Nailing the Open (ES, YM) in the U.S

[Adamned]

Two direct quotes from two well respected authorities on the S&P contract.

1. The Compleat Day Trader (Jake Bernstein) page 53

" As soon as the market has moved in your favor by a predetermined amount (100 points in S&P futures for example), you exit one unit."

2. The Secrets To: Emotion Free Trading (Larry Levin) page 26

"I talk to people who only planned on risking 200 points on an S&P trade."

The Emini S&P Future is merely an electronic mini contract of the original S&P contract. All terminology of the original is the correct terminology in my opinion. I wish all the good people on this site prosperity in their trading endeavors. I only hope that the negative people will soon see the light and try to help people rather than criticize. The mark of a good person is a characteristic of helping others. And good riddens to all the negative people on this site I will no longer subject my self to their bad energy.

 

[NihabaAshi]

Quote from Adamned:

I think I should make one thing clear. I'm talking about entering to anticipate the open in the U.S. from the time of 8:20 a.m. (et) to 9:25 a.m.

Quote from Adamned:

I have never traded on the floor. It is my understanding that the SP futures moves 100 pts per 1 point in the SP cash. This is give or take not accounting for fair value. For example 1449 to 1450 in the cash is a 100 pt move in the future.

Quote from Adamned:

Two direct quotes from two well respected authorities on the S&P contract.

1. The Compleat Day Trader (Jake Bernstein) page 53

" As soon as the market has moved in your favor by a predetermined amount (100 points in S&P futures for example), you exit one unit."

2. The Secrets To: Emotion Free Trading (Larry Levin) page 26

"I talk to people who only planned on risking 200 points on an S&P trade."

The Emini S&P Future is merely an electronic mini contract of the original S&P contract. All terminology of the original is the correct terminology in my opinion. I wish all the good people on this site prosperity in their trading endeavors. I only hope that the negative people will soon see the light and try to help people rather than criticize. The mark of a good person is a characteristic of helping others. And good riddens to all the negative people on this site I will no longer subject my self to their bad energy.

You misinterpreted grossly what the authors said.

Regardless, you should get a data provider to see for yourself how many points the Eminis move typically in the time duration you had posted earlier.

Further, your time would have been better spent acknowledging those that did help you in this thread instead of making a choice to concentrate on being negative yourself with your own negative commentary when you said the following...

good riddens to all the negative people.

The market will be far tougher and meaner than any commentary here at ET or anywhere else online that deals with the markets.

Mark

 

[austinp]

<b>Adamned</b>,

You are partially correct, but speaking with mixed metaphors here.

The SPX movement from 1449 to 1450 is one index point or $100 per contract cash value

The S&P 500 futures moving from 1449 to 1450 is a value of $50 per each emini contract, and $250 per each SP00S big contract.

Some traders talk of each 1.00 notational move as "one hundred points". In common speak between S&P traders, we talk about points as a full move from 1449 to 1450 as one point, one index point, one full point... not 100 points.

We know what you meant :>)

 

[murray t turtle]

Quote from Adamned:

I have tried to anticipate the open for a long time in the U.S. equity index markets. Many times if you get this trade right you get 60 or 80 ym points(600-800 es points) in a matter of minutes. That leaves your day open to pursue other interests. I would really like this thread to become a discussion of new ideas to do this.

Some background information I have struggled to ever get this type of method off the ground. I just can't get the consistency that I like. I'm also quite aware this is not the hallmark of good trading as a business. This type of method (nailing the open) is more like a puzzle for me or a game with entertainment value. IMO there is nothing wrong with having a little fun while trading if the size is small. I'm talking real small, 1 mini lot.

There is a popular opinion that the best prospects to do this is in the DAX or FESX. Yes sometimes this is true but many times not. Hence, the problem with consistency. It may be a pipe dream that this is even possible, but I think it may be possible. Definitely not every day but two times a week or so.

===================
Adam-ned;
I think you meant 60-80 USA dollars, gross or net perhaps;
rather than points , in ES.

Adam-ned;
2 principles.
a]First 20 minutes or last 20 minutes may be foggy, like the fog of war the generals say[lack of clarity] ;
so may or more often may NOT trade.

z]Actually the few times i do trade in first 20 minutes;
lets say i will have a strong conviction of a high %% move.
Think you are right to limit it to one[1] lot.

But high probability it may not move 6oo-800 ppints[in 1 morning open range or trend],ES has taken years[plural ] to move that .

And since you are looking for wisdom, profit, watch this & watch it well my friend;read last week Tom Baldwin told Jack Schwager, in interview;
''6 month bar charts''
Actually prefer 6 month candle charts but Tom Baldwin did pretty good daytrading/marketmaking with 6 month barcharts.

 

[murray t turtle]

And Adam-ned;
Something strange , just thought of a NON random repeating professional pattern.

Joshua Lukeman , market maker in NasdaQQQ likes candle charts;
uses lots of them ,
again about 6 months time frame.Named his book [swing trading/daytrading' candle charts included]'Market Makers Edge''

Timely question;
actually that pro pattern is quite helpful.