Trade #2. Long 1 sept emini 1281, with a stoploss at 1275.
going with the way that i read the charts, bought a sept emini at market and was filled at 1281 (entry of trade 8:35 cst)...
we are risking 6pts on the trade ($300)...
i expect this to be a quick trade, ill either be stopped out with loss or ill probably make some money sometime today... looking for the 1283 area to be taken out and the market to run a little... lets see what happens..
remember i initially thought we would test 1290 again..
lets see what happens, ill report later..
going with the way that i read the charts, bought a sept emini at market and was filled at 1281 (entry of trade 8:35 cst)...
we are risking 6pts on the trade ($300)...
i expect this to be a quick trade, ill either be stopped out with loss or ill probably make some money sometime today... looking for the 1283 area to be taken out and the market to run a little... lets see what happens..
remember i initially thought we would test 1290 again..
lets see what happens, ill report later..
let me point out a couple of things with this trade... we are using 1275 as our stoploss because that was just under our old high's from intrday yesterday and really the only appropriate place to put them, without going all the way down to 1267... the risk was just too much there...
this trade needs to work quickly, and by that i mean, i want yesterdays highs to come out... if this doesnt happen, ill simply abort this trade and may assume a small loss... either way, this trade probably wont last long..
this trade needs to work quickly, and by that i mean, i want yesterdays highs to come out... if this doesnt happen, ill simply abort this trade and may assume a small loss... either way, this trade probably wont last long..
ok guys with live quotes, you can see the intraday setups but without them ------ you cannot make the fast trades.. the highs from yesterday and monday 1283 or so, have been tested and failed today (in first 10 min but easy to see live)...
market is just wandering from 1279 to 1283,,,,, but quite frankly we dont have the best entry today on trade 2..
will watch live (via cnbc) for a few more minutes and make a decision on this one...
absolutely no harm in taking small losses......
Learned a long time ago, "when in doubt, get out"..
market is just wandering from 1279 to 1283,,,,, but quite frankly we dont have the best entry today on trade 2..
will watch live (via cnbc) for a few more minutes and make a decision on this one...
absolutely no harm in taking small losses......
Learned a long time ago, "when in doubt, get out"..
trade 2 is over: Long 1 sept emini 1281, got out at 1280 (9:20 am cst)...
lost 1pt on this trade (-$50)...
trade was very doable, had plenty of time to watch and decide...
never really had a good entry and the follow thru buying wasnt there this morning..
would also like to mention, that it is summer and the markets are quieter, as many are on vacations...
will watch again for possible re-entry..
there is slight selling pressure in market today..
lost 1pt on this trade (-$50)...
trade was very doable, had plenty of time to watch and decide...
never really had a good entry and the follow thru buying wasnt there this morning..
would also like to mention, that it is summer and the markets are quieter, as many are on vacations...
will watch again for possible re-entry..
there is slight selling pressure in market today..
i actually did a very poor job on trade 2...
reasons why, i rushed into it ----- with a bad entry..
if i was going long today, i should have waited until the highs 1283 came out, then enetered long on a pullback..
however, i did sense this and managed to get out with minimal loss..
market looks like it wants to go lower.. next setup now could be to downside..
range is from 1283-1277, im talking daily here..
will post next entry..
reasons why, i rushed into it ----- with a bad entry..
if i was going long today, i should have waited until the highs 1283 came out, then enetered long on a pullback..
however, i did sense this and managed to get out with minimal loss..
market looks like it wants to go lower.. next setup now could be to downside..
range is from 1283-1277, im talking daily here..
will post next entry..
WNO: thats exactly what im saying (total loss on trade 2) ($75)
i rushed the thing as the entry was bad...... you can see that in my writing.. i knew better..
but remember, ive only been following for a few days, i do need a little practice.. i have to become (One) with this thing again,, and then she will pay me..
thats why these are practice trades, im going on vacation next tues and wont trade for real, until i return..
i rushed the thing as the entry was bad...... you can see that in my writing.. i knew better..
but remember, ive only been following for a few days, i do need a little practice.. i have to become (One) with this thing again,, and then she will pay me..
thats why these are practice trades, im going on vacation next tues and wont trade for real, until i return..
ok, i think i can now see whats going on...
lets look for a minute at our chart.. we have the low of 1267.50 (july11) and we have the highs of 1282.75 (july 10) and 1282.50 (july 11) and now the high of 1283.75 (july 12)...
