Day Trading the E-mini Futures

[roztom 10]

I think the bulls are toast. 1329 anyone, with a nice pause at 1348?

 

Optimist!!! :helloooo:

[joshdance 10]

Optimist!!! :helloooo:

 

ha!

 

Here is what I see. Yearly profile on the right. Today, a failure to break above the top of the balance area at 70 which we traded into yesterday. Low volume area of rejection around 47-48 should provide some buyers, as well as the high volume balance at 40. But ultimately the 1320s is an area which should provide a very strong test. This gap is the result of the January NFP number.

 

If the market can break above 70 and can hold it, 77 to 82 should provide the next selling opportunity.

 

Going to reset a bit this evening, and get back in sync tomorrow. Two losing days in a row now.

[gosu 10]

Yesterday was a somewhat out of sample day.. no rotation... would you hold this through lunch or get out after the morning part of the session?

 

I'm not sure I would call it out of sample; trend days in general are not the norm so I would hold up yesterday against other trend days to distinguish it rather than against nontrend days.

 

For me, the quintessential trend day is a dominant move in the AM and a continuation of the dominant move in the PM connected by congestion during midday. A tell tale sign of it beginning is a significant gap open, and there are also elements preceding the day that put the possibility on the table as well. The most recent examples are 3/13 and 3/26.

 

We do not use the same distinguishing terms (I don't know what "rotation" means and therefore the significance of "no rotation"). For me, yesterday (4/10) can be distinguished from the quintessential by the lack of a gap at the RTH open and the day ending in congestion rather than continuation or even reversal as on 3/28.

 

In answer to your question, the start of midday signals the end of the AM trade for the reason that all variations from the quintessential trend day occur after the AM. Midday congestion is certainly playable as a lateral but that is a new trade, or more accurately, a new series of trades.

[gosu 10]

Thank you!

 

Is "point 3" based on your own terminology/proprietary strategy or does it refer to a publicly available method? I haven't heard about it yet.

 

PS: Sorry, that I ask so many questions...

 

I have adopted, for the most part, the Hershey lexicon to describe market events. However, the fp3 doesn't exist in the Hershey orthodoxy so I suppose that makes me a heretic.

 

The terminology is freely available. I do not consider anything I use to trade as proprietary, only my understanding of how to use them.

 

No need to apologize for asking good questions.

 

Cheers. :beer:

[roztom 10]

First: A new version is going to be released soon...

 

Second: As you know I have been having a Memory Problem..I know, I know but not that one... :rofl:

 

Here is what was happening ..when I opened a layout it would open 9 additional intensive charts that I used for R&D but they were hidden...

 

If you go to Window/Bring To Front, you will see all the charts that are open including any hidden ones...

 

If that is the case then it will eat up your memory... If you have this situation I can tell you what to do to fix it since it took about 10 emails to Bill Linn to finally get rid of them...

[joshdance 10]

If you go to Window/Bring To Front, you will see all the charts that are open including any hidden ones...

 

I utilize the window menu multiple times per day, so that would have been the first thing I would have checked -- open charts. But now you know, and it sounds like your problem is solved, so good for you

 

I have shorted 1/3 position after hours here at 67 -- I am placing my bet that we see 54 before we see 75.

[roztom 10]

I utilize the window menu multiple times per day, so that would have been the first thing I would have checked -- open charts. But now you know, and it sounds like your problem is solved, so good for you

 

I have shorted 1/3 position after hours here at 67 -- I am placing my bet that we see 54 before we see 75.

 

Looks good..you going to "sleep" on it?

[joshdance 10]

Looks good..you going to "sleep" on it?

 

Yes -- failure to build any value above 69 today leads me to make a best guess that buyers will be sought lower, and the next logical place is in the 53 - 60 range. Obligatory move up after hours to take out any weak holding shorts in the upper 60s and tested to top of today's high vol balance area, and back down, leads me to feel the odds are in favor of down from here. However, see signature below...

Edited April 12, 2012 by joshdance

[joshdance 10]

Then again, this picture on the chart looks like a flag, which means we must buy! By all means, if it looks like a flat, a pennant, a dragon, a head, shoulder, adam, or eve, that's what counts!! So who knows? :doh: :rofl:

[roztom 10]

Then again, this picture on the chart looks like a flag, which means we must buy! By all means, if it looks like a flat, a pennant, a dragon, a head, shoulder, adam, or eve, that's what counts!! So who knows? :doh: :rofl:

 

Gosh..kind of suprised it came back like that...

