Joey's MP Journal

I've decided I don't know my a*se from my elbow when it comes to daytrading.

Instead I'm going to try to have some fun and have a good rush from the occasional winner. Unashamed gambling - something to relieve the monotony of my normal trading day.

Anyway, I've been keeping a blog, and the method is now to identify potential turning points for shorting using a mixture of Market Profile and Classical Pivot Points.

Today's levels are:

1352.08 (Weekly R3)

1343.25 (Resistance)

1328.75 (Resistance)

1316.75 (Resistance)

1308.08 (Weekly R2)

1300.50 (Resistance)

1280.92 (Weekly R1)

1274.00 (Daily Pivot Point)

1264.08 (Weekly Pivot Point)

Joey

I'm using the following scheme (there are many variants).

R3 = Pivot Point + (2 x Range)

R2 = Pivot Point + Range

R1 = (2 x Pivot Point) - Low

Pivot Point = (H + L + C) / 3

S1 = (2 x Pivot Point) - High

S2 = Pivot Point - Range

S3 = Pivot Point - (2 x Range)

Last week for the e-mini S&P Sep contract we had:

H = 1291.25, L = 1247.25, C = 1253.75, Range = 44.00, giving:

R3 = 1352.08
R2 = 1308.08
R1 = 1280.92
PP = 1264.08
S1 = 1236.92
S2 = 1220.08
S3 = 1176.08

Joey

personally i think that's a wee bit a' ****e and an utter cop out.
from the little i know of U , u seem to be intelligent, smart and a cut above the rest.

but i'm disappointed at your reaction, maybe this is why "95%" of traders fail - because they give up, bored or disilusioned.
as i've said before, trading is supposed to be boring, so if it's not exciting you, it seems to me you're not doing too bad ...

1377.58 (Weekly R3)

1343.25 (Resistance)

1328.75 (Resistance)

1319.08 (Weekly R2)

1316.75 (Resistance)

1300.50 (Resistance)

1289.67 (Weekly R1)

1262.75 (Daily Pivot Point)

1260.58 (Weekly Pivot Point)

1247.00 (Support)

1231.17 (Weekly S1)

1227.25 (Support)

1202.08 (Weekly S2)

1143.58 (Weekly S3)

Numbers checked and OK.

One of the first things I say to beginners or people who ask about trading is..."It's pretty boring actually."

"Methodical" is probably a better word but to an outsider, watching "methodical" in action is likely to be boring.

I once heard trading described as "Hours of boredom injected with short periods of manic activity" or something like that. Even the short periods of activity become less manic as time goes on and I prefer it that way.

To me, boring = consistency and sustainability.

I don't really think Joey has indicated that the problem is that trading is "boring" or what-not. Day trading isn't for everybody and I think he's just decided that it isn't for him, except for the occasional leisurely "bet" here and there. I don't necessarily believe in what he's gone with either, but you have to respect a person's decision to do what they feel is right.

Day trading is not an easy thing to do. And I agree with you completely that it truly is rather boring. I deal with this every day as an educator who tries hard to stress this fact to people all the time.

Anyway, Joey I wish you the best of luck. My email inbox is always open to you.

Take care.

9.00am (Chicago) : ISM Non-Manufacturing
13.15pm (Chicago) : FOMC Interest Rate Decision

1377.58 (Weekly R3)

1343.25 (Resistance)

1328.75 (Resistance)

1319.08 (Weekly R2)

1316.75 (Resistance)

1300.50 (Resistance)

1289.67 (Weekly R1)

1262.25 (Resistance)

1260.58 (Weekly Pivot Point)

1258.75 (Resistance)

1252.75 (Daily Pivot Point)

1231.17 (Weekly S1)

1227.25 (Support)

1202.08 (Weekly S2)

1143.58 (Weekly S3)

1377.58 (Weekly R3)

1343.25 (Resistance)

1328.75 (Resistance)

1319.08 (Weekly R2)

1316.75 (Resistance)

1300.50 (Resistance)

1289.67 (Weekly R1)

1276.00 (Support)

1271.58 (Daily Pivot Point)

1260.58 (Weekly Pivot Point)

1231.17 (Weekly S1)

1202.08 (Weekly S2)

1143.58 (Weekly S3)