we are within that range at the moment, and these are daily figures that im referring to now..
ill now be looking for a possible setup to sell this market and place our stoploss at 1284..
market is looking to go down today, so we need to try and ride along..
lets look for a minute at our chart.. we have the low of 1267.50 (july11) and we have the highs of 1282.75 (july 10) and 1282.50 (july 11) and now the high of 1283.75 (july 12)...
we are within that range at the moment, and these are daily figures that im referring to now..
ill now be looking for a possible setup to sell this market and place our stoploss at 1284..
market is looking to go down today, so we need to try and ride along..
couple of things:
first off, im frustrated for missing this down move.. i just didnt see it fast enough and rushed into a bad posistion on trade 2.
second thing, im glad that i was smart enough to get out with a very small loss... it would have been bigger, a little later, as i would have been stopped out..
call trade 2: a rush in but then a realization that entry was bad..
first off, im frustrated for missing this down move.. i just didnt see it fast enough and rushed into a bad posistion on trade 2.
second thing, im glad that i was smart enough to get out with a very small loss... it would have been bigger, a little later, as i would have been stopped out..
call trade 2: a rush in but then a realization that entry was bad..
so the broker sits back and waits until someone buys a contract for the market to go up and then sells it to someone who thinks the market will go down .
he makes 25 bucks off each guy .
is that it basically ...
and : can you also bet on the dow and nasdaq to go up or down ?
he makes 25 bucks off each guy .
is that it basically ...
and : can you also bet on the dow and nasdaq to go up or down ?
absolutely not,,,,,,,, the broker has to call the floor in chicago at the mercantile exchange...
there are thousands upon thousands of contracts traded in the emini... you never have a problem getting your price..
the broker is merely an order taker.. if you trade online, you are merely contacting the floor, where your trade is executed.. but you better place that order correctly or its your rear and not your brokers..
and yes, you can trade both the dow and nasdaq...... $10 per pt for dow.. however the most popular is the sp...
$250 per pt for the big sp 500.......... i am merely trading the emin, 1/5 the size or $50 per pt..
there are thousands upon thousands of contracts traded in the emini... you never have a problem getting your price..
the broker is merely an order taker.. if you trade online, you are merely contacting the floor, where your trade is executed.. but you better place that order correctly or its your rear and not your brokers..
and yes, you can trade both the dow and nasdaq...... $10 per pt for dow.. however the most popular is the sp...
$250 per pt for the big sp 500.......... i am merely trading the emin, 1/5 the size or $50 per pt..
i have to go out for a while now...
here are the plans for remainder of day,,, ill be monitoring by cell phone calls to broker and cnbc television.. as i can watch the price of sp tick there... that is cash price, which at the moment is running about 8pts lower than future but they will trade accordingly..
my order will be to sell 1 sept emini at 1277.75 and place a stoploss at 1284...
this order has not been filled at the moment, but ill leave those orders with broker and he will call me, if i am filled.. that is his job.. both orders are placed in market at same time, so max loss on this trade is 6.25 pts or ($312.50)...
if i am filled and it drops, i will probably stay in....... ill report back around 3pm cst today and let everyone know what came out and comment on todays market action, along with anything else..
feel free to ask any ??? ill answer this afternoon..
here are the plans for remainder of day,,, ill be monitoring by cell phone calls to broker and cnbc television.. as i can watch the price of sp tick there... that is cash price, which at the moment is running about 8pts lower than future but they will trade accordingly..
my order will be to sell 1 sept emini at 1277.75 and place a stoploss at 1284...
this order has not been filled at the moment, but ill leave those orders with broker and he will call me, if i am filled.. that is his job.. both orders are placed in market at same time, so max loss on this trade is 6.25 pts or ($312.50)...
if i am filled and it drops, i will probably stay in....... ill report back around 3pm cst today and let everyone know what came out and comment on todays market action, along with anything else..
feel free to ask any ??? ill answer this afternoon..
wednesday july 12
what a beautiful finish to the day,,,,,,, read above post....
order was to sell at 1277.75, market rallied to 1277 even and then tanked big time... now i know that order was not filled but i would have quickly sold one at market, when that order didnt take... i was monitoring by phone and television... so its really good to know that i read this one right.
