Day Trading the E-mini Futures

[Predictor 11]

At this point, I am thinking if we manage to go green on day then that will trigger a lot of buy bots. We're now within reach of that.. must step back and evaluate. Action been extremely fast so far.

 

Exited remaining positions off the 95... on negative order flow. I will attempt a re-entry long side. Re-bid at the 92.50.

[TheNegotiator 13]

That's the session gap closed now. Bear in mind if we do take 97.50 out, there could well be some stops aka liquidation of overnight positions. Not definitely, but be aware. I wouldn't automatically be sitting with my sell limit at 1399.75 put it that way.

[Predictor 11]

Order flow has been mostly one sided and to the sell side since the 95 but no fill yet. Market continues to weaken makes me wonder if 92.50 will be good by the time it gets there..

Edited November 28, 2012 by Predictor

[joshdance 10]

El Presidente in 20 minutes. Market taking a break and maybe needs more fuel one way or the other, and Obama will likely deliver.

[TheNegotiator 13]

I am looking at this thinking what could happen.

 

1. We fail to hold the 3-day balance = not very good and move lower possibly down to that 77.75 level becomes more probable.
    
   
2. We build in the balance = overnight and early rth shorts are stuck. Take out 1397.50,98.25& 1400.25 and look to that SOC at 1405.00 then balance highs etc.
    
   
3. We do nothing. Fill the gap, literally.= LAME
   

[Predictor 11]

Long market.... here dow turns green bid steps up. My models suggest market could re-test 1405 today.

[TheNegotiator 13]

Looking at the rth profile, the prior balance low 1393.75 is clearly important so far:-

 

 

Testing that 97.50 as I post..

[TheNegotiator 13]

El Presidente in 20 minutes. Market taking a break and maybe needs more fuel one way or the other, and Obama will likely deliver.

 

Yeah the Big O could certainly move us like crazy if he's chatting about the fiscal cliff.

[TheNegotiator 13]

On the auction: if the market really is strong and bullish about news today, prior VPOC shouldn't be rejected. i.e. the test of 1400.25 is crucial. It could still reverse from there initially, but if I was a bull I would not like to see a quick rejection of that price area.

[Predictor 11]

Exited for small profit... sellers seem aggressive here. First short of today.. short for a scalp.

[TheNegotiator 13]

On the auction: if the market really is strong and bullish about news today, prior VPOC shouldn't be rejected. i.e. the test of 1400.25 is crucial. It could still reverse from there initially, but if I was a bull I would not like to see a quick rejection of that price area.

 

If that were followed by the market falling back out of the prior 3-day balance, I believe there would be some toasted longs.

 

I'm not saying I believe this is what will happen, just thinking about what might be the consequences if it does happen.

[TheNegotiator 13]

Video stream for Obama:- The White House

[joshdance 10]

On the auction: if the market really is strong and bullish about news today, prior VPOC shouldn't be rejected. i.e. the test of 1400.25 is crucial. It could still reverse from there initially, but if I was a bull I would not like to see a quick rejection of that price area.

 

Perhaps the market will actually test the 00, but a rejection of 99.50 which has already printed would suffice as a test in my book. Tricky area up here and must be cautious. A failure to hold 93 would set up a key test at 89s. This failing, would make 78 much more likely. Lots of scenarios here but my primary points of reference are still 00 and 78.

 

If the lid is blown off and 00s do not hold, I am doubtful that 06s can provide the supply and 28 is next to the upside on my chart. 15-20 was a key low volume area, which may be swiftly rejected, but otherwise, 28-30 should print.

[Predictor 11]

I'm DFD (done for day). Somewhat an unusual day pattern imho... I *might* be tempted to rebuy a 90 retest but a lot of uncertainty and news driven today.

Edited November 28, 2012 by Predictor

[Predictor 11]

Looks like 90 is in play.. Christmas is too long.

[Colonel B 10]

what are you guys using for news sources?

[matinthehat 10]

based on today's action so far, i'm expecting the 06s. Might be a good place to short based on the day's range at that point, but if internals are strong and aren't backing off up there, I wont be looking short.

[Predictor 11]

Looks like today could turn into a trend day to upside.. if so then 1404 is surely in play.. marketwatch+bloomberg

[Colonel B 10]

bloomberg is too rich for my blood I got a resting order at 04s you can buy them if you want

[Predictor 11]

Nice work if you can get it.... now that's much nicer.. Just got filled off the 1404.25. -- I don't trade on news. I only use it for reports. Not many futures traders trade on news but rather global economic conditions.

[Colonel B 10]

So is where they trap shorts and go higher? Starting to look trappy

[steve46 12]

Colonel B

 

Trade the news constantly...this is a news driven market so if you fail to take notice, you will eventually take a whipping.

 

I use Bloomberg, however as you mention it is expensive...one alternative is to use the free resource available on the web...a bit slower but still effective. I also have a televised news feed on at all times (Bloomberg again because in my opinion MSNBC is useless).

 

Prior to the markets I call friends in the industry to gather enough data for a pre-market "call"

and once the bell sounds I try to "get a look" at the NYSE floor conditions (again consulting with old colleagues)...

 

Generally speaking I try to have a plan based on experience (seasonal tendencies) as well as local knowledge that I gather prior to the open. Once the open happens its all me...and I am either right or wrong...(you can see that pretty quickly if you are observant)...

 

When I am wrong, it costs me a few bucks and I try to get myself turned around (or I step aside), when I am right I try to build a position. Its about that simple.

[Colonel B 10]

yea I use Trade the news too. They dropped the ball today. I dont know of another resource out there

[joshdance 10]

yea I use Trade the news too. They dropped the ball today. I dont know of another resource out there

 

How did they drop the ball today?

[Colonel B 10]

no heads up on the house speaker speaking