Day Trading the E-mini Futures

[bakrob99 11]

Today is a long liquidation day with a "b" profile

[bakrob99 11]

I can only really think clearly when I'm not in a position.

 

That Daily candle isn't looking quite as bullish as early this morning. Quite the change.

[BlueHorseshoe 10]

It's an interesting idea, and certainly possible but the rollover happens only 4 x per year so I'm not too concerned about it. But thanks for the suggestion. I'll keep it in mind.

 

R

 

Hi Rob,

 

I got bored and wrote code for this anyway. Hope it's of some use to you in September!

 

 

// Data1 is new contract
// Data2 is expiring contract
// Both contracts need to be inserted as charts with identical timeframes

Variables:
RolloverVolume(0);

RolloverVolume = Volume of Data1 + Volume of Data2;

Plot1(RolloverVolume);

If RolloverVolume>RolloverVolume[1] then
Setplotcolor(1,Green)
Else
Setplotcolor(1,Red);

[bakrob99 11]

Thanks for the effort. But I use a volume chart and you can't do Multi Symbol Chart for volume charts. So I could pass the information using Global Variables from one chart to the next.

 

What I really would like is to format the bars based on the combined volume used as a factor.

 

It's s thought.

[TheNegotiator 13]

Right, yesterday was a great advert for not being married to one particular idea. When the market moves like it did, there are some fantastic opportunities, but it's important to note that with those opportunities come risks. Those on the wrong side of things can end up having a very bad time. So plan for possibilities not for what you expect to happen. If I were a soothsayer, I'd never need to even look at a chart. I get things wrong all the time. I'm sure you all do too. I'm also sure that so does PTJ or some other BSD. Being wrong is an inevitable part of this game. So covering that possibility is important and know what might happen in the market in that case, puts you one step ahead when you know you're not always going to be at your most rational.

 

Anyway, the fact that the ES had a big down day yesterday is pretty clear to all. However, I feel it's important to note that 1) the market is gearing up for the 6/17 Greek election & 2) ES only managed to take Friday's low out by two ticks and closed back above the 1300 mark.

 

It might dump like we've never seen before today. I can't tell you it won't. But I do think it's important to recognise that there's also a good chance it will rally hard. Don't let the volatility blind you into thinking it's going to automatically continue in one direction. See what the early sentiment is and realise that there will be plenty of chances in all likelihood, so don't be too worried about missing a trade.

 

Here's a chart:-

 

[TheNegotiator 13]

Just one note was that NQ was a tad weaker yesterday, so it'll be worth paying attention to it to see whether it holds up at all.

[bakrob99 11]

Good points for sure. I've got 1313.25 as a measured move I am targeting. And of course, 1314. - 1315 is very high volme and represents a price that the market accepts as value. So it is attractive and might chop around for a while once there. I agree that it only takes 3 or 4 (for me) decent trade opportunities to make more than enough to pay the bills. They come at different times. The days when I get too aggressive too early are the ones I most often regret. Had a nice bounce and retest of SD-2 this AM.... waiting for the RTH open now.

[TheNegotiator 13]

Good points for sure. I've got 1313.25 as a measured move I am targeting. And of course, 1314. - 1315 is very high volme and represents a price that the market accepts as value. So it is attractive and might chop around for a while once there. I agree that it only takes 3 or 4 (for me) decent trade opportunities to make more than enough to pay the bills. They come at different times. The days when I get too aggressive too early are the ones I most often regret. Had a nice bounce and retest of SD-2 this AM.... waiting for the RTH open now.

 

yup. Then 19.25/75 area above.

[TheNegotiator 13]

How is everyone doing? Seems a bit skittish early on.

[bakrob99 11]

How is everyone doing? Seems a bit skittish early on.

 

Selling the 30Minute VPOC at 1307.25 was a good choice for me. But I was trying to hold for a gap fill which looked like it wasn't going to happen until the test of the highs and then rolled over with me on the sidelines.

 

Choppy for sure

[bakrob99 11]

IMO we still have further to go to the downside. Lots of neg volume here. Large too.

[TheNegotiator 13]

IMO we still have further to go to the downside. Lots of neg volume here. Large too.

 

True. However, thus far it's all negative volume into support and not through it. Through it and we could flush, hold firm and it'll be fuel for a rally.

[bakrob99 11]

I've got 1295.25 as a target and possible bounce.

 

Program selling today is driving this.

 

Wow ... the Bulls really stepped up now. at 10:40 EDT.

[TheNegotiator 13]

I've got 1295.25 as a target and possible bounce.

 

Program selling today is driving this.

 

Wow ... the Bulls really stepped up now. at 10:40 EDT.

 

No selling really below the figure = confidence to buy and move back up.

 

Nice action.

[bakrob99 11]

If we make new highs I see 1322.25-1324 as possible. Right now we're above the IBH and had a good impulsive push up. Any retrace to 1309 area should attract more buying. We'll see.

 

On the other hand, this day is clearly rangebound and could easily find responsive sellers keep us near 1305.

[bakrob99 11]

These 1309's are working now... Took a while.

 

Cutting half here at highs.

Edited June 12, 2012 by bakrob99

[bakrob99 11]

Nice pop once it got thru. Trailing my stop now. See if we can reach the target. I won't let it come back below the highs or I'm out.

 

16:01 EDT This sucker's still going ... but I have to leave so I am out 1318.

Edited June 12, 2012 by bakrob99

[TheNegotiator 13]

We were very balanced before the 08:30 numbers, with the low being 1314.50 at that point. 1314.50 area was low volume from yesterday's RTH session, Monday's VPOC and the 3-day balance VPOC. It's also the midpoint of what is now a 4-day "balance". So it could play a role in the RTH session too. Let's see. Markets are moving quite a bit going into the Greek elections and this isn't too much of a surprise. Today is slightly different from a structural point of view, in that it looks as though we will be opening somewhere around the middle of the 4-day balance as opposed to the opening near the edge of the balance or prior day's range. I don't necessarily believe this will greatly inhibit movement as I don't think there's a well defined profile for the last 4 days anyway. But it's certainly something to be aware of. Remember, the day is long and the opportunities are plentiful!

 

[TheNegotiator 13]

Thus far, open type = Open Auction In Range. Not surprising considering opening location.

[bakrob99 11]

Gap fill 1320.00 in sight and higher with Dtarget at 1321.25 and other volume still at 1322 area I am looking for

 

Recent long setup from VWAP actually at 1314. area

 

 

Update: Gap Filled in just 15 minutes. Impressive.

Edited June 13, 2012 by bakrob99

[TheNegotiator 13]

Gap fill 1320.00 in sight and higher with Dtarget at 1321.25 and other volume still at 1322 area I am looking for

 

Recent long setup from VWAP actually at 1314. area

 

if it gets there, 23's are the mark for me

[bakrob99 11]

if it gets there, 23's are the mark for me

 

 

Yeah ... I was looking for those yesterday and got most the way there. This is great to have another shot at em.

[TheNegotiator 13]

Yeah ... I was looking for those yesterday and got most the way there. This is great to have another shot at em.

 

True. I have this nagging feeling right now though that if we haven't just put in a short term high, the 23's will get smashed.

[TheNegotiator 13]

This is what I love about ES - it's always "trying" to line up levels. Right now, guess where the midpoint is? 1314.50

 

Edit: that doesn't mean I think we will or won't go there btw. Just a convenience thing.

[bakrob99 11]

VIX is higher ... Hmmm.. Maybe they know something I don't

 

 

Update I'm buying the 1316.50 and see if it can do another leg up.

Edited June 13, 2012 by bakrob99