Day Trading the E-mini Futures

[karoshiman 10]

I hope this works out for you, and I'm not saying anything to cause you to change your mind, just putting my view out there.

 

The attached chart shows a multi-day picture. Essentially, we are at support from last night, and a move down may be imminent, but it's a place where buyers may well be interested. I don't think the move down we saw at the close is the type of move that will have immediate continuation. I would expect 85 to be in play before way lower. Of course, I'm risking nothing in saying that, so I'm not a buyer here, but I rarely do overnight anyway.

 

 

Understood. Thanks for your view. I too think that 85 is possible. I have a wide stop on this one and a smaller position size than usual (half of it).

[Nikko 10]

I don't see why you guys are so bearish. Standard TA shows a strong uptrend with nothing especially not overseas news bringing it down. In my opinion once again same as Tuesday, if tomorrow we don't see any surprising numbers regarding the reports we should continue the uptrend. There may be the usual morning sell off or gap fill but overall tomorrow should be a great day to long the supports!

 

Nikko

[roztom 10]

Hi all: Hope you made out ok today... I had a tough time...spun like a top... got some scales but ended up net down for the day... Dem bums...

[gosu 10]

* * *

 

I had a tough time...spun like a top... * * *

 

 

Hi roztom, next time play this it might help with the spinning. Especially the finger wag at 0:28.

 

[ame=http://www.youtube.com/watch?v=zJv5qLsLYoo]Dead or Alive - You Spin Me Round (Like a Record) - YouTube[/ame]

[TheNegotiator 13]

If anyone was interested (or in any doubt about current influence of spain), here are this morning's spanish auction results:

 

Sold EUR 2.541Bl (exp EUR 1.5-2.5 Bl) 2014&2022 Bonds

 

2014 - 3.3 bid to cover ratio, 3.463% yield

2022 - 2.4 bid to cover ratio, 5.743% yield

 

[clmacdougall 11]

A good day to all, have a great day out there !

Edited April 19, 2012 by clmacdougall

[slick60 10]

Looks to me we may have finished with the HUGE "P" pattern over the last couple of days. I have broken down the "P" into what I follow - the smaller auctions on a 15 minute TPO profile.

As I write it appears that we may be going into a new step one down very shortly.

I have a couple of snaps of longer term that I will post below.

 

2012-04-19_0649 - slick60's library

 

Good luck traders

 

slick60

[slick60 10]

here you go slick, a skinnier version of your composite I just resized it, maybe that's not what you're looking for.

 

 

Hey Josh

Thanks for the elongated look at the current auction. I use a larger screen resolution for my aging vision and still could not get it to look like this on my vertical 22" monitor. You must be into the 1600's resolution I suspect OR how do you do that?

 

slick

[karoshiman 10]

Looks to me we may have finished with the HUGE "P" pattern over the last couple of days. I have broken down the "P" into what I follow - the smaller auctions on a 15 minute TPO profile.

As I write it appears that we may be going into a new step one down very shortly.

I have a couple of snaps of longer term that I will post below.

 

2012-04-19_0649 - slick60's library

 

Good luck traders

 

slick60

 

Hi Slick,

 

I do not understand your charts, but I like your conclusion...

 

Do you have a target in mind for the step one down?

 

Regards,

karo

[TheNegotiator 13]

Hey Josh

Thanks for the elongated look at the current auction. I use a larger screen resolution for my aging vision and still could not get it to look like this on my vertical 22" monitor. You must be into the 1600's resolution I suspect OR how do you do that?

 

slick

 

Viewsonic's VA2703 27-Inch Full HD 1080p Widescreen LCD Monitor (Black): Amazon.ca: Electronics

 

Pretty cheap 27 inch monitor for you there slick- or you could just find yourself a 32 inch tv. Always felt that a 32 incher on the desk was a bit ott though!

[slick60 10]

Hi Slick,

 

I do not understand your charts, but I like your conclusion...

 

Do you have a target in mind for the step one down?

 

Regards,

karo

 

karoshiman

I do not have a target on this move yet but I will add this snap

(interrupted by wife getting up!)

 

http://content.screencast.com/users/slick60/folders/Jing/media/d28ea529-8b10-4481-8b0b-861160e26211/2012-04-19_0743.png

 

slick

[slick60 10]

Viewsonic's VA2703 27-Inch Full HD 1080p Widescreen LCD Monitor (Black): Amazon.ca: Electronics

 

Pretty cheap 27 inch monitor for you there slick- or you could just find yourself a 32 inch tv. Always felt that a 32 incher on the desk was a bit ott though!

 

Geez, I think glasses may be cheaper

 

slick

[karoshiman 10]

 

 

I do not have a target on this move yet but I will add this snap

 

 

I'm looking for the 65-ish area as a first target but think that much lower prices are possible.

 

But I was scared by the strong up move during ETH session.

 

 

 

(interrupted by wife getting up!)

 

 

 

lol

[slick60 10]

One really has to interpret what part of the "bull...." move this is.

I am going to show below three snaps. PLEASE DO NOT LAUGH OR SCOFF IF YOU DO NOT UNDERSTAND- haha.

I have studied Elliott Wave for many many moons and there is logic in it. This may not be the thread where to display this but this is where I am at present. If anyone understands EW in this thread they will not dismiss it. It will frustrate with the continual morphing into changing patterns and empty your wallet if you attempt to trade solely from it. I do however find it useful. After all how can there be any credibility to Elliott Wave when the long reigning self appointed master of EW {Robert Prechter} and his boys in Atlanta have been continually wrong about pattern recognition for so many years? Do they care? It is all about THE MONEY!