[TheNegotiator 13]

I thought I'd hit you with some key observations early on today!

 

[TheNegotiator 13]

Started that longer term picture thread I was talking about before:-

 

Bigger Picture in E-minis Discussion

[roztom 10]

It seems when I start IRT all my charts load along with a bunch of hidden charts.

 

If I close all the hidden ones and then save the ones that should only be open in a specific layout when I restart IRT all the hidden ones load again..along with the layouts charts.

 

Any of you know what I am doing wrong?

[roztom 10]

Josh: When I saw that short last night I thought you had caught it good... you had good location & what looked like a reversal...

 

This market looks like it wants to go up... WTF... 73.25 CLVN "might" be it..

 

Might have fulfilled it in GBX ?

[TheNegotiator 13]

It seems when I start IRT all my charts load along with a bunch of hidden charts.

 

If I close all the hidden ones and then save the ones that should only be open in a specific layout when I restart IRT all the hidden ones load again..along with the layouts charts.

 

Any of you know what I am doing wrong?

 

I think you need to find the hidden ones, close them, then save the layout.

[roztom 10]

I think you need to find the hidden ones, close them, then save the layout.

 

That's what I've been doing... I am closing all the hidden ones and then saving the remaining ones to the layout. then it all works fine even when I switch layouts until I close IRT. Then when I restart the hidden ones come back tin the layout where they were eliminated.. I can't figure it out.. It can't be THAT complicated... can it?

[TheNegotiator 13]

That's what I've been doing... I am closing all the hidden ones and then saving the remaining ones to the layout. then it all works fine even when I switch layouts until I close IRT. Then when I restart the hidden ones come back tin the layout where they were eliminated.. I can't figure it out.. It can't be THAT complicated... can it?

 

Are you sure you are saving the "layout" specifically? I always save all AND save layout before exiting.

[roztom 10]

Are you sure you are saving the "layout" specifically? I always save all AND save layout before exiting.

 

I just tried closing all charts and then rebuilding the layout .. I'll see if that does it... I don't know why those other ones keep coming back...

 

BTW: TOday I am looking to be a seller against that 73.25 risk point. I do , however, find it strange that we are building some higher value - a bit perplexed right here...

[roztom 10]

Point of interest: I look at a variety of numbers to len on... One set is the CLosing swing high or low..this is the last 45 min of trade where an agreement is reached on value... It acts as a support/resistence level.. Yest RTH Closing Swing High was 1365.25... that was an area to test from above for a long to test yest high and the CLVN @ 73.25 and micro lvn at 70.25..as always YMMV..

[TheNegotiator 13]

Point of interest: I look at a variety of numbers to len on... One set is the CLosing swing high or low..this is the last 45 min of trade where an agreement is reached on value... It acts as a support/resistence level.. Yest RTH Closing Swing High was 1365.25... that was an area to test from above for a long to test yest high and the CLVN @ 73.25 and micro lvn at 70.25..as always YMMV..

 

Yeah definitely. Also it was yesterday's IBL/Low vol. At this moment, we have an open test drive type open. That could always change though if heavy selling comes in somewhere and then we could have an open reject reverse (or much broader auction).

[joshdance 10]

Any idea what's driving this? Higher unemployment, lower PPI..?

[roztom 10]

Any idea what's driving this? Higher unemployment, lower PPI..?

 

Higher unemployment claims = more funny money... :doh:

[TheNegotiator 13]

Whilst trying to not get too far ahead of ourselves as we are 20 odd points away, it's worth holding that 92.50 area in mind as a magnet for price. Not only was the 92.50 the balance VPOC, the 92.25 the 4/6 NFP SOC, but also the 92.75 is a Naked VPOC. Who knows though, but if decent selling does come in and sustain, then this would be where I would think we might gravitate towards.

[TheNegotiator 13]

Any idea what's driving this? Higher unemployment, lower PPI..?

 

Does it matter? I don't think so. But earning season is here now. If it's good, then there you go. If it's bad, cue Fed QE3.

[TheNegotiator 13]

Yeah definitely. Also it was yesterday's IBL/Low vol. At this moment, we have an open test drive type open. That could always change though if heavy selling comes in somewhere and then we could have an open reject reverse (or much broader auction).

 

Btw, if you think you have an OD/OTD open type, it's really important that you are careful about fading it. Not saying don't fade it, but be clear that it means there is confidence in that direction and so the levels you have might need to be reassessed to their possible containing efficacy.