Nite Session U.S. Index Futures

Discussion in 'Journals' started by osorico, May 7, 2007.

  1. I've been simming YM nite session for about 2 months. Now, it's time to go live. This journal will attempt to chronicle the undertaking.

    This is a no-obligation-to-post, no-obligation-to-prove journal. It is not intended to be live calls or anything of the sort. This will remain fun and pressure-free for me, (and maybe useful), or I'll simply close it.

    1) Nite session only. Sometimes I'll be awake (and maybe stay awake) other times I won't. Signals may or may present themselves during these limited times.

    2) I will attempt to post trades as close to actual time as possible. Where appropriate, I will timestamp using a 24hr clock, based on EST.

    3) I will not carry any trade into RTH. Trades put on during the nite session will be closed prior to RTH open. I can think of a few scenarios where this may not be the right thing to do, if you consider pre-market, as I do, part of the nite session. I will cross this bridge as it presents itself, case-by-case.

    Trading methodology:

    Due to nite session being (usually) volume deprived, I will be using completely different setups than those used by myself during the day.

    P&F charts and range-bar charts will be used almost exclusively. No indicators, no moving averages, etc. Although I do use "equivolume" range bars. Here's a pdf by equivolume founder.

    For the curious, the volume issue tends to expand development time needed for scalps/swings. During the day, time (duration, not clock) is also a factor in my trading. The use of P&F removes both time and volume from the equation relying only on price, and my equivolume range-bar setup removes time while preserving potentially useful volume information for confirmation.

  2. 5/7/07 23:25 EST

    Not impressed with YM trade potentials right now.

    I see significant support at 13328. So while a short in the low-to-mid 330's might be profitable, it's barely better than 1:1. Not for me.

    Will try to hang out to see if 328 presents a bounce or continuation. Continuation could take it to the teens quickly. A bounce looks capped around 340.

  3. Goodluck. This should be an interesting thread to watch. Subscribing.
  4. abaker


    The ym is moved in the usa night, by the nikkei, the aussie index, and later the dax

    You could look at their charts, to see the action and trade the ym . The ym, following the other indices, would obey r/s areas more.
  5. In that case why not just trade the nikkei (the most influential of the asians) and then trade estx50 or dax during european hours?

    There's more volume, more trend, and more reliable technicals on the primary markets of a time of "day" (iMHO of course).
  6. Makes more sense to be honest.
  7. I agree in concept. In practice however there are 2 specific issues for me at this time...

    1) The Nikkei $25-tic is a bit scary. This is mentally offset, in my mind, by the RTH characteristics. Still, at $25 a tic, not an instrument to experiment with, imo.

    2) Unlike Nikkei, DAX overnite performance bond (margin) is very high. I try to maintain stable account balances, meaning I make regular withdraws from my account(s). Frankly, unless I increase account balance, DAX overnite margin as percentage of portfolio is just too high.

    Thanks for the comments
    Osorico :)
  8. 5/8/07 9:00am EST

    My take last nite was accurate. 328 broke and the downdraft continued.

    Unfortunately it happened after I called it a night. Oh well.

    Good trading to all.
    Osorico :)
  9. 5/8/07 20:00 EST

    The game is afoot. A door is ajar. Something is abreast. Or maybe its askew.

    The pizza has been delivered, the charts are ticking, the TV is on. If I only had a trade!

    Right now YM shows me nothing. I won't touch it here @34x. Range bars suggest a short opp, but there is zero confirm. Down to 334 at best. And it could take hours (or seconds)! P&F is offering nothing playable. I have mixed signals for the AM too, which is based on RTH data. Ever so slight suggestion the open will be a pop up.

    Watching and waiting for Gadeau
    Osorico :)
  10. 5/8/07 21:02 EST

    L YM 2@13337. stop @13332

    Long volume pick-up. Nearing P&F support @334. Stop just under P&F support, break suggestive of 326 as seen in RTH before breakout. Upside target 1 mid 340s, target 2 - 354, target 3 take out RTH HOD.

    EDIT: Definately taking ques from Asia, which are down minimally @21:20
    #10     May 8, 2007