Wow, you got me blushing. Thank you for the kind words. I hope that even after I stop the daily postings in here that this journal will stick around for others to learn from. I doubt that it will as everything has a way of just fading away and becoming a memory but this journal has been very fun and a great learning tool for me as well. I am most proud of how civil it has remained through the months, a true testament to the traders that post their trades in here. I am sure that even after I stop the daily posts anytime somebody has a question I will still answer it the best I can. Gary
I hope ya'll all had a good weekend. My Cowboys won so my weekend went good. I will not be trading tomorrow. The State Fair is going on right now so my wife and I are going to out there for some turkey legs and all the good crap the fair has to offer. I hope you all have a good trading day and here are my numbers for tomorrow. They are the same as Fridays. Long 1351.00 - 1370 Short 1342.50 - 1337 Good trading to all, Gary
Well, we have a difference. Personally I like your support number better. Won't mean much to me as I've been called to jury duty. No trading Monday for sure. Good hunting to those in the market.
I also came up with different values for the resistance for tomorrow. I have posted my thoughts to get some comment/critique. The chart for the current contract does not have any price information at the current levels. To find some useful numbers, I used the daily chart for the index going back to 2001. This is the last time the s&p was at these levels. The current high of the contract is 1350.50 set on the 28th. The index high is 1340.28. The difference between these is 10.22. To find the resistance numbers for tomorrow, I found resistance on the index chart (see attachment) and then added 10.22 to these numbers to give the channels for tomorrow. I realize trying to come up with such precise levels from 5 years is ago seems to be pushing things a bit, but this same methodology could be used anytime there are numbers needed from outside the forward contract. Iâm really just wondering how other s/r traders would do this. Also, when applying data from the early part of the contract to trade levels toward the end of the contract, how would you account for premium erosion or is this usually not a factor?
Thank you Gary! I watched the videos over the weekend and really loved them. You have given me plenty of ideas to look into. Thanks! I'm on Interactivebrokers, so I use their data for my charts. Their symbol is "HSI". Your real-time data provider probably has a different symbol. Futuresource has some delayed charts here: http://www.futuresource.com/charts/charts.jsp?s=HHAV06 One problem is that HSI contracts expire at the end of each month so you need to kind of glue the individual contracts together which I do myself for my charts. I think the Hang Seng index is a great index for playing breakouts, but it's one wild animal. In my opinion one needs razor-sharp discipline to survive the wild intraday swings. I used the search feature on ET and found this thread on the HSI: http://www.elitetrader.com/vb/showthread.php?s=&threadid=42094&highlight=hsi Today is closed for a holiday, so I will check HSI tomorrow. Good Monday trading to you!
4re I'm thinking about opening an account with velocity futures and trading either YM or ES, but I cant make up my mind. What did you start with and how much would you say is needed to begin? Thanks.
a demo account is what is needed.......save your money until you don't have to ask questions......you have your own answers.....then lay the money on the line.........
I did see both of those S/R levels but if you compare theirs to min you will notice that if you trade on a breakout of .50 both of those will fall short of the 2 point minimum I shoot for. So in my charting it means I have to move to the next level.
As far as which market you trade that is all up to you. I like certain things about both markets. Take a look at both and see which one you can figure best. I tried to go with Velocity futures in the begining and they were just starting to offer Ninja Trader but they didn't support it so I didn't want that headache. That is probably the only reason I don't use them.