Jun 282011
 

I think it was unanimous that everyone was expecting ES to trend up so I was wanting to buy pullbacks.

So after the open I waited for the first pullback to the VWAP.  I scaled into this one as usual and got 5.0 pts on my second contract.  My decision to exit turned out to be about 1 pt too early but after that ES turned down and is still below my exit as I’m writing this so I think my decision to exit was good.  I don’t have specific reasons for my exit, I just was seeing higher prices attracting more sellers and buyers looked to be weaker across all markets.

ES pulled back near the VWAP (but not quite) and I got long again.  I was hoping to add the second half at VWAP but it never made it.  A sign of strength.  After an hour, I had to go so I took 2.25 pts on that one.

I’m very close to being able to increase my size.  I actually did increase it last week and didn’t keep to my stops and ended up with a big loss.  So I need to prove to myself that I can keep my losses small before I add size.  Soon I hope, possibly beginning of July.

 

 

Trade 1

Trade 2

 

  2 Responses to “Real Time Trades on ES today”

  1. Very nice Michael,

    We took the same trades, but I gave it back on during the lunch session (still sim though), I really feel like I have stop trading after the first 2-2.5 hours, it is also 6PM here and Im getting tired… Just need 2-3 more hours in the morning…

    The lady that says “rainbow”, is it the emini-watch rainbow? still using his stuff?

  2. She’s saying “Rambo”. I use my own paintbar indicator to detect professional and amateur activity and it’s the only “indicator” that I find useful.

    I also added my own momentum indicator (based on Better Momentum) recently but I am still unconvinced as it’s highly dependent on the chart’s timeframe (which is why he monitors 3 timeframes and I prefer not to do that since I do not use the cycles). My feeling is that less is more and if something doesn’t prove to be useful I take it off.

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