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It depends how confident i am in that level, and i dont know that til it gets there, reacts to it etc.......if that level is finding interest from others (its stalling) then i could just put the full 3 on straight away....it probably doesnt make too much difference.
However if its just driving through the prices fast i may just put 1 on, and see what happens. I like seeing it stop at a level, and then i am happy to enter at market as it rejects it....which may not be the best price but its when price is going in the direction i want...eg if it bounces off support i will prob just buy the ask price a few ticks above.... and often the drawdown is nothing.
Yet for me being accurate with entry does have a psychological benefit, i am beating the market by getting the best price possible, and as i try to keep to tight money management this helps. But you are talking 2-4 ticks difference. And it has its downside eg today when i get great entry and ignore my risk:reward and close it out at lod.....trying to be too clever/risk averse etc.
Ideally, entry price give or take a handle shouldnt matter.....being right/having an edge does, having good money management does, good trade management also does etc. The 5+pt target does get affected also though if i have entered poorly, again this shouldnt matter too much, and striving for unreasonable perfection can be counter productive.
I was cautious yesterday of trading prior to ECB and my caution proved to be correct... but did that stop me getting involved.... NOPE.
Market was grinding higher premarket (first hour of Eurex open). We got a bearish looking candle on the OR then a reversal of that. As market started to print above OR I was looking for it to remain above OR for A-up... however it didn't for a while and then 30 mins later did HOWEVER after all we've been talking about A-ups/downs for tick values and time the market clearly here didn't remain A-up. I stupidly got long at the OR top after a buyer reloaded on the DOM. I did have yVWAP backing up AND we had moved through the pivot, thus feeling it could technically get an A-up later with the suitable support underneath me.
LESSON: WAIT FOR THE A-UP/DOWN - I don't mind if A-up is made for it to tag OR-mid to get long IF there is suitable support (ie pivots/yvwap) but it MUST make an A-up in ticks and time FIRST.
After this I tried an ECB gamble and failed miserably. Due to my time zone I cannot wait for solid setups to prevail later after a big event like this as the market usually takes too long to build liquidity and respect certain levels. That will ruin me the next day for trading so I've made it a rule not to get involved in these again as my edge just doesn't prevail in time.
Also I'm noticing when we get a Failed A-up/ down or if the market makes a C-up/down - it's really hard to get onboard the move the other side without hitting the bid/offer and holding a mega stop.
Feel this type of trade will come later to me when I have the ability to cut size on a C trade and widen the stop to otherside of OR/pivot then start to add when it goes my way... however for now it's off limits.
I just want to thank @DaxyMcDaxFace for starting this thread and to everyone posting their trades!
Just started live trading ES 2 months ago and your posts really do provide me interesting insights everyday, I'm learning a lot from you guys! Hope to be able to give some meaningful input to this thread as well in the near future.
This is great and helpful. how do you tell someone is reloading? another question yesterday the market of ES hit OR low 3 times, it never broke, so would you have bought it there? would that be a rejection of prices or that it looking to pierce through it.
I am working from home today so wont be many charts being posted. Just had meetings all morning so just finished my prep. Looking for pullbacks to buy, and exhaustion to fade. There arent many decent levels around here so it may just be PA and internals giving the indication to enter.
I also have an Xmas party tonight so it will prob be a half day, unless i sneak back for the close. Its at a bar next to my apartment so its possible.
I would like to finish the week on a good note though so am super focused to trade well....this however doesnt necessarily mean I will be up, it just means I take all the correct setups.
