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30 min before market closes and price has stalled. I have closed my long at 1311.75. Seems we will go nowhere today.

Alright, it seems 1305 is really big support and we are not breaking it today. I closed my 1312.5 short at 1312.25 and now I am long @ 1312.5, with a tight stop on this one.

B - Thank you very much for the excellent analysis. If you are already short, probably there is a 4th way also, which I am attempting now - a swing trade, on the premise that if we break that big support we go down big time. I sold at 1312.5 and even though I saw bottom getting formed around...

Today's price action is extremely similar to 16th Dec 2011 price action (at least till 140 pm EST). Check your charts guys. Not saying it means it will end in a similar way, but just pointing out. 1205 was a great support at that time on the Dec contract. After first 30 min runup we went...

Just to keep something in the back of your mind. Demark was on bloomberg on Friday, predicting S&P will finish this up move on Tuesday, his +ve target was 1338-1344. The selling we are seeing again and again and price returning towards 1305 indicates that a medium term top (15 days to 1...

Yes, very well can happen, support at 1305 is pretty strong. 8 attempts (24hr session) from Friday to Today but couldn't break it. Only the kind of selling we witnessed in morning today has a chance to break it, which could come post 3pm. Otherwise we go higher towards 1325.

We got pretty good bottoming at 1305-6 on this push down. If we are going to break it down and we are going below 1300, price should make a run again at it quickly - like within next 30-40 minutes. Other scenario could be we wait till 3 EST and then we make a big push down, ending the day around...

put me on ignore man, I am a troll Edit: Alright I will give you a serious response. Look at the volume of selling and the speed of selling and compare it with last 5-6 days whenever selling happened. You will get the answer

We haven't broken 1305 convincingly yet, but it is 90% probable looking at the intense price action and we are going to break it. I will target 1288-1290 on this trade, will keep overnight if needed. Stop remains same as of now.

1305 is crucial here, if we break that convincingly, it will open much larger downside upto like 1290 or so. Btw, I am short at 1312.5, stop at 1314.5. Was too disappointed to post it in real-time. Am down 1000 bucks on a bad euro trade today, when I could have been up 1500 on that. Just a...

Can you give some examples of what those things are ? I have traded only on TWS so will be interested to see in what respect you find lightspeed much better? Thanks

Thank you very much for the RIA suggestion and some color on basis trade size - 1000 contracts. sweet. What you describe is very similar to investment bank model. They are doing a bunch of client flow, marking up both while buying and selling, index futures-cash arb, pair trading, basket...

Mav, I have been wanting to ask you a question and maybe this is a good thread to ask that question. You have mentioned elsewhere that a good prop trader at a pure futures firms in Chicago might have upto 50mm intra-day notional exposure limit. Also, you mentioned that most of these futures...

Thanks for the background information. It is clear that you manage your own stock portfolio successfully. Your problem is twinfold - problem of psychology and problem of finding an intra-day edge in ES and sticking to it. Simplest step by step solution is: 1. Just STOP trading ES TILL the...

I have written about it earlier in the journal. It depends on whether you are looking at average daily 'percentage' win/loss or average daily 'dollar' win/loss. Note that I had my losses early on when my equity was 6000-7000 USD, and I have been having my wins when my equity has been 2000-4000...

When you get such 1:10 risk reward kind of trend, in which some market event has the potential to move the market in one direction for next 10-15 days to next 3-6 months, its best to start small and keep adding everyday to your position, adjusting your stop. Easier said then done though. Lots...

Very true. Thats the plan for the new journal. Dump the rest and keep the best. Love that line :)

Shopster, Thanks for the feedback that you give in very intelligent style! I have graduated from a blowup trader to a boom and bust trader, and am soon going to graduate to a consistent successful trader. Actually, I have become a consistent successful trader considering my fx trading...

Update for week 25 ending Jan 20, 2012 : +800$ for the week. For a change, ES trading this week contributed + 400$ to the bottom-line. Hurrah!!!! Today was most interesting. After taking 4 trades from Asia to 2hrs after London opening, I was up 800$ on my fx trading. After that I had a...

wrong trade.....done for the day Have a great wknd everyone.