Daily eminis thread

Discussion in 'Index Futures' started by plyka, Aug 9, 2010.

  1. plyka

    plyka

    Hello folks,

    This thread will be dedicated to talk surrounding the daily movements of the eminis, most notably the NQ by me, but others can comment on the other eminis if they wish.

    I have two distinct trading styles, I mainly trade the ZG on a medium term basis, holding positions for a month or two if everything goes according to plan. I actually believe that a buy opportunity in the ZG is going to come shortly, like in the next few weeks after it has consolidated this run. But that's another topic for another forum.

    My 2nd trading style is daytrading the NQ or seldom the other eminis. This is my secondary trading style, the one which doesn't make as much money as my first. I notice that i lose quite a bit of money when i get "crazy" as i like to call it and have 10-20 or even more trades per day. So now i attempt to limit myself to 1 trade per day, typically coming after the morning insanity is over. This is what i will start posting about.

    I look for the eminis to chase everyone out of their positions in the mornings by spiking up to new highs AND spiking down to new lows, before it decides on its direction. This direction may last a few hours before it reverses or go to close.

    Today's action had a spike up in the morning, came back and spiked down shortly there after and is now working its way back higher. It doesn't seem to have much power which is worrying, but everything considered I think she goes higher from here. It looks like it is working its way higher after the 2nd spike down which is a positive. Not to mention that this higher march has been made with a couple of mini shakeouts. All good signs. As i mentioned before, i worry is that it lacks the power to do anything. So for now i am long, but weary of the lack of strength which may mean that even if it breaks out higher, it may not go far and today is just a choppy day instead of a trend day.
     
  2. please stick this under the journals section, thank you.