Discussion in 'Trading' started by Joab, Aug 10, 2006.
ride part of the wave and you should be OK
hindisight is 20/20 I guess
Also, I changed my strategy today trading the ER2 and got smoked.
Of course I started the day out down $1500 in the Euro and made it all back by 10:30am only to take a huge hit on the ER2.
I need a damn shower. Anyways, I'm gonna step out of here for a bit to cool my head.
Today's emini trading:
#1: Markets were short-term oversold at Wednesday's close.
#2: Overnight news of thwarted terrorism dropped ES & ER futures -6pts before the pit-session open. Prior terrorist threat sell-offs have been reversed upward for the past couple of years.
#3: Price action sold down to S1 value and kept posting higher highs from there.
#4: Bull flags all the way up, as fade traders kept shorting into every higher-low bounce.
#5: Untouched pivot point with price action well below at the early lows... pivot points have 70+% probability of being "brushed" (within 0.5pt) in the pit-traded session.
#6: Both ES and ER traded up thru numerous layers of intraday resistance, offering a number of potential long trade signals.
#7: Price action hit the pivot targets and pinned there... just like they do so often on reversal days like this.
Long ES 1268 or higher, walk away and let it seek the pivot magnet. Long ER 679 or higher and let it ride toward 688
The absolute toughest part about today was trusting the charts. They told us to play the upside after initial drop... it is darn hard to believe them sometimes :>)
Hope this helps
i wonder what makes today so different for a number of people here..the poll is clearly lop-sided..what's so special about today? Maybe its an inherent flaw in the poll, ie mostly people who had a bad day would vote or post..
Technically the trading day session in advance was biased to go up net. However my observations on today are very ordinary. Crude fell out of bed and its fall helped boost YM (& stock indices). Basically I trade without reference to crude but it can still pay to keep a running check on crude because as all can see it can move inversely to the stock index, in alignment with it or without much apparent effect on it.
mkt has been shitty and choppy for how long...couple of months?
many nice gaps trendin' nicely today tho...asei was on fire, runnin' 16% from the open, same many gaps down, trendin' all day...prob is that i NEVER got a short fill on nyse gaps down...EVER, that pisses me off big time...wonder if any of u get easly filled on this shite...[?]
20% of the people had a good day. Out of that 20%, 15% of 20% had a good day because they lost less than a normal losing day. And 5% made money.
God, a poll like this.. asking an indirect question could never lie about the true profitablity of ET membership.
Good Point This really did affect things today as soaring crude prices have really have been a drag on the market.
Personally I lost $40 today by not following my own intention and not trading the action and the charts and thinking too much.
Oh, well. No big deal and a good reminder. It was a little screwy at times but much more predictable at others, which is always the case. I try to trade those times which are more predictable. Like today's open.
for an input specific to this thread i had a rough day,, grind grind grind,, lost 600, all in fees,, lol,, 2nd down day in a couple months... longed xom scalping all day like an addiction,, didnt work out so well, ,haha. but good luck to all tommorrow. oya,, a question,, ive only been in the game 6 months,, and im verrryyy curious as to what the volume in the nyse/nasdaq is in different months of the year,, does it double in the winter??? is there a trend for the months?????? thanks,
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