Day Trading the E-mini Futures

[joshdance 10]

On the IRT chart, if you mean the space between the profile (if it's set to right align) and the price axis, just hover over the tiny black triangle which is on the x-axis(time) next to the y-axis and drag it to where you want it. (if that makes sense! )

 

Yes but in my case, this does not move the profile-- tell you what, can you post a screen shot of your profile configuration? Mine is also set to 3 period like yours, but yours is acting like my other profiles which are already completed, whereas mine is acting like the "current" profile. I'm sure this makes no sense, but would you mind just posting a shot of the profile config? I would greatly appreciate it

[TheNegotiator 13]

Yeah np. I will do if changing the no of profiles it's set to compute doesn't work.

[joshdance 10]

Yeah np. I will do if changing the no of profiles it's set to compute doesn't work.

 

Thanks, that did the trick -- had it set to compute only 1 (current). Duh!

[TheNegotiator 13]

Excellent and while we were sorting that out, ES has a little move! So what next then?

[joshdance 10]

Excellent and while we were sorting that out, ES has a little move! So what next then?

 

I will buy 49.50, stop 48 to 48.50

 

edit: as of this moment it looks strong enough that it may not come back that far, but if it does, I'm in

[TheNegotiator 13]

Hmm. Personally, if the market shoots one way then comes back quickly, I wouldn't necessarily take the trade. Really to confirm strength, I think it needs to get back into the upper dev(probably above 52) and maybe break high. If it drops back below 50 from here, I'm not sure that's a good sign. I could of course be absolutely wrong though.

 

One point I should make is talking about trading while you have a trade or are going to take one can be difficult. I think many a trade has been held too long or not taken because of talking to someone else.

[joshdance 10]

Yes, sorry for distracting you from your trading Will "sign off" for now and talk later, good luck my friend

[TheNegotiator 13]

Yes, sorry for distracting you from your trading Will "sign off" for now and talk later, good luck my friend

 

No I'm not distracted don't worry . I was just saying in a round about way, I don't want to affect your personal trading decisions as you trade!

[TheNegotiator 13]

Question is Josh did you take the trade and did you hold it? It ticked the 1247.75 so I'm not sure.

[joshdance 10]

Question is Josh did you take the trade and did you hold it? It ticked the 1247.75 so I'm not sure.

 

I did take the 49.50, and was stopped out at 48 -- then I re-entered long 50.25, but took it off at 52.25. I try to think of the first trade as not a "mistake" but just as a loss which happens. However, given the strength of the thrust down at 12:49, perhaps buying the IB high and putting the stop completely under the consolidation would have been a smarter move, though of course we have no way of knowing these things at the time.

 

The real mistake was cutting the winner short at 52.25, when I could have moved my stop to 51.75, and then closed at 54, which was my original idea. Actually, my ORIGINAL trade had the target at 58, but as we come up to new highs I get quite nervous about losing the profit. As it stands, 58 is looking quite realistic at the moment.

[TheNegotiator 13]

These things do happen. You're probably right that taking it off at 52.25 after the area we were talking about held again, was not the best. But hey. That's why I mentioned before about scaling. The other point might have been to get an entry a little closer to the 1248.50 level given the tight stops you tend to use!

[joshdance 10]

The premise was that if 49 could not hold, that the move up from consolidation could be "false", but I thought for sure that if 48 was touched (below the poc) that the chances were even slimmer. Well, the market humbles those who think they know But boy do I ever wish I had held the second trade. I was underwater for most of the duration of the trade, yet I gave it room to work, then as soon as it showed some profit I was WAY too quick to get out, probably grateful that I would not have another loser. Mathematically stupid, emotionally sound at the time.

 

Yesterday, I bought 43, just after it moved up from the bottom, and got out at 47.25 ... how's that for an early exit? (though not as bad as today's)

[joshdance 10]

Another brief IRT question N How do you so cleanly shade the poc and VAH and VAL? My VAH and VAL are shaded but the lines extend beyond the histogram bar to cover the full width of the profile...

[MightyMouse 12]

What's your point MM? I was trying to point out two things. One, the balance profile's VPOC was 1248.50 slightly out from the 1249.00 Mon&Tues VPOC. This shouldn't really have made too much difference to any trade someone might take. Two, the additional volume which has accumulated between 1241.5-51.50.

 

I didn't say I traded it, I didn't say I didn't. I also posted the update as soon as I saw the reaction to 48.25 and realised the profile was wrong.

 

Making light of the vicissitudes of trading. Mistakes are inevitable and sometimes you can profit from them. No offense intended to you or your trading.

[TheNegotiator 13]

Making light of the vicissitudes of trading. Mistakes are inevitable and sometimes you can profit from them. No offense intended to you or your trading.

