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TheNegotiator

Day Trading the E-mini Futures

By TheNegotiator, in E-mini Futures

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steve46    12

steve46
Posted (edited)

Agree with your comment (Negotiator) about the weekly open. Its one of the numbers I use..

 

As to this market, the problem is Greece and the possibility of disorderly default (which is very real to institutions and funds)....most of the exposure is overseas, however the effects (which is really what the term "contagion" is about) are seen here in the unusual market conditions....

 

What I think you will see are short bursts as automated programs try to find order flow and get in front of it....I would think most commercial players are waiting for Bernanke and/or the Presidents comment later today...

 

and of course developing news can trump all

 

The screen shot attached shows one item that could be of importance to some....on the right side you see the ES contract and the two inset dark blue bars show the location of previous buying and resting orders....coincidentally that is where price reversed today....

 

Best to all

Steve

5aa710cb7f86b_Screenshot.thumb.PNG.d8384295c8cd285a5db569d0a128d14d.PNG

Edited by steve46

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TheNegotiator    13

TheNegotiator
Posted
Agree with your comment (Negotiator) about the weekly open. Its one of the numbers I use..

 

As to this market, the problem is Greece and the possibility of disorderly default (which is very real to institutions and funds)....most of the exposure is overseas, however the effects (which is really what the term "contagion" is about) are seen here in the unusual market conditions....

 

What I think you will see are short bursts as automated programs try to find order flow and get in front of it....I would think most commercial players are waiting for Bernanke and/or the Presidents comment later today...

 

and of course developing news can trump all

 

Best to all

Steve

 

Absolutely, although I beleive the President is talking on women's health or something similar.

 

As for options on OTF(without context from Greece etc), OTF could be:-

 

1- Passively profit taking near balance low

2- Passively accumulating near balance low

3- Doing nothing at all

 

Reason OTF could be passively active is because of the earlier momentum down and clear perceived risk of lower prices.

 

Given the Greece news I suspect there will potentially be some interest down here but we'll need some further input before a retrace(or selloff).

 

:2c:

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steve46    12

steve46
Posted

Well the resignations are in anticipation of getting booted out because of the many sanctions they are imposing on the society....

 

There are two schools of thought on this (as I understand it)...one, that the people will vote most of the politicians out in retaliation for the EU imposed measures, and the other that people will realize that this is the only way they can stay in the Union....

 

I figure most of Papdemo's government is good as gone as soon as the elections take place.

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roztom    10

roztom
Posted
Btw Tom, I wasn't having a go at you at all there.

 

YIKEs...not only am I wearing a helmet but I am going into my bunker...:crap:

 

BTW,,afer making a reasonable donation to the Floor Traders retirement Fund this morning for getting short too early I did get short and plucked a few "Quid" -

 

N. Is that what you call it over there?

 

I will give the anatomy of the trade:

 

1. Obviously Big Selling overnight...

2. Where to look for a short?

Now you know I use a profile but you can see this on any Globex chart

There is waht we call a distribution area..when the market skipped thru on the way down and left a low volume area and then balanced this thin area at the top is where we had1338.75.. the then high of the IB..

 

This was an area to look to lean on for a short.. I did sell ahead of it and did pay the piper... when we came back through the OR..

 

I then sold against there & did my scales but did not get my test of 31.00 area..

 

Then Chop City ...

 

Now Long and waiting..

 

I started writing this early on but then with the Chop got very involved, frustrated and upside down... but I think I "might" be rightside up now...

 

Chop is where I get tossed like a cork in the Ocean... but the day is young..

 

Good trading all..

 

Tom

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TheNegotiator    13

TheNegotiator
Posted

Looking at 41.00 possibly 41.50 as being important if we get there. Get above there and trade some, we're looking at acceptance of yesterday's range potentially invalidating the move down. Reject it and a move lower is on the cards.

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roztom    10

roztom
Posted (edited)
Yeah I tend to find it a little like a game of cat and mouse. If you're not careful the psychology of it can really mess with your head.:angry:

 

BTW: This kind of day - so far causes me to thrash and I have to recognize it after a few trades with no follow-thru... that I am in Chop...

 

IF I have 3 losers in a row then that is my wakeup call... The Chop Alert goes off.

 

Usually they are relatively small but they will add up. :helloooo:

 

So .. I am doing my knitting...

 

Regards,

 

Tom

Edited by roztom

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roztom    10

roztom
Posted
Looking at 41.00 possibly 41.50 as being important if we get there. Get above there and trade some, we're looking at acceptance of yesterday's range potentially invalidating the move down. Reject it and a move lower is on the cards.

 

Didn't see your post..Exactly my thinking and a scale point for me "if" that is the way it plays out...

 

Tom

 

Edit: I am flat now... Going to eat some prunes...just kidding...on the prunes. T

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TheNegotiator    13

TheNegotiator
Posted
Yes today is one of those days where anything can happen... :doh: but it "might" be that the news is already in here, the market is still in a balance area and we took a lot of selling this morning...

 

Of course will they break it down later or is the path of least resistance short covering and accumulation?

 

Don't know... This is probably waiting for Bernanke... SO I am just sitting in here but we certianly need to come out of here if my long is going to succeed..just treading water but the stucture is leaning a bit my way..but.... not enough right now...

 

I am monitoring it closely...

 

Regards,

 

Tom

 

Do you mean "It's pissing about right now and I wish it would go test yesterday's low already!"?

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roztom    10

roztom
Posted
Do you mean "It's pissing about right now and I wish it would go test yesterday's low already!"?

 

:crap: Yes but too close to Bernanke so this thing will probably gallop out of here.. coint-toss really..not worth it...

 

I'll wait for the next train...

 

 

Regards,

 

Tom

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roztom    10

roztom
Posted (edited)

BTW: This is just banter..nothing else... My Technical tools are mixed but suggesting Short.. However the Profile is not speaking to me though it smells like up and we are sitting at the low end of an important area...so in my little world this is conflict until I get alignment...

 

My stomach is saying: Punt

 

Aside...

 

Tom

Edited by roztom

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