S/R Emini Journal

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Possible reversal now after bullish hammer on S&P and DJ30 stops below the low of hammer.

Long 1302.50 stop 1299 PT depends smaller size position due to speculative nature of this trade

EDIT: Also a BLD in RSI
 
<i>"A big directional push that will last for days or even weeks is coming soon. Which way is unknown to anyone on earth, but the recent congestion on low volume will surely break on high volume sooner than later.

When price action pushes outside the recent three-week range, please don't fight it... ride the trend when it begins!"</i>

Don't know how far today's gap & go move will last, but it was <b>sell the lifts</b> mode all day. ES refused to break at all until the afternoon session, stopped me out at par too many times today.

ER trades (all short) were +4pts x five contracts, 0pts x ten (went +1.9pts in favor), +3pts x ten and +2pts x ten for decent day's wage. Still willing to short it once more, but probably went to the well for last time. No real solid swings, just little stuff all day.

If they hold flat into the close and falter at all tomorrow, watch out below. Rollover day from Sep to Dec contracts in the pit tomorrow (8:30am est) may jostle the tape until past 10:00am est.

Best Trading Wishes
Austin
 
Sorry, I know this is off-topic but I couldn't find the info. Maybe a link could be suggested?

I believe futures are taxes 60/40 (long term rate/short term).

1. Does that count for commodity futures as well as financial (index) futures?

2. How does that mix with stock and option gains and losses? Are they all combined? EG. If I have 5K futures losses, 2K in short term stock gains and 7K in long term stock gains, how does this even out? Do the futures losses come off of the short term gains first or the long term? Or is it split by the 60/40 method?

The reason is that I use futures to hedge my positions. Due to the favorable tax status of futures, I believe I am screwing myself since I am making money on the more taxed instrument (stocks) and losing on the more tax advantage instrument (futures).

Thanks for any help! Sorry for the intrusion. Gary, I really enjoy this thread.
 
Tried to pick up one last short today. Didn't work out. B/E at 1302. Was a good day. Finally got some activity. Hope it keeps up.
Alex
 
Quote from romik:

Possible reversal now after bullish hammer on S&P and DJ30 stops below the low of hammer.

Long 1302.50 stop 1299 PT depends smaller size position due to speculative nature of this trade

EDIT: Also a BLD in RSI
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I will be holding this trade into tomorrow, I don't see any reason to close it, will have a stop in place @ 1299.00
 
Quote from romik:

I will be holding this trade into tomorrow, I don't see any reason to close it, will have a stop in place @ 1299.00
More...

hey Romik, good day today I see. I was away today and just finisheed reading what has transpired. Anyhow, can you elaborate a bit on the chart you posted for ksonic, as to what reasons where responsible for the pullback.
Would you this is a safe pattern and you were predicting a likelihood of this happening?
 
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