thread as a trading log, when I thought we were discussing method and theory here. If you want to get better, you need to show your work more so we can serve as a feedback mechanism and help you improve.

 

That being said, like I told you before, don't get mad if you don't get all of the move, just make a note of it and see if there's a pattern. Also, you said you had no reason for exiting, which means you were going off of pure emotion. You scratch a lot of trades, and I think you were frustrated and didn't want to scratch again.

 

Yeah I know what you mean. But I think there are possibly better markets if that's how you feel. You could look at Eurostoxx or Dax say in the European session or take a look at the asian markets if that fits your timezone better. Otherwise, maybe you'd be better off looking at NQ/YM/TF rth.

 

I'd say go with the Stoxx over the Dax. Dax is a brutal contract, it's a big tick size and moves like it's on crack (for a stock index at least). The Eurostoxx is much deeper and trades more like ES, which all of you seem to prefer. A guy in my shop traded Dax and it wasn't for me.

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I'd say go with the Stoxx over the Dax. Dax is a brutal contract, it's a big tick size and moves like it's on crack (for a stock index at least). The Eurostoxx is much deeper and trades more like ES, which all of you seem to prefer. A guy in my shop traded Dax and it wasn't for me.

 

Yeah I would too. There was a guy in my old place who scalped the dax like a madman. He used to do pretty damn well on it though!! For most, I would say Eurostoxx is a good contract. Loads of ex-Bund traders moved to it when the Eurex bonds went crappy.

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Appears that I got whacked in a stop run beneath the HVN hit earlier in the overnight session. I should know better but just getting back into trading this mother. With the naked POC sitting below at 1443.25 and we know everyone is going to be buying there for a reaction - damn why could I not bring my mind to think like a market maker who was going to run that zone after building it since Oct 3?

To thems that trades this on a regular basis - what is an average stop run in the ES in points?

Would appreciate comments.

 

Thanks

slick60

 

Stops going off rarely take that much out. Maybe a point or two or perhaps a little more. But I think most of that was long liquidation as opposed to mechanical stops being sequentially hit...

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. Also, you said you had no reason for exiting, which means you were going off of pure emotion. You scratch a lot of trades, and I think you were frustrated and didn't want to scratch again.

 

 

Thanks, yes I got emotional that trade. Yes, I keep a trade journal and pictures of each trade.

 

No, I did not follow my trade management plan at all. I got frustrated cause price kept chopping around. hahahaha, And yes, I was getting tired of the breakeven., I had like 3 already this week. But yes, it happen today, I got mad. So, i will record it in journal and correct it. I guess I am still learning, next time i will just walk away or just read my trading plan. Im still working on entry plan, so its backward and forwards.

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Both yesterday's low and the overnight low were poor, suggesting a further test lower down the line is possible. Today is about whether we can hold above 28.00 and develop in the less well defined middle development. Initial Jobless Claims surprised to the downside.

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Morning. Won't be trading today as not feeling so well - bit fuzzy so will be here but doing other stuff. Sept CPI came in slightly higher (0.6% exp 0.5%) although ex food&energy was lower (0.1% exp 0.2%). 9:15am is Industrial Production (exp 0.2% from -1.2%). We've had some decent earnings already today (GS:2.85 exp 2.27, JNJ:1.25 exp 1.21) with IBM & INTC amongst those reporting after close today. Greeks saying they expect the next aid tranche and Germany talking about having a credit line with Spain (as Spain still saying they won't request a bailout). To me, this is potentially upbeat and given the market action looks to have been base building over the last few days, I would want to see a move to the upside. A failure to see a decent push and/or a selloff taking place wouldn't be great considering imho.

 

Here's a chart anyway:-

 

attachment.php?attachmentid=32070&stc=1&d=1350392440

2012-10-16.thumb.jpg.ebee412d08ae3c8e17a5d5e0a422a586.jpg

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Base build, yes.

 

BEAR TRAP possible squeeze if price opens above 39.25 and that represents support.

 

1439.25 is the High of Thursday 10-11-12. (The chart I am using is composed of cash session ES prices (runs 9:30am to 4:00pm ET)

 

36.50 is cash session ES H from yesterday.

 

I don't read volume profiles yet so I can't tell you whether it has LVN HVN POC etc signficance (either one, 39.25 or 36.50)

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It's also important to note that the overnight high is right slap bang in the middle of the two developments in the cyan profile (from the chart I posted earlier) at 44.00 (low vol price also on the long-term profile is 43.75).

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Morning. Won't be trading today as not feeling so well - bit fuzzy so will be here but doing other stuff. Sept CPI came in slightly higher (0.6% exp 0.5%) although ex food&energy was lower (0.1% exp 0.2%). 9:15am is Industrial Production (exp 0.2% from -1.2%). We've had some decent earnings already today (GS:2.85 exp 2.27, JNJ:1.25 exp 1.21) with IBM & INTC amongst those reporting after close today. Greeks saying they expect the next aid tranche and Germany talking about having a credit line with Spain (as Spain still saying they won't request a bailout). To me, this is potentially upbeat and given the market action looks to have been base building over the last few days, I would want to see a move to the upside. A failure to see a decent push and/or a selloff taking place wouldn't be great considering imho.

 

Here's a chart anyway:-

 

attachment.php?attachmentid=32070&stc=1&d=1350392440

 

THank for the chart.

 

I am long 1443, so i hope market takes out this 1445 area.

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