Day Trading the E-mini Futures

[joshdance 10]

Trend line was drawn on the 1m at the point of the arrow, and all 3 touches since then line up perfectly. Nothing special and it happens every day, just goes to show how stupi... I mean, how some traders use lines to make their trading decisions.

 

(j/k trendline guys)

[roztom 10]

I kept looking for the enemy bt it was ALWAYS me...:crap: I figured I finally got the answer to that one...

 

Holding long 1403.00 stop on balance..looks like dung...

 

I am flat ...enough drama already... I'm still will to bet (not in the market) that we make new highs after cash close but I am done and not going to wait to find out. .

[joshdance 10]

It doesn't look to me like we have the juice to push this up much higher, but then again this is the 'mini so wtf knows?

 

EDIT bought 1402 for a scalp

[roztom 10]

Trend line was drawn on the 1m at the point of the arrow, and all 3 touches since then line up perfectly. Nothing special and it happens every day, just goes to show how stupi... I mean, how some traders use lines to make their trading decisions.

 

(j/k trendline guys)

 

What I like about TL's is if you don't like them you can move them... :rofl:

[roztom 10]

BOt 1402.25... right where I had postedfor the rotation...GRR I wish I had waited...

 

GOt out 1404.00 GRR...thoought it might have those stops above but nnnnnnnnoooooooooo !!! :doh:

 

Have a great weekend everyone..

Edited March 30, 2012 by roztom

[joshdance 10]

EDIT bought 1402 for a scalp

 

got out 03.75, a tick below that all-important 04.. done for the week guys

[joshdance 10]

What I like about TL's is if you don't like them you can move them... :rofl:

 

haha!!

 

Actually, my apparent disdain for trend lines is really more amazement at how effective they sometimes are. The fact that I knew a TL break had occurred kept me from re-entering long, and the fact that it retested the line twice and held told me not to buy again at 03 but to instead wait for 02 for the scalp. So, while I seem to hate them I actually find them useful.

 

What I don't like about them is that they cannot be replicated with accuracy due to any of the following variables:

 

1) whether or not the user shows white space or not between bars

2) RTH / ETH session lines will be different

3) though time-based periodicities often yield similar trendlines (the same line on a 5m or a 60m will usually roughly line up), it will not be the same on non-time-based bar intervals such as volume or range bars

[joshdance 10]

OK, 8% of the day's volume just traded in 60 seconds (131K) ... nice.

 

IRT was about 15 seconds behind on this one.. lol

[roztom 10]

BOt 1402.25... right where I had postedfor the rotation...GRR I wish I had waited...

 

Got out 1404.00 still GRRR... thought they'd get the stops above but they had a different playbook today... :helloooo:

 

Have a Great Weekend..

[TheNegotiator 13]

haha!!

 

Actually, my apparent disdain for trend lines is really more amazement at how effective they sometimes are. The fact that I knew a TL break had occurred kept me from re-entering long, and the fact that it retested the line twice and held told me not to buy again at 03 but to instead wait for 02 for the scalp. So, while I seem to hate them I actually find them useful.

 

What I don't like about them is that they cannot be replicated with accuracy due to any of the following variables:

 

1) whether or not the user shows white space or not between bars

2) RTH / ETH session lines will be different

3) though time-based periodicities often yield similar trendlines (the same line on a 5m or a 60m will usually roughly line up), it will not be the same on non-time-based bar intervals such as volume or range bars

 

I don't use TL's per se, but the more you watch, the more you notice they are relevant even if you don't use them for entries.

 

What I see is that each rotation tends to exhibit sectional uniformity in trend. Once that has been broken, a new rotation is formed (not necessarily in the opposite direction).

[gosu 10]

haha!!

 

Actually, my apparent disdain for trend lines is really more amazement at how effective they sometimes are. The fact that I knew a TL break had occurred kept me from re-entering long, and the fact that it retested the line twice and held told me not to buy again at 03 but to instead wait for 02 for the scalp. So, while I seem to hate them I actually find them useful.

 

What I don't like about them is that they cannot be replicated with accuracy due to any of the following variables:

 

1) whether or not the user shows white space or not between bars

2) RTH / ETH session lines will be different

3) though time-based periodicities often yield similar trendlines (the same line on a 5m or a 60m will usually roughly line up), it will not be the same on non-time-based bar intervals such as volume or range bars

 

Your list is a decent summary of your ignorance about the (right) trendline.

 

People who do not know that price movement is always contained invariably talk about the trendline in isolation. What they mean is the line that reveals the right side of the container and they leave out the left side.

 

In any case, see if you can understand that you have yet to figure out how to draw a (right) trendline in a way that removes subjectivity. If you can accept that preliminarily, you may be able to see that drawing a right trendline is a matter of selection among finite choices. Gann wasn't the first to discover this but he is probably the most famous.

[MightyMouse 12]

Your list is a decent summary of your ignorance about the (right) trendline.

 

People who do not know that price movement is always contained invariably talk about the trendline in isolation. What they mean is the line that reveals the right side of the container and they leave out the left side.

