S/R Emini Journal

[JimmyJam]

Quote from JimmyJam:

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

Yahoo!!

What a ride, good thing I don't trade what I think, eh!

Hope you guys got some ching-chang out of all tha action.

Later,

Jimmy

 

[hpeganz]

Quote from porgie:

ES is still the calm smooth market......today was and still is nice......if 4re says s/r bad ttoday for forum system i believe anything he says, but can say trend follower like me is impressed today with YM ES not looking at NQ....but all the same for a robust system................... stay positive and keep watching realtime charts as you have to get to a system that you have confidence in and i really hope 4re will lead you there as he progresses as well....

porgie,

you are a nice guy - and well said

Best, Helmut

 

[K-Rock]

Quote from porgie:

ES is still the calm smooth market......today was and still is nice......if 4re says s/r bad ttoday for forum system i believe anything he says, but can say trend follower like me is impressed today with YM ES not looking at NQ....but all the same for a robust system................... stay positive and keep watching realtime charts as you have to get to a system that you have confidence in and i really hope 4re will lead you there as he progresses as well....

My strategy worked perfectly today, but I got in the way.

 

[4re]

Quote from sandygray66:

4re -

Regarding your testing on the YM, were you working the S/R method or the BB method when you said you had 5 winners out of 6 trades yesterday?

Sandy

Hey Sandy,
I was using my same S/R method yesterday and it was working like a charm. But the BB method works great as well. The YM has less whipsaw action and is much cleaner to me. It reminds me of trading IBM options. And since IBM is a bag component of Dow it seems to make sense to me.

 

[4re]

Quote from THXCME:

Hey 4re, have you ever looked at your 2 point a day on a workbook? Well here you go....

Love your thread by the way!

Haven't actually worked it out the you did. I thank you for that. Doesn't look too shabby does it. People just don't understand the power a 2 point gain can have on your account. Especially when you don't withdraw from the account.

Thanks,
4re

 

[monti1a]

Quote from 4re:

Hey Sandy,
I was using my same S/R method yesterday and it was working like a charm. But the BB method works great as well. The YM has less whipsaw action and is much cleaner to me. It reminds me of trading IBM options. And since IBM is a bag component of Dow it seems to make sense to me.

don't forget about the russell...the russell and ym are highly correlated and they move together....but...1 russell contract is equal to 2 ym contracts in terms of tick value, which means half the commissions......

in addition, the russell is just as liquid as the ym....

 

[4re]

Quote from ready4equity:

Hello everyone,

This thread is an excellent source of information. Thank you to 4re and everyone else involved.

I am new to the daytrading business (haven't traded yet) and have been scouring the web for info. This thread has provided more insight into the minds and plans of traders than I could have imagined.

I will be inheriting some equity/capital soon, and since it is unexpected and un-needed (based on my current standard of living) I am looking to get involved in day trading and perhaps eliminating the need for other income sources.

I would love to be able to work less than 40hr/week and be able to not work as inspired by other more appealing endeavors when so inclined.

I have considered many types of investment, but to me it seems that trading could suit my profile of abilities and goals more so than any others.

So for now, I am sitting back and watching/learning and hopefully soon I will be able to credibly partake in the discussions.

Anyway, glad to have stumbled upon this and please, keep it up!

Cheers,
Chris

Welcome Chris,
Please do the right thing and remain on the sidelines until you have really studied the markets. Very few people can actually make money doing this.

You can always sign up for e-signal and simulate your trading to get your feet wet but that can also give you a false sense of security as well.

Read some of the books I have mentioned in especially the ones by Mark Douglas and Dr Alexandr Elder. That should give you an intro to the trading game.

Good Luck and welcome,
4re

 

[4re]

Quote from K-Rock:

I was hoping you would prove me wrong. When the market is jumpy like today I try not to look at the DOM, because it makes me anxious.

You were smart. Never trade if you are nervous about it. Maybe that was my problem, I wasn't nervous about it today. Good luck tomorrow.

4re

 

[4re]

Quote from K-Rock:

I tried not to look at the DOM, but I didn't have a choice since the market was moving so fast and erratic.

WHAT!!!! I just congratulated you for staying out of it today.

 

[4re]

Quote from porgie:

ES is still the calm smooth market......today was and still is nice......if 4re says s/r bad ttoday for forum system i believe anything he says, but can say trend follower like me is impressed today with YM ES not looking at NQ....but all the same for a robust system................... stay positive and keep watching realtime charts as you have to get to a system that you have confidence in and i really hope 4re will lead you there as he progresses as well....

Thanks Porgie,
But I thought you did scalp trading like I do. Or do you jump in and out riding the trend? Just asking...

4re