days like this, are when the money is made... took me a little while this morning to recall these things from my past but i picked it back up rather quickly and would have been short this market with a $500 profit per contract riding..
here is a re-cap of today and what i saw...
market opened near 1282 and wandered around from 1279 to 1283 for the first minutes of trading... it was apparent they wanted to sell this thing off... after about an hour, thats exactly what happend and we dropped down to 1273........ now i was all over this and knew the day was pointing down (more on this later)....... so all that was left to do, was wait for a rally and SELL the sucker....... that then happened at 10:45 cst, with a bounce to 1277,,,,, a bounce that i came less than a point of calling perfectly..... then we proceded to drop the remainder of the day with a few dead cat bounces along the way.. current low of the day is 1264.50, which is under yesterdays low of 1267.50...........
no way to be enthused about this market today... however tomorrow is a new day but the trend lower is being identified...
couple of things to write down:
1. when in doubt, get out..
2. sell on sell days and buy on buy days...
what that means is, follow the daily trend of the market, on days that it is identifiable (like today).... no way should you have been a buyer past the first hour today......
time now to look at the charts and look forward to next trade... today was a trending day and these days are usually when the trader makes the money...
here is an example of how it should go........................... market opens and moves in the direction that it wants to go,,,,,, that is followed by a counter trend...... the counter trend is the one that you want to spot,, off it will come the trades............. like today, wait for a rally and sell the thing...
what a beautiful finish to the day,,,,,,, read above post....
order was to sell at 1277.75, market rallied to 1277 even and then tanked big time... now i know that order was not filled but i would have quickly sold one at market, when that order didnt take... i was monitoring by phone and television... so its really good to know that i read this one right.
days like this, are when the money is made... took me a little while this morning to recall these things from my past but i picked it back up rather quickly and would have been short this market with a $500 profit per contract riding..
here is a re-cap of today and what i saw...
market opened near 1282 and wandered around from 1279 to 1283 for the first minutes of trading... it was apparent they wanted to sell this thing off... after about an hour, thats exactly what happend and we dropped down to 1273........ now i was all over this and knew the day was pointing down (more on this later)....... so all that was left to do, was wait for a rally and SELL the sucker....... that then happened at 10:45 cst, with a bounce to 1277,,,,, a bounce that i came less than a point of calling perfectly..... then we proceded to drop the remainder of the day with a few dead cat bounces along the way.. current low of the day is 1264.50, which is under yesterdays low of 1267.50...........
no way to be enthused about this market today... however tomorrow is a new day but the trend lower is being identified...
couple of things to write down:
1. when in doubt, get out..
2. sell on sell days and buy on buy days...
what that means is, follow the daily trend of the market, on days that it is identifiable (like today).... no way should you have been a buyer past the first hour today......
time now to look at the charts and look forward to next trade... today was a trending day and these days are usually when the trader makes the money...
here is an example of how it should go........................... market opens and moves in the direction that it wants to go,,,,,, that is followed by a counter trend...... the counter trend is the one that you want to spot,, off it will come the trades............. like today, wait for a rally and sell the thing...
updating numbers to chart,,,,,,,, place 1283.75 and 1264.50 as todays highs and lows..
now glance back over, at the other numbers posted in this thread... our next selling opportunity should come around 1270..
why you may ask,,,,, because we have on our charts, the old lows of 1271 and 1272.50, which will now become resistance as the market rises... also remember 1277, which was the last leg up today on the rally that i tried to sell..
however, tomorrow, im going to try and let the day setup and not rush into a trade but try and follow the market, in the direction that it wants to take me..
i learned and remembered alot of things today --- from my past and i got to know my old friend (the emini) again today..
a few more weeks and this market will pay me off.... im highly encouraged by today..
the day session closed at 1268.25...... market will now re-open on the night session..
Iceman, if your reading this... your a bright guy, if you can read a chart and wait for the setup, there is alot of money here and i mean alot of money....... i would have easily made over $1,000 today in a few hours time, with very little risk..... (assuming i was trading 3 units)...
now glance back over, at the other numbers posted in this thread... our next selling opportunity should come around 1270..
why you may ask,,,,, because we have on our charts, the old lows of 1271 and 1272.50, which will now become resistance as the market rises... also remember 1277, which was the last leg up today on the rally that i tried to sell..
however, tomorrow, im going to try and let the day setup and not rush into a trade but try and follow the market, in the direction that it wants to take me..
i learned and remembered alot of things today --- from my past and i got to know my old friend (the emini) again today..
a few more weeks and this market will pay me off.... im highly encouraged by today..
the day session closed at 1268.25...... market will now re-open on the night session..