 

In any case, see if you can understand that you have yet to figure out how to draw a (right) trendline in a way that removes subjectivity. If you can accept that preliminarily, you may be able to see that drawing a right trendline is a matter of selection among finite choices. Gann wasn't the first to discover this but he is probably the most famous.

 

I am curious to see how to draw a (right) trendline in a way that removes subjectivity.

[gosu 10]

I am curious to see how to draw a (right) trendline in a way that removes subjectivity.

 

I've posted numerous charts in this thread and all RTLs in them are nonsubjective. The funny comment previously made that what's likeable about a trendline is that it can be moved if you don't like it is not quite accurate. For me, RTLs cannot be moved; they can only be broken out of and replaced by another RTL.

[MightyMouse 12]

I've posted numerous charts in this thread and all RTLs in them are nonsubjective. The funny comment previously made that what's likeable about a trendline is that it can be moved if you don't like it is not quite accurate. For me, RTLs cannot be moved; they can only be broken out of and replaced by another RTL.

 

Fair enough. When you draw a trendline on a chart in your chosen timeframe, it removes subjectivity for you.

[gosu 10]

Fair enough. When you draw a trendline on a chart in your chosen timeframe, it removes subjectivity for you.

 

It does? If that is indeed your viewpoint, what was the point of your original question?

 

The way I read your statement, it goes beyond what I stated regarding the removal of subjectivity with the mere act of drawing a line on a chart. I'm not necessarily disagreeing with you, but there is the requirement of trust in the line that is usually lacking.

[MightyMouse 12]

It does? If that is indeed your viewpoint, what was the point of your original question?

 

The way I read your statement, it goes beyond what I stated regarding the removal of subjectivity with the mere act of drawing a line on a chart. I'm not necessarily disagreeing with you, but there is the requirement of trust in the line that is usually lacking.

 

In your first post I wasn't sure what you meant by subjectivity since everything we do is subjective and I mistook right for right as in correct instead of the opposite of left.

[gosu 10]

In your first post I wasn't sure what you meant by subjectivity since everything we do is subjective and I mistook right for right as in correct instead of the opposite of left.

 

Speak for yourself, I'm always objective. Cheers. :beer:

[roztom 10]

Globex Sunday 4.1.12. It is always interesting to see the levels which you were targeting for Friday before coming into to play after the weekend.

 

I went long 1408.50 and am targeting 1411.00 ahead of 1411.75 NVPOC.

 

Friday looked very tall in the saddle to me...

 

See you Monday morning..

[TheNegotiator 13]

This morning on my first look at the markets, I had an urge to post some preliminary thoughts about it. So, I took a screenshot and contemplated for a while, then annotated a little and was about to post. This illustrates well how it's difficult to post ideas when the market is moving. We have sold lower in between, making my analysis look like it's in hindsight(at least to some extent). You'll have to take my word for it that I was not watching the market at all!!! The thing I was going to point out was that these were my thoughts WAY before market open and so my views could easily change in the meantime. This is why often I try to leave my open post until closer to the open.

 

Anyway, simply put, while the market was higher on Friday after breaking higher on Thursday, Thursday's low was poor and despite the move back up after selling initially on Friday, it wasn't exactly strong in the end. Does this mean today we'll sell off and test 86.25? Maybe, maybe not. Does it mean that the current market undercurrents aren't as strong as the move higher suggests? Probably. But ACH and we watch, we wait and the market shows us the way.

 

Here's the chart I was creating anyway:-

 

[TheNegotiator 13]

By the way, I have noticed a number of guests on the thread recently and unless it's just people who haven't logged in yet I would like to point something out.

 

A big big part of the thread is the charts posted by myself and others. To see the images you must log in. It's really easy to register. It takes virtually no time or effort.

 

Hope to see more of you logged in soon and if you like, even contributing

[roztom 10]

Globex Sunday 4.1.12. It is always interesting to see the levels which you were targeting for Friday before coming into to play after the weekend.

 

I went long 1408.50 and am targeting 1411.00 ahead of 1411.75 NVPOC.

 

Friday looked very tall in the saddle to me...

 

See you Monday morning..

 

Welllllll...that little foray into the jungle did not end well... fortunately, since I typically don't let one sit overnight it was not too annoying.. I did get one scale off to reduce risk then had my target so the outcome was basically revenue neutral. Still I was dreaming about VPOC's so it is never worth it to me... and I didn't expect to see this sell off so there you go...

[TheNegotiator 13]

$ is moving higher into open. See if that persists or not.

[TheNegotiator 13]

So far $ has backed up a bit and ES found some buyers. Bear in mind though ISM comes @10am.

[roztom 10]

Got a short off against the NVPOC @ 1402.75, scaled all ahaead of CHVN 98.50, glad I did.. Had downside target potential 94.50 area - not with high confidence but that was the potential. B/E last 1/3...

 

8.75 & 11.75 up above...

[TheNegotiator 13]

similar here. was looking at a short between 03-04 but was a little bit lower than that at 2.25