Day Trading the E-mini Futures

[Predictor 11]

Market looks primed to move higher. A low risk entry would be just below the 99. There is still strong sell pressure above 1400. The market could turn here but I think the odds are starting to favor a move higher.

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Re-evaluating... may be too much selling above 1400.

Edited August 9, 2012 by Predictor

[goodoboy 10]

You got it right, but the only criterion you're using that has any pertinence to the trade is that the trend is up. Support lies elsewhere and trendlines don't provide support. As for the slosto...

 

Be that as it may, congratulations. Now stick with your plan.

 

Db

 

Thanks, I use the slosto around any support/resistance to provide some momentum going into the trade on the 15 min chart.

 

Yes, as long as the trend shows (still have trouble with this for the intraday) up, I certainly want go against it.

[Predictor 11]

It looks like 3,000 traders/contracts used a 3 tick stop loss. Just triggered..

[goodoboy 10]

100% right. For anyone who disagrees, analogize it to surgery. A surgeon learns to perform a procedure exactly as it is taught. Later on, as he or she gains skill and what Rommel called "fingertip feel," they can become more creative, think about other ways to perform the procedure, and develop a "style" as a surgeon. But first, you learn the "textbook" way as it teaches you fundamentals.

 

If you don't first follow a plan, through draw down as well as profit, how will you gain a feel for the system's performance and profit curve? Remember, for a beginner, it's easy to get that feeling that "it's not working!" after a couple of losses, but losses are common, even in a system with a high win rate. So, if you stick to it, you may realize that you're making money and losses are just a cost of doing business.

 

If your plan requires modification, then you can do that in a controlled manner by making a formal written change to your plan and then testing it. Your plan can grow and adapt over time along with your skill set, but it should be done in a thoughtful and controlled manner.

 

Very good post and good read.

[DbPhoenix 42]

Thanks, I use the slosto around any support/resistance to provide some momentum going into the trade on the 15 min chart.

 

However, the momentum is already in the price movement. Otherwise, the slosto wouldn't be turning up.

 

Yes, as long as the trend shows (still have trouble with this for the intraday) up, I certainly want go against it.

 

This chart may be helpful, more so if you've read the material on waves. If not, ask.

 

[goodoboy 10]

It looks like 3,000 traders/contracts used a 3 tick stop loss. Just triggered..

 

Where at on the 3 tick stop loss?

[goodoboy 10]

long 1396.50 target 1403.75 stop 1393.50.

 

Reason: trend is up, support is pivot point and trendline before it. Also, 15 min slow stoch just crossed showing some momentum upwards.

 

Here is chart for look.

example 1 - goodoboy25's library

 

stopped out at 1400.25. Still working on trade management.

[goodoboy 10]

Which trend is up ?

 

I still a bit on identifying trend direction of the day. The overall trend of the SPX is upwards.

 

The way I identify trend for the day is how I explained a few posts ago. Honestly, I fully don't know how to determine trend of the day beside what happens in the over night session.

[bakrob99 11]

We could not take out that high. Delta has been strongly negative since 11:00 EDT. At least a move down to IBL and probably lower. Perhaps much lower.

[DbPhoenix 42]

stopped out at 1400.25. Still working on trade management.

 

When and why did you move your stop?

 

Db

[bakrob99 11]

ES now within 1 tick of IBL - NQ thru it. I am out here. Very nice short setup. Perhaps too early to exit but summer trading and all with very low volumes - take it when you get it is my rule.

 

 

As I posted early this AM, expecting new lows today. Just didn't expect as strong a rally before.

[goodoboy 10]

who doesn't like to lose.

 

Lol, I don't like losing either. Nobody does.1395-1396 area i know ES is playing in this area all week long.

 

Its back in that area again right now.

[Predictor 11]

Bias to the upside... not anticipating a lot of movement either way

[DbPhoenix 42]

And ES finds S at 96 again, at least temporarily (see previous chart).

 

Db

[goodoboy 10]

Good going. You got that right.

 

Thank you, i try my best

[goodoboy 10]

However, the momentum is already in the price movement. Otherwise, the slosto wouldn't be turning up.

 

This chart may be helpful, more so if you've read the material on waves. If not, ask.

 

 

Thanks, but with out the slosto how does the trader know when to enter the trade. Doesn't the slosto show momentum before the price action moves? I'm a bit confused.

[bakrob99 11]

Any indicator that is derived from Price can not possibly lead it.

 

The only time you can have a "leading" oscillator is on a divergence.

[DbPhoenix 42]

Thanks, but with out the slosto how does the trader know when to enter the trade. Doesn't the slosto show momentum before the price action moves? I'm a bit confused.

 

You appear not to know how the slosto is calculated. It's derived from price, as are all indicators other than those which are volume-based. Google it for the calculation, or Google "George Lane".

 

As for the entry, simple. Price hits S, rebounds, retraces, resumes its upward stride (see the asterisk on my chart). If it doesn't resume its upward stride, the entry is never triggered. Exactly the same thing occurred here at 12:30: price hits S, rebounds, retraces, resumes its upward stride. Entry is or was at 97.75 or thereabouts.

 

Db

[Predictor 11]

Shorts pulling from book when selling couldn't move market down. Expect a pop.

[DbPhoenix 42]

As for the entry, simple. Price hits S, rebounds, retraces, resumes its upward stride (see the asterisk on my chart). If it doesn't resume its upward stride, the entry is never triggered. Exactly the same thing occurred here at 12:30: price hits S, rebounds, retraces, resumes its upward stride. Entry is or was at 97.75 or thereabouts.

 

Db

 

FYI, the short is the reverse: price hits R, falls, retraces, resumes its downward stride. Here, the short entry was around 11:25 at around 1400.5. By following price rather than the indicator, you could have racked up quite a few points.

 

Db

[goodoboy 10]

Any indicator that is derived from Price can not possibly lead it.

 

The only time you can have a "leading" oscillator is on a divergence.

 

Thanks so noone here use the RSI , slow stoch, to help show buy/sell signal to lead them into the trade? Just asking.

[DbPhoenix 42]

And price temporarily finds balance between R and S.

 

It's a Market Profile thing to do.

 

Db

[goodoboy 10]

When and why did you move your stop?

 

Db

 

Move stop to 1400.25 about 9:45am central once I saw 1400 breaking out. I was watching to see if 1400 would be taken out and it did. Then I was waiting for retest of overnight highs.

[goodoboy 10]

FYI, the short is the reverse: price hits R, falls, retraces, resumes its downward stride. Here, the short entry was around 11:25 at around 1400.5. By following price rather than the indicator, you could have racked up quite a few points.

 

Db

 

Yes, that's right. I missed the entry back at 1396-1395 area (where i clearly knew this was the support from dis morning).

 

I was watching this area as price was falling. Price reached this area, but I was waiting for the slow stoch to show a cross. Well, the cross came late (and I can't chase) and I just missed atleast 4pts. This has happen a few times before too waiting on the indicator at S and R I think are areas of interest.

[DbPhoenix 42]

Move stop to 1400.25 about 9:45am central once I saw 1400 breaking out. I was watching to see if 1400 would be taken out and it did. Then I was waiting for retest of overnight highs.

 

None of which was part of your plan. Price will not rocket toward your target without pause. If you freak out every time price pauses, you'll squander a lot of opportunities.

 

At the very least, consider an exit that is triggered by the market rather than by your fear or impatience.

 

For example, a simple demand line: