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Learning the ES


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Updated October 31st 2014 by jackbravo
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Learning the ES

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  #11 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
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Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received

Thanks OAT but you complemented too early.

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  #12 (permalink)
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Posts: 79 since Dec 2013
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Hi @jackbravo,

Your trading not need to be with going for tics. Need to be with consistency. What problem do you see if you are able to win 4 tics a day consistently?

Consistency is somenthing that need to be the base of your trading. NO supertrades o bigtrades. I'm not speaking about take or not big trades, but if you are able to do somenthing consistently, then only you need to add size

Your work need to go in that way, finding somenthing that you can do consistently

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  #13 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
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Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received


You're right OAT. I need consistency. I only have 2 days I can trade this week, so that will be my focus. I'm really going to try to focus on the process rather than the P&L, if I can keep my emotions in check. Thank you.

I'm renumbering the trades so that I can keep track of the total trades for the month.
range guessing: 52-78

10/6


56. Short 68.50
Out at 65 for +3.5

I know I could probably let it run. There was a candlestick I didn't like on the five minute though so I got out, I'm sure way too early. Entry wasn't with the my trading rules, yet felt low risk with the thing hitting 70, put at stop at 71.

57. Short 63.75
Out at 66.25 for -2.5

Oh man. I keep second guessing my rules and not waiting. sheesh! PROCESS!

58. Short 61.50
Out 61.75 for -0.25

Waited for signal this time, even though I really really wanted to jump in again. My stop was too tight at 2.5 points. Oh well. that's what I get for not waiting in the first place.
too much back and forth. probably should have stayed in.

59. Short 59.25
Out 62.25 for -3

Mother Father! Keep getting stopped out!

60. Short 58.350
Out 53.50 for +5

Finally! Sheesh! If I hadn't moved my stop on that first entry from 64, I've woulve been up close to 10pts for the day. I'm such a sucker!

61. Long 56
Out 56.50 for +0.5

Just couldn't stomach that little retracement. Argh. Still not focusing on the process.

62. Long 54.25
Out 51.50 for -2.75

Thought we hit bottom at 52s. dang it.

63. Long 52.50
Out 58 for +5.5

Target of 59.5 was hit but didn't fill. Should've just moved it to 59.25 when I thought about it. Oh well.

64. Long 60.75
Out 58.25 for -2.5

Broke through 60, but bought in before signal generated.
Yet again...not waiting for the signal.

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  #14 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
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Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received

10/7

65. Short 1945
Out at 40 for +5

Got a signal to short at 1948.25, but didn't take since it was within 3 minutes of opening bell and I hate having a position at opening bell, maybe that's something I should reconsider.
Got out at 40. Couldn't stand the price action. Was looking to close the gap at 38.50.

66. Long 40.75
Out 40.50 for -0.25

Just felt like it wants to go up, hit double bottom on the chart, lots of volume and it's not going anywhere.
Got scared when it dropped to 40 though and I got a sell signal. Hate getting signals opposite to my position.
and now it's up over 43. jimminy.

67. Long 38.25
Out at 38 for -0.25

68. Long 38.25
Out at 38.50 for +0.25

69. Long 38.50
Out at 37.75 for -0.75

Well, the above three trades are clear anti-trend and not-following-the-process trades. Due to some signals and double bottoms, I thought it was at the bottom and turning back. Also, I'm still a bit tilting from earlier when I had correctly picked the bottom. I guess the question is how often am I right on the bottom? Regardless, I should just pick a stop and stick with it.

70. Short 36.75
Out at 35.25 for +1.5

Finally decided to go with my signal, but ProAm was showing profit taking and amateur volume patterns, which made me very hesitant and I jumped out.
After which it plunged 10 points. $^&##!

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  #15 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
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Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received

Wow did I miss some fireworks last week.

10/13

71. Long 1901.25
Out at 1897.75 for -3.5

Got a signal at 1901. Stopped out.

72. Long at 1900.75
Out at 1905.75 for +5

Got back in and hit target. Need to move out stops in high volatility??

73. Long 94.75
Out at 92 for -2.75

Took the signal, though it wasn't clean. stopped out. oh well.

74. Short 94
Out 95.5 for -1.5

Has been chopping at the vwap. Last time it did that, it sank. Testing it out.
.....And it didn't work

75a. Long 96
Out 01 for +5

Uh Oh...this is where I usually get chopped up

75b. Long 96
Out at 02 for +6

Trying out a runner
moved stop to +2.5
Trailing the stop by 5pts
Wow...that's an unexpected feeling. I really reallly really want to get out. Tough to hang in there, seeing the profit dwindle on the runner
crap it hit target but didn't fill since that was the last high. i was telling my self to move it down by 1 tick but did it too late cause i was thinking there'd be a bunch of stops over 96 that'd get hit and it scream higher

76a. Short 94.75
Out 97.25 for -2.5

76b. Short 94.75
Out 97.25 for -2.5

MotherFather! No signal. Just broke under vwap.

