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ES intraday 'swing' trader


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ES intraday 'swing' trader

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  #21 (permalink)
Legendary Market Wizard
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It is a pleasure. If you annotate the development of a set up and subsequent trade then there is something tangible to build on. I'd like to ask you about what you are looking at and why...sort of get a feel for what makes something look good. I don't know shit about you or your background, what you view as your attributes, or what your attributes really are, but I want to help you if I can.




DaxyMcDaxFace View Post
thanks for spending time posting - will answer in full later, bit busy next couple of hours.


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  #22 (permalink)
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DaxyMcDaxFace View Post
..long 2 lots...will post detailed reasons/charts later.

lots of confluence, tick div, vol came back in etc.

happy to add 1 more @ 2191.

long 1 at 93. (took out overnight low by a tick only 272 contracts traded at the low (usually like to see more. Value High 93.5 cumalative volume increasing. tick hgher highs. could go to 90 or 86 so will add more there. Sorry guys cant post TOS chart its hard. I have too many chart open...

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  #23 (permalink)
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pramadas View Post
long 1 at 93. (took out overnight low by a tick only 272 contracts traded at the low (usually like to see more. Value High 93.5 cumalative volume increasing. tick hgher highs. could go to 90 or 86 so will add more there. Sorry guys cant post TOS chart its hard. I have too many chart open...

Thanks for popping by @pramadas, I forgive you for not posting a chart (this once)....good luck with the trade, my targets are day vwap - not too far off.

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  #24 (permalink)
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DaxyMcDaxFace View Post
..long 2 lots...will post detailed reasons/charts later.

lots of confluence, tick div, vol came back in etc.

happy to add 1 more @ 2191.

Heres 2min chart with tick div, increased rel vol & the levels....


~as posted earlier there was a level here on P&F chart w/ "confluence at 2192 with weekly vwap."
~Y_close & ETH_low
~prev resistance level



-------------------------
I have just closed out @2196.75 - so this falls under the definition of a scalp, am glad this is cleared up [sigh], looking to jump back on @2193-5 level. Or on a break & retest of day vwap.

Up 11.75 pts for the day trading 1&2 lots, & did 2 poor trades early on - these are what i need to cut out.



[apologies charts still look bit dodgy, will hopefully get these nailed by this week]

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  #25 (permalink)
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DaxyMcDaxFace View Post
Thanks for popping by @pramadas, I forgive you for not posting a chart (this once)....good luck with the trade, my targets are day vwap - not too far off.

flat 94.25 too much hair pulling. was looking for 98. sorry! i am still deciding which software too use. too much work programming on TOS as to what you see, I wanted to post here since this seems a better thread for newer people. will try to do a better job...

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  #26 (permalink)
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smthg posted on LI earlier.....

Rent pcm for 1 bed flat near to tube stations:


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  #27 (permalink)
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pramadas View Post
....I wanted to post here since this seems a better thread for newer people. will try to do a better job...

nws - more than welcome to post trades on here w/o charts....as long as it has entry/target & reasons - this should be fine - I am struggling to do this myself - finding it quite distracting. If you start posting wild PnLs eg 30pts up in a range day I may then request a scrn shot of your trades!

You need to get your chart app sorted more for yourself - it sounds like far too much unnecessary work.

Btw I use snagit to do screen shots- not sure what others use but find it very helpful.

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  #28 (permalink)
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Sorry for delay Dan......


wldman View Post
Just from the metric it is hard to tell what specific rules or trade set up "scoring" you have in place.

I guess this is the issue with discretionary methods, I am bringing in a lot of screen time (many years) and testing (live) trading support & resistance, & trends. Add into it all the other context/levels parts I never used ot use (eg vwaps/adr/pivots) mentioned at the beginning it means that I could be putting on a trade for any number of reasons - the key in the sheet is that it does need to be >1 reason listed.

I know my technical skills are reasonable - the problem is the softer ones eg 'me': no confidence, too hasty, over trade, am an idiot. I also agree that having specific criteria/objectifying does help, thats in part the point of the journal + check list I guess. So I will try and objectify it as much as possible til its second nature - a good habit. Trying to find the balance is hard.

