Day Trading the E-mini Futures

[goodoboy 10]

I use volume profiles extensively. I developed a method to do this... in fact one can read more. I may write an article on some of these ideas in the future. Most probably don't understand the VP except those who really studied it.. away from books and such.

 

Thanks, I look forward to the article. Just getting some times to review the message this past week.

[steve46 12]

I have to say that I become skeptical when I read statements to the effect that other folks (except of course the author) are not likely to understand a subject as widely used as volume profile...I think thats not likely to be the case....

 

Nice "self promotional" touch though....not very subtle but probably effective given the audience....

Edited July 29, 2012 by steve46

[steve46 12]

Rob your comment is one that I agree with. I characterize the current market in this fashion. It seems that for the present, the market wants to consolidate within a range for a bit, then everybody decides to move north or south a bit, then back to consolidation mode. This seems to be true whether or not the broader market is trending. This behavior is intentional by the way, as institutions know that market profile users (and those using other systems as well) have difficulty identifying value (accurately) in a trending market. Ironically in my class, I have a couple of volume profile traders who are (I should say "were") taking a beating because they couldn't accurately get a handle on value AND they did not seem to have an accurate way to determine what type of trading the market could sustain (initiative or responsive). Unfortunately you need a time reference for that.....lol.

 

by the way, just a side note...although I reference "my class" and "students" I am not training retail customers, only institutional clients sent to me by their employers....so please no PMs regarding training...

 

thanks.

[label6 10]

I meant to say ... in the near future or this week. And it is unfolding as expected.

 

Thank you Mr Draghi.

 

 

When the german DAX reached the black line, Mario Draghi began to speak. what a coincidence, isn´t it?

[goodoboy 10]

Rob your comment is one that I agree with. I characterize the current market in this fashion. It seems that for the present, the market wants to consolidate within a range for a bit, then everybody decides to move north or south a bit, then back to consolidation mode. This seems to be true whether or not the broader market is trending. This behavior is intentional by the way, as institutions know that market profile users (and those using other systems as well) have difficulty identifying value (accurately) in a trending market. Ironically in my class, I have a couple of volume profile traders who are (I should say "were") taking a beating because they couldn't accurately get a handle on value AND they did not seem to have an accurate way to determine what type of trading the market could sustain (initiative or responsive). Unfortunately you need a time reference for that.....lol.

 

by the way, just a side note...although I reference "my class" and "students" I am not training retail customers, only institutional clients sent to me by their employers....so please no PMs regarding training...

 

thanks.

 

Thanks for comments. Do a lot of traders or institutions acutally use systems for their trading?

[steve46 12]

In answer to your question, professionals who have to produce a result ( in order to keep their jobs), often use a systematic (rule based) approach, however the rules aren't anything like what retail traders use...thats because they have access to more capital (and better information) than most retail traders, and because they tend to work with other support staff who base their work on statistics and psychology.

 

If we take the concept of Market Profile as one example, you could read books (like those written by Dalton for example) and you would see that there are some basic things that profile traders COULD do (identifying and trading tests of value for example). On the other hand, as time moves on, others come in to propose changes, aimed at improving the result that can be obtained trading by those rules....some of these "improvements" you can learn about others that retail traders don't hear about for some period of time...

 

One thing that you should be aware of....its a good idea to learn to research ideas using simple basic statistics...if you don't have that kind of background or aptitude, and you want to learn this business, it might be a good idea to start down that road, either by purchasing some basic books or taking the basic classes (or both). Its also a good idea to learn to use a spreadsheet in order to do your own research...

 

Good luck

Edited July 29, 2012 by steve46

[goodoboy 10]

In answer to your question, professionals who have to produce a result ( in order to keep their jobs), often use a systematic (rule based) approach, however the rules aren't anything like what retail traders use...thats because they have access to more capital (and better information) than most retail traders, and because they tend to work with other support staff who base their work on statistics and psychology.

