S/R Emini Journal

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Quote from JimmyJam:

I was working with breakout/breakdown/trend trading vs. countertrending (with some success).

Trying to find my old mojo again :D .

I say1253, what do you think?
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IMHO if price can break 1244.75 and hold it should be able to get to 1249.75 with little resistance; however, if it breaks below 1238.75 I would be looking to short.

Just my 2 cents.:D
 
Quote from K-Rock:

JJ,

Don't take this the wrong way, but it seems like your trading style has changed. Correct me if I'm wrong, but I thought you were more of a breakout/trend trader vs. counter trend trader.
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Sorry to butt in here, one can be anything he wants to be, though reversal trader needs more trading capital to average in, as it is impossible to pinpoint reversal levels consistently, resulting in unsustainable drawdowns for most of us. Don't get me wrong, I do not trade a 7 digit account and do use high leverage, so the only way out for me is to "hedge" using my short term account. That is a safer combination IMO.
 
Quote from romik:

Sorry to butt in here, one can be anything he wants to be, though reversal trader needs more trading capital to average in, as it is impossible to pinpoint reversal levels consistently, resulting in unsustainable drawdowns for most of us. Don't get me wrong, I do not trade a 7 digit account and do use high leverage, so the only way out for me is to "hedge" using my short term account. That is a safer combination IMO.
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I don't have anything against taking counter trend trades. Infact if I were still trading today I probably would be long now with a tight stop and would reverse, short, if price broke a certain level.
 
Quote from 4re:

Still, would you feel comfortable holding a lot of long positions over a weekend like this?
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Spoke to soon. Oil climbing into the close, Let's see if this sends the markets down at all.
 
Quote from Trader273:

Spoke to soon. Oil climbing into the close, Let's see if this sends the markets down at all.
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At least you made your money, right...:)
 
You are having speed problems with Ninja/Zen-Fire? I use it and it is dang fast.

Quote from brightstone:

Hi,
is anyone doing short term (2 tick) trading on S&P emini's? I would like to find out if there is a better charting platform than tradestation.
Any help would be appreciated.

I create my own indicators and would like to be able to put these into charting programs.

I have used ninja trader, nice clear charting for my purposes but the architecture can't support volume off the zenfire connection causing a lag. (so I don't use it)

I am also looking for different Brokers for the E-mini, looking for a turnaround price around $4, is it out there?

Thanks


Ps Market consolidating 10:30 no break out
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Boy, is anybody else tired of watching this? The way the BB's are tightening up we are either getting ready for a big move or they are already closed for the weekend. I guess I'll find out when I get back home.
 
Quote from romik:

Sorry to butt in here, one can be anything he wants to be, though reversal trader needs more trading capital to average in, as it is impossible to pinpoint reversal levels consistently, resulting in unsustainable drawdowns for most of us. Don't get me wrong, I do not trade a 7 digit account and do use high leverage, so the only way out for me is to "hedge" using my short term account. That is a safer combination IMO.
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If nothing else we're getting a really good overview of the different methodologies of trading and their individual strenths/weaknesses.

1. S/R will give you good trades consistently with extremely high probability (if you can determine the S/R levels consistently), but they won't give the potential range of the move ... this is the checkers of the trading scene

2. Breakout/Breakdown/Trending trades are good, but they occur less frequently. However, the setups are extremely high probability and by definition you will tend to find the trend and trade it ... I'll label this one the chess moves

3. Divergence trades deliver huge rewards ... or huge losses if not managed properly. So the trick as Romik mentioned is to be able to take multi-positions in the same instrument on different timeframes ... trading like this is more like a game of GO.

Later,

JJ
 
Looks like we got a little spurt at the end. I'ts been a good day and I'm tired. Hope you got your share of the action. Have a good weekend. See you all Monday.
Alex
 
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