S/R Emini Journal

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Quote from sandygray66:

4re -

Nice job on the 1263.75 short!

If I may ask, why did you pick that level, instead of a lower level? Based on the lows in the couple hours before the open, I would have put the short level more in the 1262 region (which would have triggered and then stopped out :( ).

Thanks.

Sandy
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Hey Sandy,
If you will look at the chart I uploaded this morning. It is a 15 minute chart and there was 2 significant needle bottoms I wanted to clear. One at about 11:00 (Hammer) the next one at 2:15. Once the price dropped under that it seemed to be pretty safe for 2 points anyway. Like I said earlier not much wiggle room but just enough.

I really like that second trade even better and will jump all over it if the set up happens. Short 1257.75
 
Good question.

My 2cents, while you CAN look at the pre-market action for clues to the opening, you CAN'T use it to determine new Support/Resistance Levels.

Not enough VOLUME.

I actually stuck with my interpretation of the original short, made the first set of contracts, reversed when Support seemed to be coming in and went -1pt, and now just riding the wave:D

However, I do have a question for 4re.

WHERE'S THE NEXT SUPPORT!?#@!!???

I'm only looking back for two weeks, and it's all downhill.

Best,

Jimmy

P.S. ... trailing stop hit, I HAVE to go get some coffee, check back later
 
Jimmy,
If we break 1257.75 that will be a new low for the year. That would basically put us in no mans land. Could really tank below that level.

GL,
4re

I gotta run for a couple of hours. You guys please leave some money in the market for me when I get back:D
 
Quote from 4re:

Hey Sandy,
If you will look at the chart I uploaded this morning. It is a 15 minute chart and there was 2 significant needle bottoms I wanted to clear. One at about 11:00 (Hammer) the next one at 2:15. Once the price dropped under that it seemed to be pretty safe for 2 points anyway. Like I said earlier not much wiggle room but just enough.

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I'm afraid you've lost me on this one. If you were using the bar at 2:15 to give you the entry at 63.75, you would have entered well before the open and been SO shortly after the open. Only if you took the trade at 9 (CST) or thereabouts would you have reached your target.
 
Jimmy - good point on not using pre-market H/L levels for determining S/R.

4re - another nice +2.0 trade on the recent breakdown. Did you take the +2.0, or are you holding for more?
 
Quote from saico:

Did not open the market below that level?
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There were actually 4 hits on the 1263.75 line.

The first was for 2 pts.
The second was stopped out for -2 pts
The third was for 4 pts (actually 3 pts using the first scale-out method mentioned on 2 contracts)
The fourth was for 4 pts (same)

OK, pretty much done for the day! :p

Nah, I'm greedy and I LIKE to OVERTRADE

Best,

Jimmy
 

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Me?

I'm up 2 pts on 2 contracts, net.

The market is choppy and non-directional (no higher highs, lower lows). I interpret that as "it's continuing to try to consolidate".

While I could try to re-short, it's made a higher high, so if anything, I'm going to try to look to reverse-up after the next down move, so long as it "holds"... or go finish taking care of some business (I got the practicality of that from you 4re, thanks for that too!).

I look for sustained moves, that either continue (look over the past 2 weeks!:) ) or reverse mid-day (Friday's action).

In terms of the money management, I get stopped-out on my 2nd set of contracts pretty often (probably over 40%) on trades that make my first 2 pts (that's why I move the stop to breakeven+1), and then there are the trades where I'm stopped out of everything ... but when I get a decent trend, the 2nd set of contracts will more than make up for any losses/errors/missed moves (think Base Hits, Outs, and Home Runs).

Best,

Jimmy

P.S. Now if I had gone for 4 pts on the 2nd set of contracts I would have been up substantially more ... so I gues the optimal MM scenario would be to scale out in the following steps:

1. 1st contract 2pts, 2nd & 3rd contract Breakeven +1
2. 2nd contract 4 pts, 3rd contrct +2 pts
3. 3rd contract Hold at +2 pts, let the trade ride.
 
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