My most successful trading was trading completely methodical/structured plan - it was positional trend trading futures over (number of years) using day/week/mth charts only (long and short - it wasnt a bull period or luck).


wldman View Post
On the part taken from my example you changed kill losers when they are small to kill losers when they are wrong. Do NOT give yourself that kind of latitude to judge losers....

Well spotted - sorry to amend your original - it was for a reason, though I understand your point, and I concur. This is more to do with me judging the context correctly (thesis is still valid) - but having poor entry, taking too much heat, taking the hit and watching the trade hit my targets. Improving my entries will make sure losses are small when I am wrong.
So, what do I do when I know I have poor entry but context hasnt changed and the puke point is not near yet? Take the loss, then watch trade goto targets? Or just accept my rr is now taking the hit.
I can answer this - I just need to do the stats on my last 50+ trades to see what my strike rate is/would be.


wldman View Post
Perhaps then make a loss protection rule based on some factor of the last (x) period average true range.

I like this idea - thanks, will look into it. (I am adverse to having hard stops due to taking losses on retail buses and the like).


wldman View Post
So it is essential to have an eye for the longer term.

Bang on, totally agree. Keep yourself in the game.


wldman View Post
Right now I think you help yourself if losers are maybe often and small but winners are encouraged and nurtured

Bang on again. Been mentioned many times before - it is hard to accept that fact that you will take a number of losses, possibly consecutively - but keep doing exactly what you are doing, so pls keep a level head....unless you know what you are doing is right. So, journaling (ie of your fwd testing), consistent track record, experience of period of drawdowns but no impact on overall pnl etc all help enormously.

This helps put things into perspective (I love showing it to people):



(Probability of seeing at least (X) consecutive losing trades in a 50 trade period. The left col is strike rate)



wldman View Post
If you annotate the development of a set up and subsequent trade then there is something tangible to build on

I posted some logic earlier with charts for my long 92.50, and this links to the morning post S&R.

Heres another trade I probably will take more often as low RR:



Its a break & test of SD-1 (day vwap) after the bounce and I wld use this to add on, but I missed it. I wld have the stop no more than 3 ticks below.

And here I reloaded @ 2195.25 - nice PA level to left and tick staying above centre (though pretty poor tick all the same):



Only 1 lot as was waiting for SD-1 test again to add, & I closed out @vwap which is related issue trading 1 lot. The issue here was where do i stick SL - esp as adding below. It needs to be tight - as I liked 2 other levels below & i dont want to be full size (x3) avg couple of pts above the lows....a retest and I am giving back a lot of today. This is key issue actually....keep size low - trade mid range at peril, have plan of what you do if price pushes on.

Hope this provides more insight. Thanks again for the help, already your prescient questioning has set off one light bulb.

Daxy.

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  #29 (permalink)
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I am done for the day, my target isn't absolute ~10-20pts a day trading 1-3 lots:

Trade 1 - long (2 lot) early into open looking for bounce off vwap (far too early), poor entry bailed for -3pts.

Trade 2 - short (2) 2200s v low r/r (Prev high - 3 ticks) tick div +7, target was 94 - was very mindful of the 96 level which held, but never really retraced - was keen to put back on as was A_down by this time. Maybe if I had full size on would have left a runner.

Trade 3 - long (2) 2192.50 great entry sold 2196.75 +8.5.

And a cpl of actual scalps. 1 worked v well (it was a reload effectively for a swing) but again only 1 lot and took off at first trouble area, too hasty.



Take it easy people.

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  #30 (permalink)
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DaxyMcDaxFace View Post
I am done for the day, my target isn't absolute ~10-20pts a day trading 1-3 lots:

Trade 1 - long (2 lot) early into open looking for bounce off vwap (far too early), poor entry bailed for -3pts.

Trade 2 - short (2) 2200s v low r/r (Prev high - 3 ticks) tick div +7, target was 94 - was very mindful of the 96 level which held, but never really retraced - was keen to put back on as was A_down by this time. Maybe if I had full size on would have left a runner.

Trade 3 - long (2) 2192.50 great entry sold 2196.75 +8.5.

And a cpl of actual scalps. 1 worked v well (it was a reload effectively for a swing) but again only 1 lot and took off at first trouble area, too hasty.



Take it easy people.

Good job with your trades! I look forward to learning more from your posting!

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