First time trading the YM

[Nick1984 10]

Monday the 6th was the first time I took the dive into the YM. Wasn't a very good day to start! Nothing happened lol! I made a quick few points early on shorting about 9 minutes after open then closed out for a 12 point gain. After that diddly!

 

Could have gone worse i guess. Something keeping the markets a bit stagnant in the US now?

[Soultrader 12]

Yea, Monday was pretty dull especially after the first 60 minutes. I took 25pts for the day but that was off 5 trades. So pretty much scalping entirely.

 

The YM has been choppy lately. Alot better to swing trade it imo.

[Nick1984 10]

Yea after the first hour and a half i called it a day. No decent moves. I fell asleep hehe.

 

I looked at it on a daily and its been almost nothing but up (slowing down though)! Hasent even touched an 8 day EMA yet.

[notouch 10]

Expect the choppiness to continue until FOMC then the market will make a decision to either pullback (or crash) or go up further.

[Nick1984 10]

yea. I just opened it up now at the start of the session. first 20 mins are nothing to get excited about. Not much action going through either. Using pivots i went long at 288 after it broke through S2 on pretty light volume. I'm currently stuck at 2 points up but not making much headway.

[Nick1984 10]

Yep definately gettin outa this one. Took my 2 points n ran. Not happy Jan!!!!! (from an aussie commercial for those that know the reference)

[brownsfan019 17]

Could have gone worse i guess. Something keeping the markets a bit stagnant in the US now?

 

Nick - step 1 of trading the US indexes - check all econ reports coming out that day/week.

 

http://online.barrons.com/public/page/barrons_econoday.html

 

Step 2 - learn the importance of reports - some are more important that others. For example, we have FOMC on Wed. That is a HUGE report. Seeing the calm before the storm should not surprise anyone.

[Nick1984 10]

Heheh duly noted!

 

Today has been a lil better so far. I went long straight at the open and took 20 pts. Shorted at 347 and just caught a nice lil move down for another 10.

 

I don't have much experience but from what I noticed on a 3 min chart, it looks like the YM loves to move in waves a lot.