E-mini S&P 500

[ES YM]

Hi wh92stang,
I'm glad your trade went well - but this is something Richard does not do and actually advises against. He lets the market dictate the direction of the trade as opposed to his view of the market. If I'm interpreting your comment too literally, I apologize. Be that as it may, can I suggest you open your own journal as I'm sure there would be a lot interest in it as you clearly have a lot to offer?

Welcome ES YM - good start to your own journal; I'm enjoying it!
Cheers,
Tim.

I'm glad a staff member has joined the discussion! So thanks for reading Timsk.
Yeah wh92stang, your style is very interesting; in the example you gave it would appear that you faded the upmove rather than followed momentum which from what i have seen is what Mr_Charts seems to do...
However, its best to have your own style because that means your not in the frame-of-mind of trying to make trading 'easy' for yourself through trying to copy others, in my opinion until a trader is at such a point where he isn't looking for any short-cuts, its only then he can truely develop himself towards success with open eyes.

Keep posting here Wh92Stang if you'd like, as we focus on US equities or alternatively open your own journal and i'd be keen to follow.

 

[ES YM]

13th November Analysis
Yesterday;


On the 11th, we have a FALSE breakout of the yearly high...
Price then formed a range.

On the 12th, We had a FALSE breakout of the 11ths range and then procedded to have a down-trending day.

On the DAILY, its clear that we are in a uptrend. Therefore, under the current context, yesterdays fall was a PULLBACK in an existing trend.

5-minute 200SMA has been strongly pointing higher and yesterday we saw it go flat/start to turn down, indicative that we are now in the corrective stage of the cycle which would fit in nicely with the new high.

Yesterday we formed a Double top in the morning. Price bounced temporarily of yesterdays low, broke it and continued to test the level; During this time price was relatively stagnant and this co-incided with the 12:00 lunch hour in the US.

My FIRST support, bounced price in the short-term but price fell below... However @ the close, we rose above to close above and this formed a LOW-TEST BAR on the 30-minute @ my support.

Furthermore and finally, price broke out of its UP-CHANNEL.

Here is the 30-minute chart with the support level that a low-test bar has formed on.


Todays levels to watch;
Yesterday Low
Yesterday High
1085.00 (SUPPORT)
1069.25 (SUPPORT)
FLAG resistance
24-hour pivots

News;
8.30 Trade balance
8.30 Import prices
9.55am Preliminary UoM consumer sentiment
9.55am Prelim UoM inflation Expectations
10.30am Natural Gas Storage (I'm looking to play this event today)
11.30am FOMC Evans
8.30pm FOMC Dudley Speaks

Consumer sentiment is weak, although somehow the spending has held itself up. If the consumer sentiment was bad then i think that would have a large affect. However, always fade logic.

 

[ES YM]

Swing Trading
This is my first swing trading entry on the journal

LONG EWZ @ 73.58 80 Shares
Commision: $1

I'm going to scale into this position...

With these setups, i want price to fall further so that i can fully scale in... Thats why it may look like an early purchase... It is scary buying into such a sharp decline, however i've found whats difficult to do, is often best. If its uncomfortable then its usually the best option.

Reasons for buying; Sharp decline in existing uptrend.

If price closes LOWER today than yesterdays close, i will buy a protective put 3% below price.

This is un-leveraged and no utilisation of InteractiveBrokers margin.

Later today i will upload all of this weeks trades and reveal this weeks PnL

Update: Pre-market limit @
73.01 for 50 shares
$1 commision
FILLED

Average Price including commisions: 73.31

 

[wh92stang]

Hi wh92stang,
I'm glad your trade went well - but this is something Richard does not do and actually advises against. He lets the market dictate the direction of the trade as opposed to his view of the market. If I'm interpreting your comment too literally, I apologize. Be that as it may, can I suggest you open your own journal as I'm sure there would be a lot interest in it as you clearly have a lot to offer?

Welcome ES YM - good start to your own journal; I'm enjoying it!
Cheers,
Tim.

You are correct, it is not Richard's exact style. I scan for stocks in much the same way as him, and I do in fact let the market dictate direction. For example, in my post JRCC was gapped down significantely from the previous day and I was looking to go short. However, my entry point is quite a bit different than Righard. Rather than waiting for the momentum of a breakout, I get in much earlier, and oftentimes a breakout does not even occur. I haven't been doing this too long, and my success is most likely significantly less than Richard.

 

[ES YM]

16th November 2009;
$47.50 per contract today (Including commisions)
Three trades;

First trade;



Flag Breakout,
Long @ 1108.50
Stop loss @ 1107.50
R3 resistance (RTH) @ 1090.25

Not a very good setup, especially considering upcoming resistance. Was impatient having missed the initial rise.

- $55 loss per contract.

Second Entry:



Flag Breakout (Properly formed after original loss)
Long @ 1108.00
Stop loss @ 1107.25
Exit @ R3 Pivot @ 1109

$45 Gain per contract

Third Trade:



Price tested perfectly Support,
Channel had formed,
Long @ 1107.75 on the breakou
Stop : 1107
Exit @ 1109 @ R3 Pivot

$57.50 Gain per contract






SWING TRADING
I went long EWZ with an average price of 73.38 (Including commisions) The other day.
Today; An exit of 76.79 intra-day
With 130 shares.
= $443.30 Gain





I'm finished @ 12:17 New York time and 17:17 London time.

Enjoy the day folks.

 

[wh92stang]

When do you switch over from the December ES to the March contract?

 

[ES YM]

When do you switch over from the December ES to the March contract?

