Day Trading the E-mini Futures

[bakrob99 11]

Much better trading for me today (than yesterday)

 

If you're fading this down move , IMO you need to wait for buyers to step in and be prepared to buy when the market comes to your price.

 

 

 

Couple of good bounces. Took the first. Passed on the 2nd.

[Ronin 10]

Long pullback to 1344.50 , Looking to sell 1346 , 1346.25 was the Prev Day Last Hour Low

[Ronin 10]

Long pullback to 1344.50 , Looking to sell 1346 , 1346.25 was the Prev Day Last Hour Low

 

Well , looks like I got my money back so far , trying to exit at I B Low

[Ronin 10]

Both trades worked as expected, sometimes price action is very predictable.Took only one tick of heat on that last one. Pat myself for precision entry...

[joshdance 10]

Just noticed that the HIGH of the recent Lowest Bar on the Daily chart, 1339.50 was just tested by 1 tick and found buyers. This is a normal market behaviour to test that support. So - could be the low of the day is in.

 

Good catch, and the current high was also a prominent line on my structural chart -- from an intraday perspective, it can be seen that the 7/11 high you refer to was not only a high, but it was resistance several times during the day.

[bakrob99 11]

Here's an update of the 60Min Day session only chart with longer term Median Line perfectly in sync with price action. It's quite uncanny how this timeframe gives excellent locations for possible trade entries.

 

In the chart you can see that I had been expecting resistance 1 tick higher than the market gave, so I was not surprised to see the strong sell off.

 

[joshdance 10]

While Ben always gets some tough questions, he is really getting hit over and over about questions relating to the Libor issue. I did not expect that so much today.

[joshdance 10]

I think "irrational exuberance" sums it up pretty well...

 

I thoroughly look forward to reading the headlines this afternoon... "Market tanks on Bernanke's lack of QE3...eh.... market up, on _____________" <--fill in the blank

 

[goodoboy 10]

Here's an update of the 60Min Day session only chart with longer term Median Line perfectly in sync with price action. It's quite uncanny how this timeframe gives excellent locations for possible trade entries.

 

In the chart you can see that I had been expecting resistance 1 tick higher than the market gave, so I was not surprised to see the strong sell off.

 

 

Thank you for sharing. Yes, the 1356 area was good short.

 

Do you only trade off the /ES chart alone?

[TheNegotiator 13]

Just a little chart update for you guys. If we were to get above 57.00 and show renewed buying interest, there could be some work to be done in the upper portion of the balance profile (blue).

 

[Ronin 10]

Should be good resitance at 1359.50 to 1360

[joshdance 10]

I think "irrational exuberance" sums it up pretty well...

 

I thoroughly look forward to reading the headlines this afternoon... "Market tanks on Bernanke's lack of QE3...eh.... market up, on _____________" <--fill in the blank

 

 

 

 

:rofl:

 

There would be a newfound respect for these morons if the headline was:

 

"Stocks swing back higher: we have no f----- clue why, you don't either, so why do you care?"

 

Instead, they insist it's relatively mediocre earnings from both KO and GS 6 hours ago back before the market sold off 16 handles. You really can't make it up, classic stuff.

 

 

[bakrob99 11]

Thank you for sharing. Yes, the 1356 area was good short.

 

Do you only trade off the /ES chart alone?

 

 

No. I use it only as a reference for possible areas of support and resistance. The other delta and volume charts I have posted - along with other more common ideas about where to expect the market to find buyers or sellers - are used as a basis for trade entry.

[goodoboy 10]

No. I use it only as a reference for possible areas of support and resistance. The other delta and volume charts I have posted - along with other more common ideas about where to expect the market to find buyers or sellers - are used as a basis for trade entry.

 

Thank you.

 

So you don't follow the SPX or DX as further evidence of ES trading? I am just asking, practicing, and learning so I figure its best to ask questions to real live traders out here as i learn. I am thinking about just nailing it down to the ES charts as well.

 

The delta chart is the chart that shows changes in volume on bar chart right?

 

Thank you.

[goodoboy 10]

Much better trading for me today (than yesterday)

 

If you're fading this down move , IMO you need to wait for buyers to step in and be prepared to buy when the market comes to your price.

 

 

 

Couple of good bounces. Took the first. Passed on the 2nd.

 

Thank you,

 

Where can I get more information on how analyze the chart and understand fully to see if I am comfortable with trading off the volume on 5 min chart? Can it be used on the 15 min chart as well?

 

Thanks

[bakrob99 11]

Thank you,

 

Where can I get more information on how analyze the chart and understand fully to see if I am comfortable with trading off the volume on 5 min chart? Can it be used on the 15 min chart as well? Thanks

 

I use it on a 30min and a 5min. I tried 15M but it was a little like goldilocks. I'm looking for the charts which are "not to fast" and "not too slow" ... For the EC (Euro Futures) I use 10Min. Who knows? You can use it on ANY CHART. It's just what I do. Not necessarily right.

