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I thought I would start a thread here to keep track of my YM trades - perhaps my success and/or failures will be helpful to others. If there are any others who also trade YM, by all means, jump in. I am always open to learning new things, and looking at other's perspectives.

 

Some quick background, I trade the YM because I am most comfortable with it from a movement standpoint. It has always just flowed better for me than ES or NQ, and honestly, I like the range and simplicity of it. My trading style is purely support and resistance trading, though I have gone through the endless indicator rotation, and still play with them more out of boredom than anything else.

 

Currently waiting to see if a sort trade materializes here (yes, I trade the overnight session if setups occur). Looking for a bar close below 11971, a (hopefully) small pullback, then enter for a short.

 

Magenta line is the trade earlier today for 108 points.

5aa7108432611_2011-06-2719-28-YMU1R20.thumb.png.cb48a593ee14880cd1bc8bd6fc43ed98.png

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Trades from last week:

 

Mon +91

Tues +90

Wed -22, +60

Thur +165, +25

Fri +92

 

Constant internal debate for me is whether to use fixed targets or not....for now, letting the market dictate, though I never like giving up ground.

 

Still waiting on a short setup.....if it ever materializes.

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Short trade never materialized. Well, it did, but I had two a second short setup materialize before the first triggered, and that typically means weakness, so no trade. Looking for longs now.

5aa7108455fbd_YM2.thumb.png.971079e8a499f1957a38e123e37bdee6.png

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Could be a bullish flag setting up here - strong support would be around the 12055 area for termination of that pattern if it happens, which was resistance (briefly) earlier. Will wait and see.....still in long trade.

YM5.thumb.png.d8ac27fb5176f21245f847b14642414c.png

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Love it! Went to the target to the tick, then reversed without taking me out! LOL :haha:

 

That's the way it goes sometimes - waiting to see what it does now

 

Btw, target was chosen as it is a bit below the highs from the 21st and 22nd, and right in the middle of that consolidation mess that occurred there before it turned down.

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Have a possible long setup shaping up. Will enter on the close of a green bar. Not feeling real great about this one with the time of day and being right at the HOD.

 

Red arrow was a short earlier, and I missed it. Oh well, better that than rushing a trade I don't see.

 

** Update ** Long entry at 12180, SL 12158

YM.thumb.png.34c36c33a9162fce1572e4120cf2365b.png

Edited by Maelstrom

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Upcoming, looking for a bar close below 12160, unless there is just a tremendous amount of churning here after hours before reaching that level.

 

Major support areas I will be watching are 12150, 12107, and the 12050-60 area. After that, I don't see much to stop a downward move until the 11850 area.

 

Of course, this is all assuming a turn down from here. The market can very well just keep pushing up, but that is why I trade what I see and don't try to predict.

YM.thumb.png.e15a66bc5f4ed9074a188dc6a24804d5.png

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Sat on the sidelines overnight...slow grind up, but didn't see anything worth moving on.

 

For now, watching a few interesting areas. If current price action fails to reach the 12275 area, and breaks down through the 12208-10 area, I will be anticipating a visit back to 12150. If that breaks convincingly, we may see 11940-50 relatively quickly.

 

Again, no predictions, just what I am seeing at the moment. Likely the market will shoot straight up from here for 200 points :)

 

Started an experiment last night, looking at ES. I have traded it before, along with NQ, TF, etc, but have never liked it much due to the heavy interest in it and sometimes erratic movements caused by program trading and institutions. But, just wanted to see if my "methods" would apply. Hindsight is 20/20 of course, and it doesn't mean a damn thing, but last week would have been good for about 58 ES points.

 

If the market continues to waffle around all day, may look at other markets just to keep awake.

 

M

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No trades thus far today - the entry yesterday afternoon was the one, and could have/should have been a swing trade up till now. Hesitation earlier in the day, and a confirmed turn down would have had me looking for shorts, but it obviously didn't materialize. Since I don't hold YM trades day to day, and don't (usually) take continuation trades from the previous day, I am on the sidelines.

 

Two hours to go, never know what may happen. Going into a holiday weekend, this could slow up here.

 

M

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Out 12218, +38 for the day. Wish I had seen the short earlier, but I will take it for a lackluster day.

 

Just wondering, do you adjust stops to breakeven to below a support/resistance/sma etc, trail your stops, or just leave your trades to hit a profit target or be closed manually? Do you ever look to see if closing your trades manually cuts you out of big profits in the long run, or does it actually act as nifty capital preservation?

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i'm a relatively new trader and am really impressed with your simple but so effective trading method.

 

do you manually draw the support/resistance lines and the trend lines?

 

do you know where to draw the s/r & trend lines based only on the visual aspect of the chart or is there some other additional bit of info you also use?

 

thanks for sharing your method!

 

bruce

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