Iceman, if your reading this... your a bright guy, if you can read a chart and wait for the setup, there is alot of money here and i mean alot of money....... i would have easily made over $1,000 today in a few hours time, with very little risk..... (assuming i was trading 3 units)...
I am reading (a little bit). I have to go back to work for a few hours but will read the whole thing later.
Chart reading is something I want to get into. What exactly is the term for this (technical analysis?). Still having trouble getting the kind of grasp on this I would like. Like I said earlier, show me/explain to me the actual skill involved in this and I will be all for it. I know there is alot of skill involved, its I just can't grasp it yet.
Will be back into the full swing of things tonite/tomorrow with bases back, so will be paying extra close attention to this. You are doing a great job cathcing my attention on this and like I have always said about you SSI, your passion is very contaigious(sp).
Much like poker I am trying to keep an open mind on this and wish I feel I knew wtf I was doing because I am the type if I have an interest in something I will jump into this full bore.
Keep up the great and informative posts and be prepared for an on slaught of questions later from me
uppy: . I hope you don't mind, you were warned:lolBIG:
Chart reading is something I want to get into. What exactly is the term for this (technical analysis?). Still having trouble getting the kind of grasp on this I would like. Like I said earlier, show me/explain to me the actual skill involved in this and I will be all for it. I know there is alot of skill involved, its I just can't grasp it yet.
Will be back into the full swing of things tonite/tomorrow with bases back, so will be paying extra close attention to this. You are doing a great job cathcing my attention on this and like I have always said about you SSI, your passion is very contaigious(sp).
Much like poker I am trying to keep an open mind on this and wish I feel I knew wtf I was doing because I am the type if I have an interest in something I will jump into this full bore.
Keep up the great and informative posts and be prepared for an on slaught of questions later from me
uppy: . I hope you don't mind, you were warned:lolBIG:Ice, yes technical analysis, is what your doing...... you then must pick a time frame to work in....... i prefer the bigger picture or daily frame... i am not a day trader ------ so one or 2 setups is all that i am going to get each day... unlike a true day trader who may be in and out of the market 20 times each day...
to really day trade, you need a trading platform, live quotes and pay no more than $10rt in comm...
i dont do this fulltime but i can work with a broker and pay $25rt and wait for the setups to pulls 4-5 pts out of this market a few times each week.. and using 3 contracts, the money will add up..
asking someone how to trade, is much like asking a painter --- how he paints..
i am going to be totally commited to one market (emini)...... i will get to know it, like i know the back of my hand... remember all we need to do is pull a few points out of this thing........
let me tell you, 1270 is going to be a spot to sell...... how do i know, as i mentioned ----- the old lows that have now become resistance....... also please look at 1264.50 (todays low) and also look at 1277, the last move up, that was sellable........ now a 50% retrace is something that i will introduce as we go along and is a tool that i use to measure upcoming moves........... if you measure from 1264 to 1277, and take 50% of it,,,, you will get 1270.50......... which also lines up with the old resistance points.........
there is alot to this ice, im not going to kid you.......... but you can learn this and be able to make alot of money.........
to really day trade, you need a trading platform, live quotes and pay no more than $10rt in comm...
i dont do this fulltime but i can work with a broker and pay $25rt and wait for the setups to pulls 4-5 pts out of this market a few times each week.. and using 3 contracts, the money will add up..
asking someone how to trade, is much like asking a painter --- how he paints..
i am going to be totally commited to one market (emini)...... i will get to know it, like i know the back of my hand... remember all we need to do is pull a few points out of this thing........
let me tell you, 1270 is going to be a spot to sell...... how do i know, as i mentioned ----- the old lows that have now become resistance....... also please look at 1264.50 (todays low) and also look at 1277, the last move up, that was sellable........ now a 50% retrace is something that i will introduce as we go along and is a tool that i use to measure upcoming moves........... if you measure from 1264 to 1277, and take 50% of it,,,, you will get 1270.50......... which also lines up with the old resistance points.........
there is alot to this ice, im not going to kid you.......... but you can learn this and be able to make alot of money.........