I just follow the liquidity.
Usually around a week before expiration, but really i'll just wait until the March contract has more volume than December; which probably will be around Thursday the week before the 3rd Friday of the month.



I'm closely watching the ZCZ9 - ZC H0 Spread at the moment and looking for opportunities.

As i've said i'm relatively new to trading so i wouldn't take my advice very seriously.

 

[ES YM]

No trades today.
Didn't like the market activity...
It was ranging (in a triangle) and had a lot of false movements, also it was generally quite low volatility and lacked momentum; So i decided not to place any trades after waiting for all the news to come out.

No Swing Trades today either.

 

[Scott123]

Would anybody be kind enough to share one of there trading strategies with me?

I have been educating myself for a while now and have chosen the emini SP to trade at 6 - 9 GMT (1 - 4 EST). My stop size will be around 8 to 10 ticks, so I will be trading off of 5 - 15 min charts. I have a lot of useful knowledge that I would like to share and would like to get in contact with similar people.

So lets get in contact and trade trading ideas!

 

[ES YM]

Hello Guys;
No time to post this week because i've been doing alot of planning on the trading of currency futures and of swing trading; Also been setting up my office a lot and then had a few general life stuff to sort out.

+ $62.50 per contract this week (Including commisions)... Did not like the activity and i managed trades very poorly; the final score doesn't reflect the true performance.

Will be more active next week.

PnL Since starting Live trading;
05/11/2009 - 13/11/2009 = $95 Gain including commisions per contract
16/11/2009 - 20/11/2009 = $62.50 Gain including commisions per contract
05/11/2009 - 20/11/2009 Swing trading = $443.30 Gain

 

[ES YM]

Would anybody be kind enough to share one of there trading strategies with me?

I have been educating myself for a while now and have chosen the emini SP to trade at 6 - 9 GMT (1 - 4 EST). My stop size will be around 8 to 10 ticks, so I will be trading off of 5 - 15 min charts. I have a lot of useful knowledge that I would like to share and would like to get in contact with similar people.

So lets get in contact and trade trading ideas!

6 - 9 GMT probably isn't the best time to trade the E-mini S&P 500 markets; that time lacks any significant US news in terms of economic indicators and also it avoids all stock earnings announcements and other regulatory information.
If you are trading that session, it would probably be best to trade markets that are being focused on; the DAX, the FTSE - Then you can incorporate whats going on in the news and stock events into your trading and be trading markets during there liquid times... It seems pointless to me to trade the US markets while the US is sleeping, when you can be trading the UK markets.

Although, the way the ESZ9 moves during them hours i suppose could be taken advantage of, in the way that it tiers its movements and generally just fluctuates slowly, may be good for trading ranges and reversion to the mean.... Also when the UK market is awake, it becomes a bit more volatile and directional - Without the usual faking associated with the normal trading hours in the US. So during the 6am-7am session range plays may work and then directional breakouts after that.

What approach are you currently using?

8-10 ticks seems like a massive stop loss for trading them hours. Also you should definately be entering with limits during this time, getting filled @ the bid in such low volatility for shorts will be a big disadvantage.

 

[ES YM]

This is very unpopular;
I'm going to retain to keeping a journal off-line in a word document than positing it online.

Was nearly fun though!
Thanks for the contributions; Bye guys.

 

[TAjammy]

i liked!

 

[CFry87]

es ym... how long have you been trading... how many contracts do you trade with on ES?

 

[aversano]

Hi, I have been DAY trading the emini snp contract for quite a while. trying to master my setup and emphasize risk/reward, money management and all other tools necessary to lower risk. (master your setup, master yourself).

I am neither looking for a guru nor an easy way to succeed in this market but am YET TO FIND ONE PERSON who does it for living and actually makes good money (300k+).

your thoughts?

 

[TAjammy]

Hi, I have been DAY trading the emini snp contract for quite a while. trying to master my setup and emphasize risk/reward, money management and all other tools necessary to lower risk. (master your setup, master yourself).

I am neither looking for a guru nor an easy way to succeed in this market but am YET TO FIND ONE PERSON who does it for living and actually makes good money (300k+).

your thoughts?

the people who make that kind of money don't tell their secrets, much.

 

[aversano]

There are no secrets.... and should I assume that people who make that kind of money DAY trading aren't members of this forum? I disagree.

 

[ES YM]

es ym... how long have you been trading... how many contracts do you trade with on ES?

I trade 5 contracts and i increase this by one contract every profitable week (Thats the plan).

Cheers

 

[ES YM]

Hi, I have been DAY trading the emini snp contract for quite a while. trying to master my setup and emphasize risk/reward, money management and all other tools necessary to lower risk. (master your setup, master yourself).

I am neither looking for a guru nor an easy way to succeed in this market but am YET TO FIND ONE PERSON who does it for living and actually makes good money (300k+).

your thoughts?

I know a guy who has made a lot of money in a short period of time trading the E-mini S&P 500, i'm also financially backed so i see no reason i cannot make a decent amount of money from this market. Its self-belief; if everyone else losses, i'm here to win and other people not being able to win only motivates me.

Cheers

 

[CFry87]

there are many people that trade eminis for a living... I replaced my income with my trading alone for about 4 months before i got a job offer from the firm that taught me about trading... Granted i was doing concrete work for only 11 bucks an hour... but hey it got me out of there and i have never had to go back... ... ES YM are you just adding contracts if your in the green every week or do you have to hit a target account size?

For Example during those 4 months i was only trading with one contract as... now im only trading 4 contracts sticking to adding 1 per every $3000-3500 growth of trading capital in account