Day Trading the E-mini Futures

[joshdance 10]

SO your dancing is Ballroom?

 

Correct.

 

Lesson learned today is to wait for the market to come to my logical area first. Did well with it this morning, not so much this afternoon. The early strength set up a great scenario to add at each trend line touch, and exit at my shaded area of 1400/1401. Of course, we don't know there will be this trendline so early, so it's easy to say looking in retrospect...!

 

I think 97/98 is also support Tom. This late in the day I get nervous, but this was my short target as well.

[roztom 10]

Correct.

 

Lesson learned today is to wait for the market to come to my logical area first. Did well with it this morning, not so much this afternoon. The early strength set up a great scenario to add at each trend line touch, and exit at my shaded area of 1400/1401. Of course, we don't know there will be this trendline so early, so it's easy to say looking in retrospect...!

 

I think 97/98 is also support Tom. This late in the day I get nervous, but this was my short target as well.

 

Well that was a good short... and the target was waving at us... good call..

 

Do you teach, etc?

 

When I was in elementary school I learned it..started in the first grade...got to compete with the number & the whole bit...when I was a kid...

 

Unfortunately the girls weren't developed well enough to appreciate... :crap:

[TheNegotiator 13]

BTW: I don't think it's a big deal if we post our trades & discuss what we do...

 

We know how to handle it..The only time it becomes an issue is what happened here a month or two ago with someone wanting trades being "called."

 

(God Help Them :helloooo: )

 

Otherwise there is really just a few of us here during the session... I think it's good..

 

Whejn you told me you were going to short - I stood on my head so I could see what you were looking at.... :rofl:

 

Yeah I think it's good. My intentions for the thread were always like this. I never wanted to either A- commit to posting all my trades realtime B- having people want you to prove stuff C- having people try to copy you and fail. None of this is worth the hassle imho. Talking about approach and using the occasional realtime example and discussion however, is a different kettle of fish. I thought about trying to use google wave at one point but I got an email today with it's curtain call. Shame, it was a nice project.

 

Btw, just had a look on alternative to and there are plenty of other options to look at:

 

Google Wave Alternatives and Similar Software | Popular Apps Like Google Wave - AlternativeTo.net

[TheNegotiator 13]

Nice one Josh, glad you had a good day. CYP too- hope you got your 1401's. I liked the short idea there for rot. I took the otherside on intraday low vol @98's. Felt we might ramp into close. Meh. Was something at least.

[TheNegotiator 13]

Tom, your new 10.5c5 is ready to download such service.

[roztom 10]

Tom, your new 10.5c5 is ready to download such service.

 

Thanks..Cowabunga :helloooo:

[CYP 10]

Nice one Josh, glad you had a good day. CYP too- hope you got your 1401's. I liked the short idea there for rot. I took the otherside on intraday low vol @98's. Felt we might ramp into close. Meh. Was something at least.

 

N -

 

Thanks for words. I did get my 1401 and turned short at 1401. Was looking for 1397 as new target, but market wouldn't break thru 98/99 level (as Josh & Tom had noted).

 

Today's Bulls didn't have quite enough steam to reach yesterday's close. I'll check on overnight markets to see how they respond and I'll prep for tomorrow's open. I like to envision a few different scenarios that could play out and then I adjust my trades accordingly. My bias for tomorrow is towards the negative, based upon yesterday and today's action.

 

The primary scenario I envision for tomorrow is a lower open, with a surge upwards (possibly above today's close), and then continued downward trend, followed by late-day upsurge to finish above the day's low (but not enough for positive close). The fun part will be determining the levels at which to enter/exit the trades.

 

That's my initial argument going in...but there'll be plenty of opportunity for me to change my mind as the day unfolds.

 

I look forward to tomorrow's challenge.

 

- CYP

[roztom 10]

Yeah I think it's good. My intentions for the thread were always like this. I never wanted to either A- commit to posting all my trades realtime B- having people want you to prove stuff C- having people try to copy you and fail. None of this is worth the hassle imho. Talking about approach and using the occasional realtime example and discussion however, is a different kettle of fish. I thought about trying to use google wave at one point but I got an email today with it's curtain call. Shame, it was a nice project.

