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5Pillars, That 11592 on the YM was the high volume area yesterday so I think that's the big # to look for today. I also use MD and saw heavy action on the offer so I was long at 11595 and covered 11606's earlier.

out of the YM for 5 ticks, just didn't feel like it was going anywhere. Gary, I'd love to hear more about how you come up with your S/R levels. I'm thinking of applying them to stocks so I'd be very interested to hear more from you.

long YM at 11445

covered for +3 ticks, was looking for a quick move to new lows and when it didn't happen and 1306.50 held on ES I bailed.

Taking a short at 11430

Yeah, I'm leaning here on the short side too. The top of the previous trading range in YM is 11410 which is about 25 points away so that may be a good target to shoot for out of the triangle, price can't keep contracting forever!

Looks like we have a triangle pattern setting up here in the YM, gotta be a pretty good move coming out of it in either direction. The big question is which direction? hahaha

I agree with those posters saying that stops are critical in trading these futures. At least for me it took a little while when I first started out to get the stop in the right place. I had a habit of putting the stops too close to the entry and therefore got stopped out of many good trades. It...

I'd like to post a quick reply on how I do money management, just adding my input here quickly. I usually just use a fixed percentage of my account that I want at risk at one time, since really our first goal should be to preserve our capital. For example if I'm trading YM with a 20-pt stop...

Thanks romik, I hope that the rest of your trading day goes well. I'm off to rest up during the weekend for fall trading starting on Tuesday. I also found another one of the patterns Gary was talking about in the ER2 this morning. I didn't trade it since I'm only trading YM at the moment, but...

I wanted to post this for all the YM traders. Using some more of the tips that I've learned from this thread, I set up a nice channel that the YM is in today (I got the idea and use from Romik). You can see price just hit the top of the channel and when that happened traders were hitting the bid...

Looks like the first attempt at 11418 on the YM was rejected pretty quickly by the sellers this morning, that's twice so far in two days. We might just have to wait until the jobs report tomorrow for an hour or two of action.

I agree, I think it definitely helped to learn to trade first by trading stocks. Let's see if this YM get's above the big resistance at 11418 today.

Gary, Sorry for not answering your question until this morning but I went to bed right after I posted that pennant last night. I did take it although I did it on very small size since I'm still learning to trade them. It seems like there's quite a few stock setups like this on the more...

Gary, While we're talking about flag/pennant patterns I thought I'd share one from a couple days ago that I thought was just perfect. There's a big gap down at the open of the day which creates the "virtual" pole and then the pennant forms in the channel that I outlined. A short would be...

covered at 11377 per 4re's exit strategy that he has helped me with

short the ym here at 11388 with a real tight stop, looking for a quick pop down.

Gary, Since you're the resident expert on pennants and I'm still getting used to spotting them I wanted to ask you what you thought of the one in the YM this morning. I've attached a chart to the post for you. No rush on an answer since I have to run out for a bit. Thanks!

romik, I figured that's what you'd be doing with your position size. This is what I do with stocks all the time when I get a really good setup but since I'm still testing the waters in futures I haven't quite had the confidence to do it yet.

romik, So when you see a situation such as today develop, do you alter just your exit target or do you also alter your position size to take advantage of the situation?