Day Trading the E-mini Futures

[TheNegotiator 13]

Anyone on this? Just a little hesistent for now as currencies seem to have backed off a little.

[joshdance 10]

Anyone on this? Just a little hesistent for now as currencies seem to have backed off a little.

 

Came very close to buying 27 after globex VPOC of 26.50 held beautifully, but hard to buy for me at the moment as it struggles above prior high. But not ready to short either. :doh:

[TheNegotiator 13]

Came very close to buying 27 after globex VPOC of 26.50 held beautifully, but hard to buy for me at the moment as it struggles above prior high. But not ready to short either. :doh:

 

Agreed. That action at the low was nice on the 26.50 and I actually took the 27.50 given only gonna be risking a couple of points for a quick move higher. Ended up with 6 points but it's better than a kick in the teeth! There was definitely an entry there at the open/ low vol 29.75 area after it jumped higher from failing to push on new lows.

 

Whatever you do be careful. Make sure you are getting good price and can control ur risk properly!!

[TheNegotiator 13]

For anyone who didn't see that, here's the chart:-

 

[joshdance 10]

I'm a little late to the game here, but I will consider a long around the IB high at 36.25, depending on what happens there. Still need to hit 41 IMO today.

[TheNegotiator 13]

I'm a little late to the game here, but I will consider a long around the IB high at 36.25, depending on what happens there. Still need to hit 41 IMO today.

 

Did you manage to get in? I stepped away for a while.

[joshdance 10]

Then again, we built up a helluva lotta volume in the 37 to 39 range, and we're below that now... so perhaps a retest of the high at 39 and lack of follow through up could be a good short.

[joshdance 10]

Did you manage to get in? I stepped away for a while.

 

No, no trades yet... the grinding makes it a little hard for me to read.

[TheNegotiator 13]

No, no trades yet... the grinding makes it a little hard for me to read.

 

Doesn't look too grinding though Josh. Did u mean up or down grinding?

 

[joshdance 10]

bought 36.25, stop 35

[TheNegotiator 13]

bought 36.25, stop 35

 

Long 35.75

 

What's ur target if it can get going? high/41.50?

[joshdance 10]

Long 35.75

 

What's ur target if it can get going? high/41.50?

 

41... resisting urge to move stop here .. would like to see more follow through but understand sellers will sell

[TheNegotiator 13]

41... resisting urge to move stop here .. would like to see more follow through but understand sellers will sell

 

Yeah sry 41 I meant. I'd like 38s to trade through here.

[joshdance 10]

stop to 36.50 and okay with that decision

 

edit: actually stop 36.25 (BE)

[joshdance 10]

out 36.50 for a tick.. thought about closing and should have after second attempt to break 38.25 failed.. but oh well, better than a loss!

[TheNegotiator 13]

I took some off at 37.75 some off at my 35.75. btw your exit there was just above the IB high you know! not that it mattered at all...

[TheNegotiator 13]

This thing has got me wondering if that was just a shake out. Not sure, but it could still go.

[joshdance 10]

I took some off at 37.75 some off at my 35.75. btw your exit there was just above the IB high you know! not that it mattered at all...

 

I know, I considered that it might stop at 36.25 (my entry point) and reverse back up, but 36.75 really should have held IMO, and the order flow turned pretty bullish after 38.25 tagged, 38s traded hard but went lower from there... my hope kept me in it longer than my brain should have allowed me to, but it's only a +1.50 or so potential lost, I was willing to sacrifice that for possible +5. At the point of my exit the tape was heavy red, 36 or lower looked inevitable.

[TheNegotiator 13]

Just for reference- VWAP, 38.2% retracement and overnight high at 1234.50.

[joshdance 10]

This thing has got me wondering if that was just a shake out. Not sure, but it could still go.

 

The volume sure makes it look that way, however, we are now below a heavy POC ledge at 37, and there's a nice little cluster of prior demand down at 32-33.50, may seek out serious buyers there. It's been thrown down twice now, though it is finding support in 35s

[joshdance 10]

Just for reference- VWAP, 38.2% retracement and overnight high at 1234.50.

 

good catch, did not notice 34.50 being ON high.

 

with time of day and general volume trend, my gut says more down to sideways, but I've been known to be wrong 90% of the time so take that for what it's worth Even if we go up now, we have 37-38 to contend with.

[TheNegotiator 13]

good catch, did not notice 34.50 being ON high.

 

with time of day and general volume trend, my gut says more down to sideways, but I've been known to be wrong 90% of the time so take that for what it's worth Even if we go up now, we have 37-38 to contend with.

 

Lol! I don't know. This sort of action has me thinking if it doesn't hold here, it'll keep squeezing longs until they're all out then it'll snap back up. But then again I've been known to be wrong too!

[TheNegotiator 13]

I think if this is gonna have any legs, it needs to convincingly take 37s out.

Edited November 30, 2011 by TheNegotiator

[joshdance 10]

Tough environment to make money in IMO ... 2+ hour range of 5 points... kinda getting tired of a 50 point globex range and then 12 point RTH range :missy:

 

Hard to short this, as they keep buying the dips. Hard to buy this, as bears pretty much in control after initial push up.

[TheNegotiator 13]

Know what you mean bud. I'm gonna get away from my screen and see what it's like after lunch. Maybe we'll get some free flowing action then. Maybe not.