 

Btw, just had a look on alternative to and there are plenty of other options to look at:

 

Google Wave Alternatives and Similar Software | Popular Apps Like Google Wave - AlternativeTo.net

 

What would that be for??? I'm clueless...

[roztom 10]

Nice one Josh, glad you had a good day. CYP too- hope you got your 1401's. I liked the short idea there for rot. I took the otherside on intraday low vol @98's. Felt we might ramp into close. Meh. Was something at least.

 

BTW: Do you guys use limits to enter @ price as the market approaches your number - step in front of the train or do you wait to see some reversal and then pay up for the privelege?

[joshdance 10]

BTW: Do you guys use limits to enter @ price as the market approaches your number - step in front of the train or do you wait to see some reversal and then pay up for the privelege?

 

Sometimes I step in front of it, but usually not. Either way, I always use a limit regardless, as opposed to a buy or sell at market order, I will just put the buy limit at the inside offer price and vice versa, so that it becomes a marketable limit order, that way the market doesn't slip away from me suddenly and I'm at least guaranteed that price.

[roztom 10]

Surveying the overnight action is interesting (of course)..

 

The bad high 1408.00 is still out there which is the main issue with the potential need for this market to get up there & test, IMHO.. Also yesterday there was good underlying strength on the long side especially since the downward rotations were limited all day and the easy sell stops were not taken...

 

HOWEVER, overnight we tested the 1405.50 CLVN and we have come a bit off of that...

sooo.. for the moment 98.00 is some support - the closing swing low - plus I have a CHVN at 99.00.

 

We are bracketing so we may stay in a range here OR take the old high and then we will see...

 

My sense of smell is looking for a tail up there at some point unless of course we get acceptance... It may be close at hand or we will just test with yesterdays low being the support for this potential bracket .. If we brakeout of this downside of the bracket 84 - 87 next area...but ACH..

 

My charts are skewed to the downside initially off of GBX but the bulls were still in control yesterday.. the GBX high is the rub.. for a bracket trade with the potential upside test along the way - when? I think we need a RTH extreme upside but... ACH

 

 

9a cst Existing Home Sales..

Edited March 21, 2012 by roztom

[joshdance 10]

9a cst Existing Home Sales..

 

Bernanke testimony with Geithner begins at 9:30 EDT.

 

I love this:

Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke go before the House Oversight and Government Reform Committee Wednesday to discuss lessons learned from Europe’s sovereign debt crisis.

 

As if it's over...? :rofl:

[roztom 10]

Bernanke testimony with Geithner begins at 9:30 EDT.

 

I love this:

 

 

As if it's over...? :rofl:

 

:haha: Of COOOUUURRRSSEEE it's over...

 

 

 

Wish they'd zip it so we could have a clear trade..

Edited March 21, 2012 by roztom

[TheNegotiator 13]

Was about to point out stuff in both your posts guys! Anyway, I did a simple chart for anyone who's interested:-

 

 

My point is that while ACH() the low was good yesterday, the high was poor monday, the trend is still up and in my book, not major objective(other than 1400 hurdle) has been met to the upside yet. Listen to the market

[joshdance 10]

As long as we stay within yesterday's range, I will be a buyer. Yesterday's activity after the open is IMO an example of "excess" where the market auctions below a well-defined area that should be demand, and tests this, and then clearly rejects this area below. Dalton talks about this in MoM. So, with the open likely being just around yesterday's close with only bullish action overnight, any auctioning down is likely to be met with buyers.

 

My prices are1400, 1398, 1396, 1394, give or take a few ticks here and there. In other words, for me it's more about what the market does in this range, rather than where, as there are many potential buy points.

[roztom 10]

As long as we stay within yesterday's range, I will be a buyer. Yesterday's activity after the open is IMO an example of "excess" where the market auctions below a well-defined area that should be demand, and tests this, and then clearly rejects this area below. Dalton talks about this in MoM. So, with the open likely being just around yesterday's close with only bullish action overnight, any auctioning down is likely to be met with buyers.

 

My prices are1400, 1398, 1396, 1394, give or take a few ticks here and there. In other words, for me it's more about what the market does in this range, rather than where, as there are many potential buy points.

 

Agree, leaning that way myself..

[joshdance 10]

I do not see lots of buying yet, so we may rotate lower to auction. Thus if I see an opportunity here I may try a short, but will keep it on a tight leash and probably look for quick profits.

[joshdance 10]

Well I missed the rotation down, but I have bought 98.25, looking to position for a possible good number coming up. This was one of my buy points, and as it does not appear to be caused by much of anything, so I will take my chance here and risk a point or so.

 

EDIT: -3 ticks on this guys, I will re-evaluate.. quite strong selling at the moment.

Edited March 21, 2012 by joshdance

[joshdance 10]

This last bottom at 10:10 was it, I think.... maybe not low of the day, but definitely interest there. Order not filled to buy at 96.50, but bidding 96.75 here. I won't keep posting updates, it's too distracting at the moment so will try to buy here and keep risk down as much as possible.

[CYP 10]

Well I missed the rotation down, but I have bought 98.25, looking to position for a possible good number coming up. This was one of my buy points, and as it does not appear to be caused by much of anything, so I will take my chance here and risk a point or so.

 

EDIT: -3 ticks on this guys, I will re-evaluate.. quite strong selling at the moment.

 

Josh - I joined long at 1397 and it immediately dropped to 1396. :crap: Still holding long - looking for initial target at 1401...hoping it makes it to Tom's high predication of 1407.

 

CYP

[TheNegotiator 13]

There's an example of being flexible with your plan. I had it in my mind that a buy was a good possibilty. Two things though stood out. 1- Yesterday buyers wanted better prices than my first area 2- MBA mortgage apps came in lower before and I had a feeling the existing home sales might too and they were due at 10am.

 

Given the action on open, I thought it might drive up anyway, so I bid just above the open for an entry on a small small retrace. I got it and took a 1pt hit. Meh. Looking at the action at yesterday's high(decent amount of trading but not looking like more than 1 tick above) I gave it a shot short. I held it into the figure because it was well enough onside and got my main target. All out now

 

 

Btw, obviously ACH from now on.

[joshdance 10]

Yes N, that was the same basis for my idea of a rotation short, which I could not jump on fast enough... not much buying up there, nice job!

 

I have bought 97.50 just now; the action on the tape leads me to hypothesize 95.75 as the LOD, pretty much seconds after it was hit, but let's see. It will depend solely on buyers willingness to pay up and 96.75 or so should really hold here if we are to go back to 1400s+

 

edit: 10:40am et, I added 98.25 a minute ago, and now am targeting 1401, then 1404.50

Edited March 21, 2012 by joshdance

[joshdance 10]

Josh - I joined long at 1397 and it immediately dropped to 1396. :crap: Still holding long - looking for initial target at 1401...hoping it makes it to Tom's high predication of 1407.

 

CYP

 

If you're going to be long so far, 97 is not a bad price, it's better than mine, good luck!

[TheNegotiator 13]

The thing that held me back from buying a retest of the 97 area was the way the VPOC shifted to just below VWAP at 1398.50-also just below the overnight low.

 

[roztom 10]

Busy morning... Got run over on long side... 2X :helloooo:

 

Short 99.25 right now.... GRRR

 

Not to tout ANY position since I'm clueless this rejection off the bad high (not incl GBX) looks like a big 1-2-3 projects roughly 81.00 ish which is in line with the 84.25 low.. I'm not suggesting that for today just FYI... (a hold over from classical charting) .

 

BTW: The Opening Range has held the Upside rotation but it looks like a stalemeate so far...

Edited March 21, 2012 by roztom