Final trade of the day. One more short on YM for 13 ticks. The 40 tick stop was not hit. We were far enough away from the 200 sma that a short at the late afternoon stall seemed appropriate. The target was the 200 sma and the uptrend line from the lows. Total for the day before commissions is $18: I am glad I only traded one contract today because of the volatility.
If anyone would like another reference on sstheo's past track records from last year enjoy. https://futures.io/trading-journals/46495-my-mes-live-account-journal-oneup.html
Just to be fully transparent, the actual reason for the ban was because the moderator accused me of advertising my free chat room and then banned me with no warning. When I asked "Why?" he seemed to begin to channel Nostradamus, and he claimed that my secret plan from the beginning was to fill up my chat room with his subscribers and then start charging them. (It was news to me!) He said he had seen this over and over with others. If so, then it is hard to blame him. I just wish he had given me that warning... (It has been almost a year now and no money has changed hands.)
Yeah, and Nostradamus also knew "Hister" would come. We just curve-fit that guy's prediction to whatever works these days. I wanted to bring something up to give you another sense of perspective, regarding your desire to try to balance ratios between YM,NQ,ES. Here's a screen shot of my current positions in MNQ and MES. I took both of these positions long at exactly the same time just before market halt yesterday. So they are equal in time of entry and size. One contract each. Here is what they look like as of the timestamp of like 20 mins ago... What I am trying to show here is how the strongly-correlated markets, as you have called them, can diverge in price difference. This is what it looks like now. I hope this helps you trying to figure out your ratios of YM-to-NQ-to-ES should you continue that study.
Thanks. So MNQ is +$16 and MES is -$43.75. Actually, as reported last night, I am going to stick to MYM and MNQ for now. And most of the time it seems like the MNQ moves twice as fast dollar-wise as the MYM.
Yeah, what I was trying to show was the disconnect between the movement of the instruments. One will move X, but another will move X +/- a certain amount. I thought I saw your thinking in that when you were mentioning ratios between the different instruments, like 2 YM to 1 NQ or 1ES 3 NQ 1YM, or something like that. Just showing how it looked in real time. P.S. And yes, NQ rips the shit out of YM in terms of price movement over time. NQ is to YM as RB is to CL.
Chopfest!!! Another "Whew - Glad that's over!" day. Again, I ended positive, but barely. I need @Overnight to show me how to take longs when the market looks overbought and covered with wheelbarrows full of bull #@$%! (They all have "Property of the US Federal Reserve" written on the side.) I won't go on about all the reasons the market should not have made new highs today, because I have no business trading if I can't trade what's right in front of me. "Trade what you see" is one of my slogans, but I fail miserably at it sometimes. Consider the bullish case: Perhaps the Fed's guarantee to print more money to stave off Covid19 problems rescued the market. Perhaps we rose because we were in the balance zone of the past 3 days. Doesn't matter. With the FOMC minutes at 2 pm ET, I should have just stayed away today or just gone with the flow early. Thank goodness I did NOT try to pick off the false highs like I used to. Instead, I waited and waited for a short entry - that never seemed to come. But... I finally gave in and went long twice on MNQ and failed both times (1)(2). But I got out quick. Then I had a good long (3). (see below) Finally, I saw a good 10 point drop on the MNQ (gray arrow) and the 50 sma begin to flatten (gray bar), So I started to look for shorts, anticipating some profit taking from the profitable bulls from the morning. We were far enough away from the up-angled 200 sma that I believed I could make a profit. Success. I got two good shorts (4)(5). (my time is Eastern Time minus 2 hours)
I then took some losses on the MYM, but finished out the day with 6 tiny short scalps on the MNQ. The first three (1)(2)(3) were a bit risky because we were still above the 200 sma. But the last three (4)(5)(6) were high-probability trades because we were at or below the 200 sma and taking the short on a bounce into Resistance. (The exit on #6 looks odd, but that is because the line chart doesn't show the wicks or tail, only the closing price.)