oops wrong chart loaded the wrong ES daily chart, didn't mean to
show that one, that's the ES pro system. anyway since I
posted that, that system is actually looking to short today at the
close, at least a better entry than the SPY was this time which was
too early.
on SPY systems - the SPY Ver 2 and RSI 2 systems will take a
second entry today should the market hold up like this.
I'll of course email that out later today to confirm
Thank you for your "Freudian" slip with posting a wrong chart,
Matt :-) I am interested in seeing what your pro ES system is
doing, and your chart explained.
For this trade type, is your system likely to buy its last
position and the market is still going further before it reverses?
I saw this pattern on your previous trades. It's not a concern for
me, but I might do a better entry manually if my hunch is
validated. I am expecting to see the last FOMC day's high
exceeded.
junkie - I think the trading gods say your comment below "
I am expecting to see the last FOMC day's high
exceeded"
and decided to give the market a smack down
.
obviously teasing you,
that's the trader superstition in me, when we are too confident the
market gods punish us so I try to never be overconfident, anyway
it's early yet, but nice reversal off the 50 day SMA and
was plenty of intra day divergences
Too many we looking into the same thing as I did then. I can't
trade intraday, and MA(50) is a known target. As I recall ema(65)
on ES daily charts served as a resistance last time, I don't
have a chart in front of me now to tell.
not entirely sure what you mean, if you mean that will it simply
scale into the position while prices work higher vs waiting for a
reversal, yes basically. The pro version of course has the
benefit of being able to trade intra day volatility to aggressively
scale out of positions so it can enter a trend too early but still
make money by taking aggressive profits and reducing position
size.
alas the old saying "it takes money to make money" is true, have
to be well off to trade that system by yourself with all those
contracts, most can't do it, and why best for hedge fund or rich
guys like Steve here
Steve trades 100 ES contracts in his
sleep
I have been doing the same thing manually (selling high and
covering bits lower) along this trade myself. This strategy works.
I am doing this in small bits, but I might be able to sell a third
ES contract at my target point (I will sell my second ES mini
contract today EOD). Thanks for your input!
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ES bounced right off the 5 EMA
Posted by matt on 7th of Oct 2015 at 10:06 am
ES basically bounced right off the 5 day EMA last night, remember the 5 and the 9 EMA are always your short term support MA's
oops wrong chart loaded the
Posted by matt on 7th of Oct 2015 at 10:08 am
oops wrong chart loaded the wrong ES daily chart, didn't mean to show that one, that's the ES pro system. anyway since I posted that, that system is actually looking to short today at the close, at least a better entry than the SPY was this time which was too early.
on SPY systems - the SPY Ver 2 and RSI 2 systems will take a second entry today should the market hold up like this.
I'll of course email that out later today to confirm
Thank you for your "Freudian"
Posted by junkie on 7th of Oct 2015 at 10:34 am
Thank you for your "Freudian" slip with posting a wrong chart, Matt :-) I am interested in seeing what your pro ES system is doing, and your chart explained.
For this trade type, is your system likely to buy its last position and the market is still going further before it reverses? I saw this pattern on your previous trades. It's not a concern for me, but I might do a better entry manually if my hunch is validated. I am expecting to see the last FOMC day's high exceeded.
junkie - I think the
Posted by matt on 7th of Oct 2015 at 11:14 am
junkie - I think the trading gods say your comment below " I am expecting to see the last FOMC day's high exceeded"
and decided to give the market a smack down
.
obviously teasing you, that's the trader superstition in me, when we are too confident the market gods punish us so I try to never be overconfident, anyway it's early yet, but nice reversal off the 50 day SMA and was plenty of intra day divergences
Too many we looking into
Posted by junkie on 7th of Oct 2015 at 11:29 am
Too many we looking into the same thing as I did then. I can't trade intraday, and MA(50) is a known target. As I recall ema(65) on ES daily charts served as a resistance last time, I don't have a chart in front of me now to tell.
And it's all right to be confident :-)
not entirely sure what you
Posted by matt on 7th of Oct 2015 at 10:43 am
not entirely sure what you mean, if you mean that will it simply scale into the position while prices work higher vs waiting for a reversal, yes basically. The pro version of course has the benefit of being able to trade intra day volatility to aggressively scale out of positions so it can enter a trend too early but still make money by taking aggressive profits and reducing position size.
alas the old saying "it takes money to make money" is true, have to be well off to trade that system by yourself with all those contracts, most can't do it, and why best for hedge fund or rich guys like Steve here
Steve trades 100 ES contracts in his
sleep
I have been doing the
Posted by junkie on 7th of Oct 2015 at 10:57 am
I have been doing the same thing manually (selling high and covering bits lower) along this trade myself. This strategy works. I am doing this in small bits, but I might be able to sell a third ES contract at my target point (I will sell my second ES mini contract today EOD). Thanks for your input!