S/R Emini Journal

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If I want to trade the September contract, should I still use the June contract charts for S/R? For instance, if I want to look back 5 days, what would I look at? Does the September contract typically pick up where the June left off?

Or, is the current September charts okay to use?

Yes...I am somewhat confused.....

Ridge
 
Quote from RidgeRunner:

If I want to trade the September contract, should I still use the June contract charts for S/R? For instance, if I want to look back 5 days, what would I look at? Does the September contract typically pick up where the June left off?

Or, is the current September charts okay to use?

Yes...I am somewhat confused.....

Ridge
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When in doubt stay out.

Some traders specialize in trading rollover days, some stay out until the new front contract has enough tradable data, and some completely ignore the change. Since my method is dependent on volume and past price action (higher-highs & lower-lows) I prefer to sit on the sideline until I have enough tradable data.

Just my 2 cents.:D

P.S. the two contracts overlap, however the previous volume on the September contract is very light; therefore, I'm not sure how useful it is for your method.
 
Quote from K-Rock:

4re,

You should consider not trading tomorrow since you are not familiar with how price and volume behaves during rollover dates.

Volume will get thinner for the June contract between the Roll Over date (June 8, 2006) to the September front month and the last Trading date (June 15, 2006) of the June contract.


Just my 2 cents.
:D
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K-Rock,

I did actually trade the last switchover from the F6 to the M6. I found it kind of easy and very tradeable.

One thing about trading breakouts is that there are other types of breakouts besides just S/R. There are pennants, flags and wedges. These are a little more specialized when trading live but the chart never lies. One of the things I look for when planning my trades in the areas of congestion are where these type of breakouts occurs.

I will be looking for trades in the morning and take them if/when they come up. My profit charts already show the difference in the two contracts. I'll post it in a few minutes.

Thanks for the warning and I hope you won't be able to say I told you sooo....:)

4re
 
Quote from RidgeRunner:

If I want to trade the September contract, should I still use the June contract charts for S/R? For instance, if I want to look back 5 days, what would I look at? Does the September contract typically pick up where the June left off?

Or, is the current September charts okay to use?

Yes...I am somewhat confused.....

Ridge
More...

If I were you I would switch between the two charts and see which one has the most volume. Just make sure that your charts line up with your platform. The two are different by about 10 points which would screw you if you are wrong. Be careful....

4re
 
Thanks for the tip. Any idea what time the central bank will announce?

Quote from 4re:

Note to all:

This is from a friend who is a big trader of the Q's. This is his post on Raging Bull. A little fundemental info that I was not aware of.

It is NOT safe to buy into this rebound yet. EU centra bank is going to raise rate tomorrow. Depending on one basis point or two basis point, the EU market will be affected. It will also affect to our market tomorrow. The impact is most likely "negative". Therefore, I will still stay on the sidelines with 100% in cash today. Besides, it is summer, why not relax and just watch for most of the time. GL all.

(Voluntary Disclosure: Position- No Position)



I try to be as unbiased in my trading as possible. But is always nice when you see the market going down to know why. Gives you a direction to look in anyway.

4re
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Quote from pkts:

Thanks for the tip. Any idea what time the central bank will announce?
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I don't know. But I would imagine that it will be before we get up in the morning. But with out being too biased I will just be looking for the short set ups and be more confident when they come up. Since we are daytraders it is not as important. For people that hold long positions it can have an affect.
 
Here are my numbers for tomorrow:

Please be careful and maybe just consider going for less points for th enext week. First sign of fear, bailout. I will probably be going for 1.5 points for the next few days. This chart is for the new ES U6 not the ES M6...

Long 1272.50

Short 1264 and/or 1260

Be Careful. :)
 

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Good evening everyone,

4re, just had a couple of questions regarding how you determine S/R. From what I have observed thus far, you do not select major S/R levels - you instead tend to favor minor S/R levels with very little noise between your entry and profit target. Is this an accurate observation? Another question I have is how far back do you go to determine S/R for a given day. If you are in uncharted territory i.e. making monthly or yearly highs/lows, what do you use for reference to determine S/R?

Thanks, and best of luck tomorrow.

-Ben
 
Quote from BenChi:

Good evening everyone,

4re, just had a couple of questions regarding how you determine S/R. From what I have observed thus far, you do not select major S/R levels - you instead tend to favor minor S/R levels with very little noise between your entry and profit target. Is this an accurate observation? Another question I have is how far back do you go to determine S/R for a given day. If you are in uncharted territory i.e. making monthly or yearly highs/lows, what do you use for reference to determine S/R?

Thanks, and best of luck tomorrow.

-Ben
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Good Morning Ben,
You are right about my selection of minor S/R levels. I am just looking for close S/R levels that will provide 2 or more points of movement. Sometimes my calls will be at a major level but I don't plan it that way it just happens. As for how far do I go back. I will and have gone back as far as my daily charts will go which is Jan 05. We id that a couple of weeks ago and we are getting close to it now. Those daily candles provide good S/R. Does that help you any,

4re
 
I have:
Support @ 1266.80
Resisitance @ 1277.37
based on the new contract specs.

If resistance is breached from below it is going to become support (most likely result, based on the overnight bullish engulfing candlesticks).

If on the other hand, it turns the market back we will continue to go down from here (not my opinion).

Best,
Jimmy
 
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