S/R Emini Journal

4re · May 18, 2006

Well I made my 2 points fairly early today and left to get some work done. That is one way to hold my profits and not trade anymore that day.

Tomorrow I won't be able to trade but here are the numbers that I would be using otherwise. Finding a good long trade is getting a little tricky right now but the shorts are going to be a breakout of the previous days low. Right now I am looking at the daily charts back in Dec 2005 for some support which happens to be 1261. My calls for tomorrow are:

Long 1268
Short 1260.75

Either of those trades will end up being very nice gains for the day.

Also be careful of options expiration tomorrow. I am not sure where their max pain will be but usually we get a nice sell off towards the end of the day. If we sell off much more market could be in deep doodoo...

GL Tomorrow,
4re

sandygray66 · May 18, 2006

I see your short entry is .75 below today's LOD. Is that your normal margin to avoid getting trapped in a fake breakout?

Thanks for your reply to my question about establishing the long entry. Makes sense (with proper judgement

).

4re · May 18, 2006

Quote from sandygray66:

I see your short entry is .75 below today's LOD. Is that your normal margin to avoid getting trapped in a fake breakout?

Thanks for your reply to my question about establishing the long entry. Makes sense (with proper judgement ).

I usually use .50 but if it breaks .75 that will put under the candle on 12-30-05 and at that point there isn't any visible sign of support. If that happens this thing could really drop. The extra .25 won't even matter we will be big time in the money. IMHO....

sandygray66 · May 19, 2006

Thanks for the explanation.

By the way, on my continuous contract daily ES chart, I see the 12/30/05 close at 1254.75 (with the LOD just a bit lower). My ES`H intraday chart for that day shows the close at 1253.00

Not sure why this disagrees with your figure.

4re · May 19, 2006

I am not sure about that either. Mine shows the low of day at 1261.25. I'll do a little more research on my options xpress charts. And see what it shows.

4re · May 19, 2006

Quote from sandygray66:

Thanks for the explanation.

By the way, on my continuous contract daily ES chart, I see the 12/30/05 close at 1254.75 (with the LOD just a bit lower). My ES`H intraday chart for that day shows the close at 1253.00

Not sure why this disagrees with your figure.

I checked it with options xpress and yahoo and they also show the low of day on 12-30 at 1261.25. If you can upload your chart maybe we can compare.

4re · May 19, 2006

I know I said I would not be able to trade today but I was able to catch my long call in the pre market and went long at 1268, covered at 1270. Now I am done for the day...

GL on options expiration day,
4re

sandygray66 · May 19, 2006

So do you set a GTC overnight limit order with bracketed exits on it (profit target = 2.0 and stop loss = 2.0) to manage the trade?

Or are you manually entering the order in pre-market hours?

Just curious if it's the former and if so, how well it works for you.

4re · May 19, 2006

Quote from sandygray66:

So do you set a GTC overnight limit order with bracketed exits on it (profit target = 2.0 and stop loss = 2.0) to manage the trade?

Or are you manually entering the order in pre-market hours?

Just curious if it's the former and if so, how well it works for you.

I have been tempet to set it up to automatically do the trade but have not yet. I start looking at the charts around 7:30 CST and if it hits I take it. Looks like the short would have worked today also. Since I am going for 2 points at a time. I wish I would have been around to take it.

Tell me about your trading, if you don't mind. I like to see other peoples strategy as well. Maybe help mine out.

4re

Lamont_C · May 19, 2006

Quote from 4re:

I have been tempet to set it up to automatically do the trade but have not yet. I start looking at the charts around 7:30 CST and if it hits I take it.

4re

Was this just luck today due to it being hit when you opened up your charts? The bounce off R at the open fell through. The second break around 0940 didn't go anywhere. It wasn't until the third attempt a few minutes later that 1270 was hit again. So I assume that any other attempt other than the one you made would have been stopped out.