Yep, don't know what to make of today. I guess we'll see tomorrow. Did you at least have some good trades today. I was real pleased with mine this morning. I will have to try that approach again sometime. If/when I have the extra time. 4re
Anybody trading the SGX Nikkei 225 futures? I just started paper trading it yesterday (it looks promising). Since it opens at 7:45 P.M. EST, I'm thinking, it can be a good alternative to trading the eMini S&P 500, when I don't have time during the day.
Morning all..... This will get us all off to a good start A young city boy, Kenny, moved to the country and bought a donkey from an old farmer for $100.00. The farmer agreed to deliver the donkey the next day. The next day, the farmer drove up and said, "Sorry son, but I have some bad news. The donkey died." Kenny replied, "Well then, just give me my money back." The farmer said, "Can't do that. I went and spent it already." Kenny said, "Okay then, just unload the dead donkey." The farmer asked, "What ya gonna do with him"? Kenny said, "I'm going to raffle him off." "You can't raffle off a dead donkey!" the farmer says. "Sure I can. Watch me. I just won't tell anybody he is dead." Kenny said. A month later the farmer met up with Kenny and asked, "What happened with that dead donkey"? "I raffled him off. I sold 500 tickets at two dollars a piece and made a profit of $898.00." "Didn't anyone complain"? the farmer asked. "Just the guy who won. So, I gave him his two dollars back."
I mentioned in a post earlier that there are several matters that I am not prepared to discuss, software being one of them. It may at first seem to be mean spirited but I can assure that it is not. The principal decision that we all eventually come to in order to trade well and enjoy the exercise( no matter how we entered into the world of trading) is this. Establish who you are; what makes you tick; what time frame suits you best; etc etc. In other words we need to profile ourselves. Once this is completed in an honest sense, the rest will flow. The most suitable software will surface with the help of google & ET and so will brokerage, order entry, entry points, exits etc etc. I started out with a selection of programmes and invested huge chunks of time jumping from one vendor and supplier to another before I came to the conclusion above and turned the PC off until I had written a complete trading plan. When I say complete, I mean that it easily fits onto one page. I started out in business almost 30 years ago and my business plans were quite different to my trading plan now. A new business startup involves taking a well founded idea ading capital, good people and a huge amount of energy to achieve a critical mass. Once the business arrives at this point, it is driving you as much as you are steering it. Trading is similar in a totally different way. The biggest difference being the infinite number of trading ideas that tend to overwhelm us all in the begining. What markets to trade, what time frame, what software, what broker.... the list is endless. It is this reasoning on my part that keeps me from discussing software and several other matters although I will leave clues to those who wish to pursue them.
Hey Guys, Here are my numbers for today. Sorry I am late again with it and please excuse the colorful moving averages on the chart. I was doing some scouting for another option play. Well here it is. Long 1284 Short 1278.50 (I think we all know why) Have a good trading day, 4re
4re - I understand the 1284 level (0.5 above yesterday's afternoon high), however, I'm not clear on why you chose 1278.5 for the short. I can see that that level is just below the double bottom from Friday. However, the low from yesterday afternoon was at 1277 (and the overnight low was 1278). It would seem to me that 1276.5 would have more clearance for a 2 pt. move than 1278.5. Let me know what you think. Thanks. Sandy
Sandy, 1276.5 is a safe entry but 1279 has established itself as a major pivot point for the last several days (I don't mean a pivot point like the ones TI plays) I mean more of a market direction pivot point. If we would have closed below it yesterday the market should have gone down more today. As it happened the market closed right above. Meaning the bulls are still trying. A break of this point should still drive us down more. But, if you feel like entering a little safer it would be alright to sit and wait for your point as well. We would still be in no mans land at that point. 4re
Couldn't agree more. I like the early basing action. If it takes off, it should develop into a nice trend. Which I hope it does, considering that I'm long @ 1282.75 (not a recommendation). (I use previous afternoon sessions numbers for minor S/R, and the day before's for major S/R). Morn'in Jimmy