Hahhaha, you're a pretty funny guy! It all hinges on what happens at 2:30PM New Yorker time and beyond, when Powell opens his pie hole and starts answering questions!
Charts that Matter
- Thread starter Rams Fan
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Hahhaha, you're a pretty funny guy! It all hinges on what happens at 2:30PM New Yorker time and beyond, when Powell opens his pie hole and starts answering questions!
Are you swing trading spy? If so which instrument do you prefer? Located in Europe i´m not allowed to trade spy etf directly. I could trade spy cfd or MES or ES futures. But trading futures overnight seems too risky for me. SPX options could be an alternative but i´m done with trading options in general (Time decay, volatility).
Yes, I have one account where I almost exclusively swing trade SPY or QQQ.
1 MES (micro ES) = 50 shares SPY
10 MES = 1 ES = 500 shares of SPY
Holding a position through the night is simply a different mindset. You need a trading plan that would support that mindset. When I take a position, I am hoping to hold it for months, not hours or days. My plan lets me thrive, however, whether I'm getting multi-month trends or a bunch of 2 to 5 day swings. Initial stop is usually, for a long, below the low of the day the position is put on. Work of larger bar intervals - hourly, daily, weekly, monthly. I rarely look at anything curt up smaller than an hourly bar.
Here is what I call the Keystone Cops set up. This is pattern is the result of American day traders fighting scalper algo's and getting sliced and diced in the process. Then the Globex algos take over for the smooth escalator up (or down).
ES hourly
As the late, great Paul Montgomery said, "The most bullish thing the market can do is go up."
He also developed the hemline indicator. The shorter the hemlines, the better the market. Have you noticed all the celebrity ladies wearing nothing but thongs in public? To the moon, baby!
Just bought CL for a swing higher. Stop loss is a dime below the midlevel of yesterday's range.
Risk is $1.78, with a reward targeting $5.00
I don't win them all. But I win enough of them to keep me in the game. It is a mindset game.
MCL = $178 risk for $500 reward
CL = $1780 risk for $5000 reward
Trade the size that lets you sleep at night without being upset if you wake the next morning and find you've been stopped out. I think I read a post by @Laissez Faire somewhere here recently that said basically that, and it is very smart advice.
Quiz: Does anyone know the trader who first published this principle?
Risk is $1.78, with a reward targeting $5.00
I don't win them all. But I win enough of them to keep me in the game. It is a mindset game.
MCL = $178 risk for $500 reward
CL = $1780 risk for $5000 reward
Trade the size that lets you sleep at night without being upset if you wake the next morning and find you've been stopped out. I think I read a post by @Laissez Faire somewhere here recently that said basically that, and it is very smart advice.
Quiz: Does anyone know the trader who first published this principle?
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ALL most noon CST\
SPY barely above 50 day moving average\ + that 50 dma down trending most the year.......
Even though OCT 31+ NOV 1st tends to be bullish. See how it closes.
The good news is oil got so cheap in the 1930's[---$20 or less ]\ they started selling oil by the quart;
so XOM +Atlantic Richfield, and Anadarko sector companies did some rich trends, selling\liquidating oil by the quart. USa is so rich in oil people tend to throw a WD40 oil can with part of a quart in it
ALL most noon CST\
SPY barely above 50 day moving average\ + that 50 dma down trending most the year.......
Even though OCT 31+ NOV 1st tends to be bullish. See how it closes.
The good news is oil got so cheap in the 1930's[---$20 or less ]\ they started selling oil by the quart;
so XOM +Atlantic Richfield, and Anadarko sector companies did some rich trends, selling\liquidating oil by the quart. USa is so rich in oil people tend to throw a WD40 oil can with part of a quart in it
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Good points;
+polar bear is fairly fast, [+speed of sound also] near a seal circle\LOL
.I cut asemi-fast loss \ on XOM;
but XLE + ETFs like UPRO+ SPXS which have XOM in it/ work better for me........