 

No offense taken MM.

 

Another brief IRT question N How do you so cleanly shade the poc and VAH and VAL? My VAH and VAL are shaded but the lines extend beyond the histogram bar to cover the full width of the profile...

 

Make sure "current" is unchecked in the profile options just above the POC/VA colour settings.

[joshdance 10]

 

Make sure "current" is unchecked in the profile options just above the POC/VA colour settings.

 

Indeed, I do feel like a doofus. Thanks N.

[TheNegotiator 13]

Indeed, I do feel like a doofus. Thanks N.

 

Lol. I wouldn't worry too much. It's just the market jellifying your brain! Happens to me often.

[joshdance 10]

N, as this market is more easily classified as a bull market than a bear market over the last month and a half, I have a bias towards longs. I tried to buy twice on the way down here and got steamrolled. Obviously the answer is simply to sell when it's moving like this, but what are your thoughts on the subject? I have had some great long trades recently but I have been having a problem shorting.

 

FWIW, I did catch a +3 pointer (38.25 to 35.25) on the second push to 35. But still, so much potential there, none really captured. If you shorted this, do you mind saying where and when? I had this feeling when 48 broke hard that we would see new lows, but the sell side is just a harder side for me to see at the moment.

Edited November 16, 2011 by joshdance

[TheNegotiator 13]

N, as this market is more easily classified as a bull market than a bear market over the last month and a half, I have a bias towards longs. I tried to buy twice on the way down here and got steamrolled. Obviously the answer is simply to sell when it's moving like this, but what are your thoughts on the subject? I have had some great long trades recently but I have been having a problem shorting.

 

FWIW, I did catch a +3 pointer (38.25 to 35.25) on the second push to 35. But still, so much potential there, none really captured. If you shorted this, do you mind saying where and when? I had this feeling when 48 broke hard that we would see new lows, but the sell side is just a harder side for me to see at the moment.

 

The market is all over the place at the moment. I think there are generally good moves to be had both sides. As a simulated exercise, maybe try a couple of days where you only go short and a couple where you only go long.

 

When it broke it was fairly hard. Given Europe still being messed up and that there were still some juicy areas to be tested to the downside, I wasn't thinking of fading the move. I shorted 55.50 before the move and IB low(ish) 40.25 on a retest. It didn't give a great deal other than that, which I was happy to take. When a market breaks quickly, you have to be careful and patient.

[joshdance 10]

The market is all over the place at the moment. I think there are generally good moves to be had both sides. As a simulated exercise, maybe try a couple of days where you only go short and a couple where you only go long.

 

When it broke it was fairly hard. Given Europe still being messed up and that there were still some juicy areas to be tested to the downside, I wasn't thinking of fading the move. I shorted 55.50 before the move and IB low(ish) 40.25 on a retest. It didn't give a great deal other than that, which I was happy to take. When a market breaks quickly, you have to be careful and patient.

 

Good suggestion on only shorting or longing as an exercise, I may try this.

 

I'm guessing your shorted 55.50 around the 2:38 - 2:40 time frame?

 

My short was just after yours at the bottom; I considered a short at 41 when it retested IBL but the order flow had turned bullish and while it was slowing down, I preferred to enter on a break, which I did just below yours. Sometimes these huge moves down can reverse quickly and that's what I was concerned about. Nothing worse than fading a move and losing a trade, than doing that and THEN going in the direction of the move, but getting run over in that direction too

[joshdance 10]

Interesting that for the third day in a row, we have a VPOC of 49 (ok 48.75 today but who's counting)

[TheNegotiator 13]

Interesting that for the third day in a row, we have a VPOC of 49 (ok 48.75 today but who's counting)

 

Yep, good point. Suggests balance but the break was late so it could still be confirmed today. Early test of around 41.50 might be a good yardstick and if I were not a day trader, I'd like to see a close above the balance VPOC 1248.50 (appropriately extended balance today!). I think a close below 1229.75 could be a bad thing and below 20 area would certainly not be good.

 

Still lots of fun news these days and market can turn on a sixpence(or dime)! Not trying to predict today just watching the action.

 

[steve46 12]

Its been a nice day...I am done and thought I would post this example

 

I am using a simple sequencing technique that revolves around a basic reversal setup..

 

The attached chart shows the basic "micro" setup....for today...it works long & short and seems to be consistent...I still read the tape to confirm....othewise its another day in paradise.

[TheNegotiator 13]

Big move there. Wasn't watching particularly though. Due to Pianalto? (and break of 20 area)

 

Edit: actually looks to have started on break of 23.75 IBL and right on half past which is when comments started.

[TheNegotiator 13]

Fed's Dudley is chatting now just to throw some more into the mix.