You have three days off on the futures. (Well, 2 now.) Rare times! Use it to your advantage!
$2,000 to $200,000 in 2020 at 2.00% per day.
- Thread starter sstheo
- Start date
You have three days off on the futures. (Well, 2 now.) Rare times! Use it to your advantage!
I am happy to report that I had a great day, clearing $200. I will know the final number tonight, but I have cleared $6,750 now on my live AMP account. It felt like the market was waiting for something today that never came, although we did have a 50+ point range on the MES (200 ticks), so maybe that is good enough.
I think that is a wonderful description of what today felt like. Nice trading!
I am starting to get jealous Steve ha ha. Cannot wait until you go full contract but as I dais before I would even push it past the 10K mark which you'll hit soon.
Yesterday I ended at $-32.
It was a big challenge for me as the market went higher and higher. It should have been no surprise to me as the true market is completely dead because the Fed is now directly purchasing assets, and has done so to the tune of "$1.6 Trillion in the past four weeks" - as per Lorie Logan who is head of the Fed's open markets:
https://www.zerohedge.com/markets/ny-fed-head-trader-scale-our-asset-purchases-has-been-unparalleled
An indeed, the Advance-Decline line seemed to stay over the +2000 market all day.
But still, it kept looking like it was about to roll over.
As reported previously, in one of my biggest trading epiphanies, I have FINALLY learned not to reflexively short new highs but to
(1) "consider the bullish case,"
(2) recognize the "expansion zone" (as opposed to the "reversion zone")
(3) realize that we may be migrating to a new area of value
(4) "go with" the move.
AND I actually tried to take several longs near the highs yesterday.
But it was crazy how with each long I entered the market seemed to instantly drop and take me out, only to then zoom to yet another new high.
I am telling you it was maddening!
I don't like this new normal.
It was a big challenge for me as the market went higher and higher. It should have been no surprise to me as the true market is completely dead because the Fed is now directly purchasing assets, and has done so to the tune of "$1.6 Trillion in the past four weeks" - as per Lorie Logan who is head of the Fed's open markets:
https://www.zerohedge.com/markets/ny-fed-head-trader-scale-our-asset-purchases-has-been-unparalleled
An indeed, the Advance-Decline line seemed to stay over the +2000 market all day.
But still, it kept looking like it was about to roll over.
As reported previously, in one of my biggest trading epiphanies, I have FINALLY learned not to reflexively short new highs but to
(1) "consider the bullish case,"
(2) recognize the "expansion zone" (as opposed to the "reversion zone")
(3) realize that we may be migrating to a new area of value
(4) "go with" the move.
AND I actually tried to take several longs near the highs yesterday.
But it was crazy how with each long I entered the market seemed to instantly drop and take me out, only to then zoom to yet another new high.
I am telling you it was maddening!
I don't like this new normal.
Sadly, that's generally how ES trades. Some days worse than others. The momentum moves we've seen lately may not continue moving forward. Especially if volatility slows down as it seems to be doing.
Having traded MES for a while now - how do you feel it compares with the other indices you've traded in the past?
Thanks for the heads up on normal MES/ES movement. That is helpful to know for my scalps.
I still like the lower spread of the MES in the current volatility. I do still watch the MYM and MNQ and they still don't look tradeable with market orders. I miss the finer granularity of the $.50 ticks vs the $1.25 ticks, but with the wider spread, the benefit of more ticks is gone.
If/when the market stabilizes a bit, I may try the others again and compare, now that I feel I have a good grasp of the S&P.
Wednesday I finished down $85. The overnight the Tuesday overnight session was way down, but the Wednesday RTH (regular trading hours) session was a brutal tight range with a pop later in the session. I did not trade it well. Such is life. Today is a new day.
The 3 day average ATR is now 67, so my stop is 13 ticks on the MES, and my max daily loss is $267, which is 4% of my balance of $6,668.
The 3 day average ATR is now 67, so my stop is 13 ticks on the MES, and my max daily loss is $267, which is 4% of my balance of $6,668.