ES Thursday 3-5-15

Bands for the day. Good luck to all.

In @ 96; 1 off @ 97.25 stop to 95.75 and wait

Originally posted by BruceM

that's the party for me.........this is what is so cool about the market and the cycles .....Tuesdays and wednesday faders had to work hard.........today was a walk in the park......but that is the point for me......and why I usually do not trend trade=- New kid you made comments yesterday about being able to do both and Dalton mentions that but I am just the opposite......

The key for me is working at limiting losses or recovering from my poor trading when fades go bad.....I don't look at being both a trend trader AND a fader....In the first 90 minutes I suggest you work hard at being good at only ONE style....u will confuse yourself otherwise ( take it from one who has)......it easy for Dalton or anyone to give you context and point out what happens AFTER it happens but to be in the trenches and doing it is another story......that is why I bust my ass posting as often.......to show that none of it really is that easy.....ok, maybe today was....


The bottom line I think is to pick a style and stay with it, Don't be a fader and a trender....work hard at when you are wrong on assumptions and don't feel bad if you miss a fade ( if u r a fader) or a trend ( if u are a trender)...The worst thing you can do is say " Oh man, if only I held on I would have made 5 more points etc ( Insert your own number of points here)."........strive for a consistent style....being both and switching gears is very difficult regardless of what anyone says or teaches you...

Well said Bruce. I agree one cannot really do both. Too tough mentally to pull the trigger being constantly conflicted.

More off @ EURO IB Hi 99.25; stop to...ooops all out 1 tic in front of open.

i got the short this morning, got into the long at 97 and butchered it, basically ended up scratching it instead of giving it rope. it was taking too long. oh well, got something so far today.

Also Joe, I did do the exercise last night with the 5 min chart. It was quite revealing to be honest. I cannot say exactly what I learned from it, but I think it is giving me a better feel for the flow of the market, which is what I think you were alluding to. Thanks for the suggestion. I will continue doing it to get a better understanding. Thanks

and sorry for the speech...but people see two days in a row of strong moves off the open and then they think that trading is easy and that so many days will be like that.....well that just isn't true...we will trend off the open probably less than 15 % of the time....go back and look at one minute charts to confirm....but people look at Tues, wednesday and say " Wow- this S&i*T is easy and all I need to do is just sell or buy and hold on"........ now if you are prepared to take losses 80 - 85 % of the time and win big on the 15 - 20 % when we do drive ( and assuming you have the drive correction correct ) then that is ok....I just haven't heard of anyone who can do it in the ES..........I'm sure they exist....I just haven't found them

ok, now i feel stupid for abandoning my long at an inopportune time. 30 more seconds (literally) and i would have been better off. still, getting better and i will get there one day

nice trade big mike !!

don't feel stupid ...u should feel proud that u r making progress...

Originally posted by NewKid

ok, now i feel stupid for abandoning my long at an inopportune time. 30 more seconds (literally) and i would have been better off. still, getting better and i will get there one day

I am always amazed and impressed at Bruce's ability to post and trade nearly simultaneously. What I have found over time, and being in Chicago there are a LOT of traders here, that most of the guys killing it are actually trend traders, in a longer timeframe mostly. These guys are in the shadows and just do what they do. They don't have educational venues and typically don't post on forums. They don't even know most of these places.

Good luck to all.

I had EU IB high of 99.25..VAH from yesterday at 98.5...half back O/N at 99
Got long 99.50 after it broke below VAH and back above...-1.75...
Lines are important until they are not? 3 things lining up is too many/not enough?
Maybe should have waited for gap to fill?
Tomorrow this trade will work and bad luck?
Help?

Joe, when you have a minute, can you explain again how you calculated those percentages and what does o.b mean (opening balance? 1-min, 5-min?)?
i know you said you used discretion on where the bar closes with respect its range but i did not quite understand the L1-80%, etc.. thanks

Originally posted by CharterJoe

I have done this for years by hand only real time this a.m. looked like this
9:30 LL
9:35 LL L1 -80%
9:40 LL L2-60%
9:45 LL L3 +100 o.b.
9:50 HH H1 +20%
9:55 ib inside bar
10:00 LL L1 strong close +90%