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ES intraday 'swing' trader


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ES intraday 'swing' trader

  #441 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
Posts: 578 since May 2016
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pramadas View Post
went short again at 59.75 hope to see 54 again. Open interest is at 50 but just balance here. BE stop
closed at 57 difficult to see it go down.
I was so sure with the behavior of NQ and ticks that we go down to 54-50 oh well

i would rather be short than long. good luck.

PA is awful, its like a pinball game.

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  #442 (permalink)
 Paddy 
florida
 
Experience: Beginner
Platform: TOS
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DaxyMcDaxFace View Post
i would rather be short than long. good luck.

PA is awful, its like a pinball game.

I was short again from 59.75 as there was spx pm open interset at 50 but covered at 57

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  #443 (permalink)
 Paddy 
florida
 
Experience: Beginner
Platform: TOS
Broker: TOS
Trading: ES, cl, options, gold, grains,nq,
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when you say PA what are you looking at?
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  #444 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
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pramadas View Post
when you say PA what are you looking at?
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price action like this:



...scalpers/scalping algos prob did well. It looks like a chart of the Euribor from few years back.

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  #445 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
Posts: 578 since May 2016
Thanks Given: 1,066
Thanks Received: 444


DaxyMcDaxFace View Post
price action like this:



...scalpers/scalping algos prob did well. It looks like a chart of the Euribor from few years back.

apologies for my poor graffiti skills!

(i was trying to accentuate the jaws teeth....the chart itself may have made sense to scalpers only).

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  #446 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
Posts: 578 since May 2016
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DaxyMcDaxFace View Post
apologies for my poor graffiti skills!

(i was trying to accentuate the jaws teeth....the chart itself may have made sense to scalpers only).

i have had a cpl of beers btw! Think mentioned before, the office i rent decided to build a bar in the basement - its now open. Residents get very good discount.

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  #447 (permalink)
 
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 Zefi 
Mount Martha, Victoria, Australia
 
Experience: None
Platform: Acme VP & MP, Jigsaw
Trading: FESX FGBL
Posts: 230 since Dec 2014
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DaxyMcDaxFace View Post
Hi @Zefi

Not sure about FESX - but with ES I would never trade in the OR with full size/swing setup regardless if at key levels - there is so much hedging/closing out/opening up/balancing of books done at this time by big players that levels are irrelevant (imho) - they dont care about them so why should I. And their volume can push through any of them.

And so far this has been the case a few times from what I have experienced/seen (caveat: limited experience). It doesnt take much for the OR range to push 3-5 pts against position, and although it could go my way its a 50/50 play at best (cos I will have a hard stop then i would say the odds are much less as it often goes both ways by 2-3pts which stops me out before reaching targets of 5pts+).

The picture of the day is so much clearer to me after 30mins+ (whether its consolidating around that level more, or drifting away to search for more demand/supply), and where it looks like testing etc. I would rather see it move away (in whatever direction), search for liquidity (maybe test other levels)...then come back and retest that level later. Everytime I have given the market time to play its hand - i have traded well, & this includes the RTH open.

I however have placed a pilot trade on, small size, see how it plays out, which is what some better traders do also. Have only done a few times and i think i had similar logic as you, and lost (not great sample size, sorry).

Just my 2 cents. Sure others have different opinions.

Dax


This is a quality post.

ACD and trading specific levels of interest is all about patience. I'm the type of trader that has not hesitation to get into a trade which serves me well when good levels come up but on the flip side my sometimes lack of patience will get me in early or at a point where I'm neck deep in the order flow and thinking I can get a better price earlier than waiting for a retest at a later level.

As I'm new to it and know my weakness is patience I've made a rule, stuck a sticky note on my screens about waiting for OR to play out and for A-C values to show up before making a decision on an OR touch trade etc.

As for yesterday I was trading the first Eurex hour before cash open as we've had a solid move off the open south (good high in MP terms) then retracements to SD1... PA was looking extremely bearish.

At the cash open we had a confirmed A-down however as PA was very bearish and fundaments were there from FOMC for continuation I ignored the fact that A-down failed and we had a C-up. I looked for SD1 entry again above OR high however we had the mother of all short squeezes as it blew through. I then shorted VWAP and got done there too.
KEY LESSON: ALWAYS ABIDE BY ACD RULES EVEN ON TREND DAYS.

If I played the C-up trade through OR I would have been a very happy camper and would have looked for near the Open price/HOD. I did that the other day and got paid well. However PA here was very negative so it's hard to go against a move of that size.

The market did hit the HOD and then moved towards the LOD on a HL before trending up on HH and HLs. However I was out of the market waay before that due to my silly trading earlier.

Good lessons all round.

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  #448 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
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Just had a 1 hour meeting turn into a 3 hour meeting. Its about helping out homeless people so i dont mind at all.

I wont be at a pc for another hour or so.

Hope everyone is doing well.

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  #449 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
Posts: 578 since May 2016
Thanks Given: 1,066
Thanks Received: 444

Just doing some prep, will post some levels of interest.

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  #450 (permalink)
 DaxyMcDaxFace 
London
 
Experience: Intermediate
Platform: Sierra Charts
Broker: CQG
Trading: ES, CL
Posts: 578 since May 2016
Thanks Given: 1,066
Thanks Received: 444


Dont know if this is A_down still, i guess so, it only fails when there is a following A_up.....is this right?

Not sure, not massive deal.

Looks like bear flag forming here. Not bad RR selling 57s stop 1 pt higher for target to yest lows, and prev days lows.

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