Snaps - no price, purely an EW pattern shown. Then look at bars or line chart close of day.

It is a nice fibo relationship within the structure. Putting this together with the larger composite profile picture and some delta cycle counting I can see a corrective move at present and then continuation into mid to end of Dec this year. Yesterday I said Sept-Oct. I correct that here.

There is a lot of information on these charts and will not be understood by all if any who look at them. They may appear as a messy mass of numbers but they are all meaningful. The blue and red numbers that appear are Delta Phenomenon / Market Matrix cycle highs and lows that appear. The numbers are on average when that point will appear. There are a few rules to know to fully understand how they may occur.

March 6, 2009 started a save the world BS move with taxpayer money and is going to continue (like a marriage) until death do us part. There is no way out. The world is bankrupt and refuses to file chapter 11 in MHO.

Great to be here. Let's make some money!!!!!!!!!!!!!!!!!!!!!!

 

slick60

[joshdance 10]

Hi roztom, next time play this it might help with the spinning. Especially the finger wag at 0:28.

 

I just completely lost respect for you. :evil tongue:

[TheNegotiator 13]

Today, we are closer to opex, we have philly fed and earnings. The market so far overnight has demonstrated that it could have rejected higher or it could have rejected lower or both. Indeed, it is not uncommon that one neutral day is follow by another. There is currently some newsflow on french ratings amongst other things and there's a also a chance the Spanish auction results were over-reacted to - on both sides. Who really knows. But when the market tightens like it did yesterday, you know there's likely to be a decent move fairly soon. In this case imho, this could be up or it could be down. If someone says it will be up and another says it will be down, clearly someone will be right though. I prefer to prepare for all possibilities as usually when we think we "know" what the market will do either A- we screw up execution or B- get married to that direction. Anyway, here's a chart for anyone interested

 

[joshdance 10]

If anyone was interested (or in any doubt about current influence of spain), here are this morning's spanish auction results:

 

Sold EUR 2.541Bl (exp EUR 1.5-2.5 Bl) 2014&2022 Bonds

 

2014 - 3.3 bid to cover ratio, 3.463% yield

2022 - 2.4 bid to cover ratio, 5.743% yield

 

Very much so interested, thanks for posting -- where did you get the results, just a MW/bloomberg type or a different source?

 

At least the yield is staying below 6 and dropping this week.

[TheNegotiator 13]

Very much so interested, thanks for posting -- where did you get the results, just a MW/bloomberg type or a different source?

 

At least the yield is staying below 6 and dropping this week.

 

Squawk but also zerohedge had it pretty quickly:-

 

http://www.zerohedge.com/news/spanish-auction-fail-10y-yield-highest-5-months

Edited April 19, 2012 by TheNegotiator

[clmacdougall 11]

I'm beginning to see 74.00 as a great possibility

[joshdance 10]

Hey Josh

Thanks for the elongated look at the current auction. I use a larger screen resolution for my aging vision and still could not get it to look like this on my vertical 22" monitor. You must be into the 1600's resolution I suspect OR how do you do that?

 

slick

 

No way my friend, I'm 1920x1200 x 3 here (all 24"s)

 

I just used gimp (any app will do) to resize the x dimension, nothing fancy. I use IRT, not NT for charting so I can set it manually.

[slick60 10]

Looking at the 4 hr chart fibo retracements I see the 1365.75 level as a .786 retrace may be in play today. That coupled with the HVN as shown on the Negotiator's charts give me something to watch for. We may see a reversal at that point to a higher high - the 92-94.00 level mentioned in this thread before down.

Will let price and time do the talking.

 

slick60

[slick60 10]

No way my friend, I'm 1920x1200 x 3 here (all 24"s)

 

I just used gimp (any app will do) to resize the x dimension, nothing fancy. I use IRT, not NT for charting so I can set it manually.

 

I knew there was something Hi-Tech about you Josh. Thanks. To be able to afford those luxuries you surely must be making some greenbacks. Would you or have you shared what you key off of for trades? I noticed yesterday the ins and outs but was preoccupied with other unpleasant matters for the day.

 

slick

[joshdance 10]

Geez, I think glasses may be cheaper

 

slick

 

$240 for a 27" monitor... doesn't get much cheaper than that. My guess is with a monitor that cheap that it won't be very good for your eyes. I went for the $190 for 22" route, and it went back to the store in 30 minutes. If a 24" doesn't cost more than $300, it's probably not very good, just my opinion of course.

[TheNegotiator 13]

$240 for a 27" monitor... doesn't get much cheaper than that. My guess is with a monitor that cheap that it won't be very good for your eyes. I went for the $190 for 22" route, and it went back to the store in 30 minutes. If a 24" doesn't cost more than $300, it's probably not very good, just my opinion of course.

 

Dell IPS LEDs are the business but come at a premium.

[joshdance 10]

I knew there was something Hi-Tech about you Josh. Thanks. To be able to afford those luxuries you surely must be making some greenbacks. Would you or have you shared what you key off of for trades? I noticed yesterday the ins and outs but was preoccupied with other unpleasant matters for the day.

 

slick

 

I'm just a millionaire by inheritance, what can I say?? :rofl:

 

I usually try to explain my basis for trades in general, and I'll try to do that if I post any trades today. Basically, yesterday was a range kind of day, to be expected, so I just worked off of the edges as much as possible.

 

N and others here are much better and generally more consistent than me, better to get info from them!