Gotta love ZERO RISK in the SP500 = $$$

[Pricechange]

yea, I try to specialize a bit and get to know the stocks and mostly trade these either short or long... that way I get to know their behavior. PACB I had never seen but LL and NVDA I have watched enough to have a good idea of their psychological behavior

spend the rest of the time on ES or CL or GC

 

[Max E.]

Yeah im honestly trying to go that way more, and just find three or four symbols i trade religiously on top of the other setups, cause im finding i just dont find enough setups alot of the time when im waiting for that perfect entry. I would like to smooth out my equity curve by subsidising it more with by trading just a few ticker symbols on a daily basis, to add to my other setups. My problem is i find myself zoning in on a ticker then missing a homerun sometimes, like im trying to nail the top on some stock with a 20 cent range and then i miss an obvious breakout on something with a 10% move because of that, so its hard to calculate opportunity cost.

When i started trading i used to trade 3 different symbols every day, one of them was F, at the time that thing had these short sellers walking it down with massive 200k offfers into 10k bids, so it was all about finding ways to get myself hit on the offer on ECN's, and just reacting when these big offers would start depleting, i made so much money doing that i just thought trading was easy at first, lol, i still think certain stocks/instruments have certain "personalities" so id like to get back to paying more attention to certain instruments on a daily basis, as opposed to jumping all over based on volatility, its just another way to profit, and the more different techniques you have the more smooth your equity curve is going to be.

yea, I try to specialize a bit and get to know the stocks and mostly trade these either short or long... that way I get to know their behavior. PACB I had never seen but LL and NVDA I have watched enough to have a good idea of their psychological behavior

spend the rest of the time on ES or CL or GC

 

[Pricechange]

your style is good max, keying the support and resistance areas for risk/reward is very disciplined. and whats more you can trade any set up that comes along really using that discipline

I do what I do in order to sleep better ..walk away from the desk without seeing good gains turn into losses and seeing only small losses from stops. really any tight discipline that one can rely on to stay in check is a strong positive

but yea.we .need a tool chest with several techniques. I may work more on my resistance/support technique from today cuz I see from your work its valuable tool

one of my problems with specializing is that I get to know the stocks well and believe I see lots of TA when its probably just knowing the stock movements...relying too much on what I believe is all TA..then I look at a new stock and see that you can not just trade TA..but there are a few TA points that are valuable

 

[Max E.]

one of my problems with specializing is that I get to know the stocks well and believe I see lots of TA when its probably just knowing the stock movements...relying too much on what I believe is all TA

Yeah definitely, like if you trade the same thing day in and day out your going to learn setups based on that instrument that make no sense anywhere else, like today i thought the ES might be a good long right at 2000, only because it was going to be a trap, not because it made any sense from a TA standpoint, where as i would never take that setup on a volatile stock for only that reason.

 

[Max E.]

This is tempting me so damn much to buy this break over 2004 on the ES i should almost walk away right now, instead of doing something stupid.

Main reason i wont take it is purely risk:reward, i need to give it six points on the downside 1998 stop, and there is only 8 to the upside if it breaks (2012 high)

 

[Pricechange]

they are trading just that 2012 and 2000....probably not many traders on desks...one of the last good weekends for the hamptons

So if it broke, your looking at 2020 as the upside?

 

[Max E.]

trading just that 2012 and 2000....probably not many traders on desks...one of the last good weekends for the hamptons

Yeah i agree market going to be dead now till close, especially with baseball playoffs starting, everyone is already long gone for the day.

 

[Pricechange]

This is tempting me so damn much to buy this break over 2004 on the ES i should almost walk away right now, instead of doing something stupid.

Main reason i wont take it is purely risk:reward, i need to give it six points on the downside 1998 stop, and there is only 8 to the upside if it breaks (2012 high)

look like it could run max

 

[Max E.]

Very interesting...I haven't daytraded stocks in many years, but the mechanics of how/why so many of these stocks will bottom and run says something...

Makes me wonder about all the component stocks of Russell 2000 which has outpaced every other index since last Friday's lows...alot of energy stocks in there as well, but seriously this move is something else...around 8% in less than 5 TD's.

Alot of these energy/metals plays reversed today, look for a 10% down move to get long off of if you believe in the rally, things like BTU, FCX, EXXI, ZINC all nasty reversals, should be weakness on monday then its either a long at that point or right back to the lows.

 

[i960]

Plus option "pinning" as well. I'd be surprised if the market makes any strong move up or down from here.

I did some early London short scalps on ES and SPI last night and did nothing today. Have a short DX position which is up about 1.2k, some 6E Dec 1.17 calls up 350 or so, and a bunch of Coffee related positions that are up about 12k total. Also a Mar/Jan WTI spread I'm down on about 1000 - hoping to see the curve normalize a bit or I may have to jump ship at some point.

Here's to hoping for a commodity bottom and mid term dollar top. It'll be interesting to see how a falling dollar affects expectation of Fed's next move. Dollar dropping and commodities rising is exactly what they'd want I'd think. The further that continues the more likely they'll raise rates - and that might have definite effects on equity markets.