 

There are plenty of charting packages like Market Delta that have more sophisicated solutions for this type of information. BUT I try to keep it simple. I found that they offer the software with so many options that it confuses more than clarifies.

 

Here's the thing. I use it because my entry will not move the market. I need other guys to be doing that. BIG GUYS. So I just want to see that some of them are thinking the way I am and get on board.

 

I do NOT exclusively base trading decisions on this chart alone. You have to use the context of what is happening.

 

This chart can whipsaw you if you do't have a firm idea about what is the trend. Or if the move had hit a support or resistance zone.

 

Like any setup - context is king because without context you never know whether you have to scalp or hold once in.

 

I'd be happy to talk to you premarket or after on Skype if you want to talk about it. Let me know.

[bakrob99 11]

Here's an example of how it can be confusing.

 

I have attached a chart which shows that I would be a buyer at the BUY ZONE of 3 prices on the Change to a Positive Up Volume (from red to green on lower frame) until the 3PM high was put in which found no more buyers and was a rejection bar.

 

Now I am looking to short the SELL ZONE of three prices on a pullback.

 

Also the time of day supported this move which was exhaustion after a huge rally.

 

That's the context which is essential if you're going to make a profit and not be chopped/shipsawed. This chart just shows me where I can get in and expect a favourable momentum move but without the context it isn't so sweet.

 

[bakrob99 11]

... So you don't follow the SPX or DX as further evidence of ES trading?

 

It took me 4 years and a lot of money to get it more simple. If I look at too much stuff it creates doubt. With doubt - I can never stay in a move. Must be committed to it and just do it based on what you know right now.

 

I do follow ticks and program buy-sell but mostly as alerts and not bar by bar.

[goodoboy 10]

It took me 4 years and a lot of money to get it more simple. If I look at too much stuff it creates doubt. With doubt - I can never stay in a move. Must be committed to it and just do it based on what you know right now.

 

I do follow ticks and program buy-sell but mostly as alerts and not bar by bar.

 

Thank you and I agree with the keep it simple. At times I feel all over the place and can't stick to what I know already cause of this-and-that. I need to scale it down, but still keep market context on the table.

[goodoboy 10]

I use it on a 30min and a 5min. I tried 15M but it was a little like goldilocks. I'm looking for the charts which are "not to fast" and "not too slow" ... For the EC (Euro Futures) I use 10Min. Who knows? You can use it on ANY CHART. It's just what I do. Not necessarily right.

 

There are plenty of charting packages like Market Delta that have more sophisicated solutions for this type of information. BUT I try to keep it simple. I found that they offer the software with so many options that it confuses more than clarifies.

 

Here's the thing. I use it because my entry will not move the market. I need other guys to be doing that. BIG GUYS. So I just want to see that some of them are thinking the way I am and get on board.

 

I do NOT exclusively base trading decisions on this chart alone. You have to use the context of what is happening.

 

This chart can whipsaw you if you do't have a firm idea about what is the trend. Or if the move had hit a support or resistance zone.

 

Like any setup - context is king because without context you never know whether you have to scalp or hold once in.

 

I'd be happy to talk to you premarket or after on Skype if you want to talk about it. Let me know.

 

Thanks for replying and yes would be more than happy for a chat to understand the chart better. My skype id is goodoboy25 and I be home about 6pm central. Let me know a good time for you and I will be online.

 

Yes, I agree our position size can't move market. Market context is so true.

 

Thanks again.

Edited July 17, 2012 by goodoboy

[goodoboy 10]

Here's an example of how it can be confusing.

 

I have attached a chart which shows that I would be a buyer at the BUY ZONE of 3 prices on the Change to a Positive Up Volume (from red to green on lower frame) until the 3PM high was put in which found no more buyers and was a rejection bar.

 

Now I am looking to short the SELL ZONE of three prices on a pullback.

 

Also the time of day supported this move which was exhaustion after a huge rally.

 

That's the context which is essential if you're going to make a profit and not be chopped/shipsawed. This chart just shows me where I can get in and expect a favourable momentum move but without the context it isn't so sweet.

 

 

Thanks for the explanation, its making some since and the context of the market after a rally makes a difference for trade at that.

[TheNegotiator 13]

So far today we've had mixed housing US housing data and a bunch of earnings reports as in image:-

 

 

It might be worthwhile keeping an eye on financials throughout the day to see if they take the lead at all.

 

Although 40's yesterday rejected and we subsequently took out the 57's, there wasn't much follow through. I'd be interested to see what if any reaction we get on a retest of the 57's as it looks like we'll be once again opening below.

 

[TheNegotiator 13]

Fairly tight range so far overnight (6.75 pts) and Bernanke again later. Same thing as usual but House might give him some different questions.

[bakrob99 11]

I see some strong convergence towards 1372-1375. Downside 1350 but I am expecting higher. Will wait and see what happens 5minutes into the open.

[Predictor 11]

Looks like we're headed up... my platform is down today. So I'll make a call.. was bearish coming in today. We might get a small rally this morning and then sell off late evening.. I don't think we can hold new highs but I think we will at least try.