77. Short 95
Out at 94.50 for +0.5

Started trading off the 750tck, which threw me off

78. Short 93.50
Out at 95 for -1.5

Scared myself and got out. Would have had a much better position.

79a. Short 92.75
Out at 87.50 for +5.25

79b. Short 91.75
Out at 87.50 for +4.25

At this point, I just wanted to get out of the thing, even though I had the intention of making one of those a runner. Kept going down to at least the 84s

80. Long 77.25
Out 77 for -0.25

81. Long 73.25
Out 71.75 for -1.5

Trying to catch the reversal always kill me.
Keep wanting to jump back in, but i'm out for the day!
That runner from earlier would've done pretty well, and wouldve kept me out of trying to take those reversals. Oh well. More lessons to be learned.

wow, down to 66

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  #16 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
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Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received

10/14

82. Long 76
Out at 75.25 for -0.75

Broke through resistance but didn't keep going. Decided to get out until there was more a sure direction.

83. Short 70.75
Out at 69 for +1.75

Just couldn't take the price action. Grrrr


84. Long 71.25
Out at 77.25 for +6

had to get out. just couldn't take it. initial target was 78.25.
wowza, just exploded to the 80s. woulda been nice for a 10pt runner. once again, had a good target that I talked myself out of.




ahhh...getting buy signal here at 77. can't make myself take it. sheesh
here's my fear: it's going to jibber jabber around here until opening bell. the big boys are going to take it back down to close the gap before they take it up for the rest of the day, and I'm going to get stuck long cause I can't suffer through 12 points of price action (or even any really, who am i kidding).

85. Long 76.50
Out at 74 for -2.5

Gosh darn it. Should've moved it 1 tck lower.

86. Long 78
Out 78.50 for +0.5

Gosh darn it. Should've stuck with my 5pt PT. I was ttrying to learn from yesterday and let it ride. Grrrrr
And...of course, it hits my 85.25 target. I think I have something pathologic.

And I'm done. Starting to get emotional. I could've been a contender.

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  #17 (permalink)
Melbourne, Victoria, Australia
 
Experience: Advanced
Platform: NinjaTrader + Gomicators
Broker: InteractiveBrokers, CQG
Trading: 6A
 
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Posts: 279 since May 2011
Thanks: 50 given, 341 received

Hi, I cannot deduce from your journal how well you are reading price action. Sure emotional control is critical and it's something I'll forever be improving, however it gets much easier when you have a robust trading approach
While each market has its own characteristics, a robust approach can be applied to any market. There consider a mini FX account which allows you to trade tiny size to help you overcome thinking about the money

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  #18 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
jackbravo's Avatar
 
Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received


kickmic View Post
Hi, I cannot deduce from your journal how well you are reading price action. Sure emotional control is critical and it's something I'll forever be improving, however it gets much easier when you have a robust trading approach
While each market has its own characteristics, a robust approach can be applied to any market. There consider a mini FX account which allows you to trade tiny size to help you overcome thinking about the money

Yes, my emotions are definitely getting the better of me. Part of the reason is that I'm constantly tweaking my approach, likely you suspected, which causes me to mistrust any new input. I've traded the m6e in the past. Thanks for stopping by.

i like the way you chronicle your trades on the chart. maybe i should do that instead of words

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  #19 (permalink)
Melbourne, Victoria, Australia
 
Experience: Advanced
Platform: NinjaTrader + Gomicators
Broker: InteractiveBrokers, CQG
Trading: 6A
 
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Posts: 279 since May 2011
Thanks: 50 given, 341 received


jackbravo View Post
Yes, my emotions are definitely getting the better of me. Part of the reason is that I'm constantly tweaking my approach, likely you suspected, which causes me to mistrust any new input. I've traded the m6e in the past. Thanks for stopping by.

i like the way you chronicle your trades on the chart. maybe i should do that instead of words

The m6e is poor liquidity wise for intrastate trading, IB have tight spreads and low comms for an cash FX position determined by you. You can use the 6e to base your decisions on but place trades on cash FX.

Aim of game is enter wholesale and exit retail. Beauty of reviewing your trades on the chart is its blatantly obvious as to whether or not you are achieving this

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  #20 (permalink)
SF, CA/USA
 
Experience: Beginner
Platform: SC
Broker: Stage 5
Trading: ES, 6E, sometimes NQ, and occasionally CL
 
jackbravo's Avatar
 
Posts: 1,334 since Jun 2014
Thanks: 4,253 given, 2,379 received


honestly, forex scares me.
i would like to trade it, but i've decided that I want to be consistent on the ES first. If I can do that in the next year or so, then I'll move on to crude and the Euro, possibly gold (one at a time, of course). I'm about 4 months in, so got a while to go yet.

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