Emini S&P trades

grrr it is getting a bit too overbought for my liking so I may have to hold off on this one unless it comes back down to like 1360 or lower on ES8M

 

as long as it doesn't break 1356.

 

Long at 1356.25 Will exit position at 1358 or 1353 since it closed at 1356 at 12:45

 

Out at 1358 for a 1.75 point gain.

 

going long here at 13:30

 

Thinkorswim offers a free simulator, no account needed.

 

The ESU8 never made it that low at that time. Are you trading the M (June) contract? The Sep (U) contract became the front month contract (largest volume) last Thursday.

 

If he's making that call, yeah, he was looking at the "M, (June)" ES contract, not the current quarter.

 

the general rule is cut your losses short and hang on to your winners. You are doing the opposite.

 

Thanks for the advice. I was trading the June contract. Took a small loss today )-1.25 points) after getting stopped out on the last trade. Was really tempted to take a small gain on the last trade since the market was going back and forth for a few hours in the afternoon but didn't. For the specific strategy I'm doing, after much research I decided on the 2 and -3 limits because it seemed to work best. For example, on the 12:45 trade, if I had let that run I would have been faced with a difficult situation from 1:15-1:30 when it plummeted at one point -3.5 points. I also figure it's better to take more small profits for gains than a few big gains with more losses. Time will tell the best thing to do is.