Day Trading the E-mini Futures

[goodoboy 10]

Read the section on trend in the course. Overbought and oversold are determined by the trend channel.

 

Db

 

Thanks Db and good call dismorning on the weakness in price action.

[DbPhoenix 42]

Thanks Db and good call dismorning on the weakness in price action.

 

You're welcome, but I wouldn't term it a "call" in the sense of prediction. As price accelerates to the upside and angle of ascent increases, sellers have more and more difficulty finding buyers. That's why at any given price point there are so few trades. At some level, the "supply" of buyers just runs out and there aren't any more, and price returns toward the bottom of the trend channel, maybe a little higher than the bottom, maybe a little lower. It's all a part of mean reversion, though it has nothing to do with indicators. Mean reversion is what it is because sellers run out of buyers and buyers run out of sellers, so everybody turns their attention to those zones where the bulk of trades are being or have been made, which is usually the mean.

 

Db

[goodoboy 10]

You're welcome, but I wouldn't term it a "call" in the sense of prediction. As price accelerates to the upside and angle of ascent increases, sellers have more and more difficulty finding buyers. That's why at any given price point there are so few trades. At some level, the "supply" of buyers just runs out and there aren't any more, and price returns toward the bottom of the trend channel, maybe a little higher than the bottom, maybe a little lower. It's all a part of mean reversion, though it has nothing to do with indicators. Mean reversion is what it is because sellers run out of buyers and buyers run out of sellers, so everybody turns their attention to those zones where the bulk of trades are being or have been made, which is usually the mean.

 

Db

 

I am kind upset at myself, I spent so much time months ago learning this indicator stuff, when I think my way of thinking correlates to what I been reading on this forum lately. buyers and sellers and interest locations. I have a lot to learn.

 

Db, does your book explain this with examples?

[tupapa 10]

Es Hinge, 1412 midpoint

[tupapa 10]

Long 141250 Stop 141150 target 14145

 

First out 1350

 

Out second 1450

Edited August 20, 2012 by tupapa

[DbPhoenix 42]

I am kind upset at myself, I spent so much time months ago learning this indicator stuff, when I think my way of thinking correlates to what I been reading on this forum lately. buyers and sellers and interest locations. I have a lot to learn.

 

Db, does your book explain this with examples?

 

Many people spend years with indicators, so you're not alone. But this thread really isn't the place for that. As for examples, there are many times more examples available in various threads than would be possible in any book. If you're interested in the Wyckoff Forum, ask whatever questions you may have there in order to keep this thread on-topic.

 

Db

[DbPhoenix 42]

Today provides an excellent example of how different the NQ and ES can be, not only in terms of profitability but of how quickly one gets there.

 

Db

[goodoboy 10]

long 1413, target 1417.75, stop 1411

 

Reason: overhead trendline just broke and retraced. trend is up of overall market,

[DbPhoenix 42]

I hope you guys examine your emotional responses and your trading plans today (not necessarily here and not necessarily in public). They seem to be tangled.

 

Db

[bakrob99 11]

Significant divergence here between NQ (lower high) and ES (Higher High) at 14:30 EDT

[goodoboy 10]

long 1413, target 1417.75, stop 1411

 

Reason: overhead trendline just broke and retraced. trend is up of overall market,

 

I move to stop to breakeven and will let it run. So, far price action is holding up a demand line since dis-morning.

[DbPhoenix 42]

I move to stop to breakeven and will let it run. So, far price action is holding up a demand line since dis-morning.

 

What demand line are you referring to? Today's was broken several hours ago. Not that that's a requirement for exiting. Just don't hold on for the wrong reason.

 

Db

[goodoboy 10]

What demand line are you referring to? Today's was broken several hours ago. Not that that's a requirement for exiting. Just don't hold on for the wrong reason.

 

Db

 

Here is what I see below. I do recall a demand line broken earlier, but i redrew this about 2.5 hours ago to keep me in the trade.

[goodoboy 10]

I move to stop to breakeven and will let it run. So, far price action is holding up a demand line since dis-morning.

 

Exit at 1315.75 for +2.75pts. Price action moves very slow at night.

[Manihi 10]

I hope you guys examine your emotional responses and your trading plans today (not necessarily here and not necessarily in public). They seem to be tangled.

 

Db

 

Can you be a little more vague?

 

Tangled with...?

 

Manihi

[DbPhoenix 42]

Can you be a little more vague?

 

Tangled with...?

 

Manihi

 

Knock off the snark and I'll be happy to be more specific.

 

Db

[DbPhoenix 42]

NQ makes a new high. Let's see how many buyers there are up here.

 

Db

[DbPhoenix 42]

A RET for the giddy.

 

Db

[DbPhoenix 42]

And it fails.

 

Too bad we don't have a chat room anymore.

 

Db

[tupapa 10]

And it fails.

 

Too bad we don't have a chat room anymore.

 

Db

 

Ye, would be great to set one up!!

[goodoboy 10]

And it fails.

 

Too bad we don't have a chat room anymore.

 

Db

 

That would be marvelous having a chat room.

 

I need to get in tune with the NQ as I do with the ES. The reason I don't trade NQ is because i feel I am not put the time in analyzing the chart, but its something I need to do. Cause NQ has a good range today, and it was a bit easier to trade dis morning from good support at 2790 I see.

 

On the ES, there was good support at 1417, but I started the computer a bit late, and got left behind. Lets see how far it wants to go. 1420 looks like good resistance that just broke.

[goodoboy 10]

what was that drop about from 1424 back to pre market 1418.50?

[goodoboy 10]

long 1417.50, stop at 1415.50. target1424. Would like to see 1420 breakout.

 

reason: trend is up and 1417 was support from overnight. And a trendline for additional support here.

[goodoboy 10]

long 1417.50, stop at 1415.50. target1424. Would like to see 1420 breakout.

 

reason: trend is up and 1417 was support from overnight. And a trendline for additional support here.

 

I got stopped out -2pts

[DbPhoenix 42]

long 1417.50, stop at 1415.50. target1424. Would like to see 1420 breakout.

 

reason: trend is up and 1417 was support from overnight. And a trendline for additional support here.

 

When you entered, the trend was down. And where is the "trendline for additional support"? Trendlines don't provide support.

 

Db