 

If we take the concept of Market Profile as one example, you could read books (like those written by Dalton for example) and you would see that there are some basic things that profile traders COULD do (identifying and trading tests of value for example). On the other hand, as time moves on, others come in to propose changes, aimed at improving the result that can be obtained trading by those rules....some of these "improvements" you can learn about others that retail traders don't hear about for some period of time...

 

One thing that you should be aware of....its a good idea to learn to research ideas using simple basic statistics...if you don't have that kind of background or aptitude, and you want to learn this business, it might be a good idea to start down that road, either by purchasing some basic books or taking the basic classes (or both). Its also a good idea to learn to use a spreadsheet in order to do your own research...

 

Good luck

 

Thank Steve for the comments and advice. Its always helpful for the newbies.

[bakrob99 11]

When the german DAX reached the black line, Mario Draghi began to speak. what a coincidence, isn´t it?

 

Makes you wonder doesn't it when technical points line up exactly with fundamental news events.

[SIUYA 11]

When the german DAX reached the black line, Mario Draghi began to speak. what a coincidence, isn´t it?

 

the first, 2nd or third time it hit the line, what about other lines that could have been drawn;)?

It would have been just as co-incedental had it broken the line when he spoke as well.

 

It always astounds me how often markets react when they hit 50% retracements as well, except those times they dont.

[goodoboy 10]

long 1379 target 1384.25

 

reason for trade is because trend is up and I saw 1378.25 as a support over night and took the trade once that support was test and then held.

 

Just now I exit at 1382 with +3 pts.

[goodoboy 10]

When the german DAX reached the black line, Mario Draghi began to speak. what a coincidence, isn´t it?

 

WOW, thats amazing. Do you think some inside information going on there? It is odd. But what can we do!

[Predictor 11]

Not feeling well today and so I'm not trading. I'm seeing some indications that indicate the market may reverse. I think today will setup a range day. Short term direction down ...

 

Some things I'm looking at are sectors, intermarkets, etc. Banking looks troubled today.

[DbPhoenix 42]

long 1379 target 1384.25

 

reason for trade is because trend is up and I saw 1378.25 as a support over night and took the trade once that support was test and then held.

 

Just now I exit at 1382 with +3 pts.

 

Remember to explain in your journal why you didn't follow your plan.

 

Db

[Predictor 11]

Tomorrow is a day full of market moving information... we might not see much sustained movement until those reports come out.

[goodoboy 10]

Remember to explain in your journal why you didn't follow your plan.

 

Db

 

Thanks Db.

 

This trade was apart of the strategy and plan I am building for myself. Also, this is SIM trade, I hope no trouble for me trading SIM (with real emotions)

 

I only have one strategy:

 

1. Take trades between 7:30 am tp 10:30am.

2. Buy/sell with trend and momentum of the day.

3. Buy/sell only on a retrace to test the support/resistance that held (need more work on this part)

4. Trade management once in and know target in advance.

 

Of course a bit more detailed than that. But that's a start.

[DbPhoenix 42]

Thanks Db.

 

This trade was apart of the strategy and plan I am building for myself. Also, this is SIM trade, I hope no trouble for me trading SIM (with real emotions)

 

I only have one strategy:

 

1. Take trades between 7:30 am tp 10:30am.

2. Buy/sell with trend and momentum of the day.

3. Buy/sell only on a retrace to test the support/resistance that held (need more work on this part)

4. Trade management once in and know target in advance.

 

Of course a bit more detailed than that. But that's a start.

 

But you didn't hold to the target. If you can't follow your plan in sim, you sure aren't going go to follow it in real trading.

 

None of which is pertinent to this thread. But I thought the point needed to be made.

 

Db

[goodoboy 10]

But you didn't hold to the target. If you can't follow your plan in sim, you sure aren't going go to follow it in real trading.

 

None of which is pertinent to this thread. But I thought the point needed to be made.

 

Db

 

You right. I move the stop up three pts above entry once price action starting taking off and missed two points in profit. And when I did this I was taken out. I will have think about the trade management. I keep thinking I will miss profits. I will note this on the journal.

[DbPhoenix 42]

You right. I move the stop up three pts above entry once price action starting taking off and missed two points in profit. And when I did this I was taken out. I will have think about the trade management. I keep thinking I will miss profits. I will note this on the journal.

 

Again, this is not pertinent to the thread, and Neg may move it if he likes. But moving your stop was not part of your plan. If you're going to gather useful data, you must include everything. If it isn't in your plan, then leave it alone and let the trade take its own course. There's no reason to be fearful in sim. Don't try to show off for yourself and don't try to outguess your own plan. Otherwise, the sim and the journal are a waste of time.

 

As to missing profits, you missed up to five. But there are no "profits" in sim; there is only the plan and trading the plan and evaluating how well you traded the plan.

 

Db

[bakrob99 11]

Not feeling well today and so I'm not trading. ...

 

I'm sorry you're not feeling well - but not trading today is probably a good thing . I expected a narrow rangebound day but this stop start business is enough to get on my nerves

[goodoboy 10]

Again, this is not pertinent to the thread, and Neg may move it if he likes. But moving your stop was not part of your plan. If you're going to gather useful data, you must include everything. If it isn't in your plan, then leave it alone and let the trade take its own course. There's no reason to be fearful in sim. Don't try to show off for yourself and don't try to outguess your own plan. Otherwise, the sim and the journal are a waste of time.

 

As to missing profits, you missed up to five. But there are no "profits" in sim; there is only the plan and trading the plan and evaluating how well you traded the plan.

 

Db

 

Thanks DbPhoenix for the comments. I will moved our conversation over to http://www.traderslaboratory.com/forums/wyckoff-forum/13708-trading-journal-trading-log.html#post156091

[TheNegotiator 13]

Didn't trade myself yesterday. Looks like it was just great :sleep: Test higher, test lower and drift. Lots of earnings out this week plus fed, boe and ecb rate decisions followed by nfp's on Friday.

 

Anyway, here's the chart from Monday:-

 

[TheNegotiator 13]

Again, this is not pertinent to the thread, and Neg may move it if he likes. But moving your stop was not part of your plan. If you're going to gather useful data, you must include everything. If it isn't in your plan, then leave it alone and let the trade take its own course. There's no reason to be fearful in sim. Don't try to show off for yourself and don't try to outguess your own plan. Otherwise, the sim and the journal are a waste of time.

 

As to missing profits, you missed up to five. But there are no "profits" in sim; there is only the plan and trading the plan and evaluating how well you traded the plan.

 

Db

 

Don't worry about it unless you want me to move it. Although trading plans aren't the point of the thread, they are clearly important so to mention them occasionally is fine by me.

[goodoboy 10]

7:50am central took a long at 1382.50 the pivot point was support and trend is upwards

 

stop loss: 1380.50

 

results: stopped out, probably wasn't a good idea to put stop at close of yesterday price. A stop below that would have been better. Price action came right down to my stop and took me out.

Edited July 31, 2012 by goodoboy

[goodoboy 10]

Didn't trade myself yesterday. Looks like it was just great :sleep: Test higher, test lower and drift. Lots of earnings out this week plus fed, boe and ecb rate decisions followed by nfp's on Friday.

 

Anyway, here's the chart from Monday:-

 

 

Thank you very much TheNegotiator.

[Predictor 11]

Currently short... reading tape. a bit difficult today.

 

Strong Chicago PMI seems to be interpreted as bearish for market... may decrease probability of qe3. Movements may be subdued with FOMC tomorrow.

 

Still short..

 

Looks like failed break out to upside... still market isn't driving to new lows... yet

 

No longer like short side.. stop out.. had some profits but pushed too far. Market seems likely rangebound but may go higher. Done for day.

Edited July 31, 2012 by Predictor