SPM discussions

Typical Friday, with short choppy action.

Most of the business of the week is done, and I have a sneaky suspicion that the big money starts their weekends early. :p

Traded much smaller today, and took profits early because of the choppy price action.

Total for today: $222.88

Seeing as how I have business to do, I'll quit early too. Remember, there's no point in overtrading. When the action is tight, don't force your trades.


Good trading
 

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As someone also in new territory with scalping futs, one thing I am doing is a mental checklist. Like at the moment 12.06pm est the 10min is above zero line and 10min MACD is green. On the 2min above zero line and MACD red. So I am waiting for a strong buy where MACD crosses above while above zero line

On the other hand reality is that we are in lunch on a thin friday, volume on SPY looks relatively low. Also we have had some resistance at days highs and previous days highs. Here is where trying to get filled at the 3msa+1 price can let you bail with a smaller loss possibly.

BTW if you notice today IWM had more relative strength and some nice moves. Don't forget at one point god was trading the russell 2000 and probably will be again.
 
So the weak sell with 2min MACD turndown at 11.45a was good. At the moment I am not taking those. One thing about that weak sell is off of some larger time frame resistance they can open up to be the first move in a larger reversal. Now here comes ZLC possible....I am slow like granny...
 
Quote from chrisofj:

As someone also in new territory with scalping futs, one thing I am doing is a mental checklist. Like at the moment 12.06pm est the 10min is above zero line and 10min MACD is green. On the 2min above zero line and MACD red. So I am waiting for a strong buy where MACD crosses above while above zero line
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Just so you know.

The 10 minute crossed over @ 10:00am ET and the 2 minute has generated two whooping buy signals since then (one at the crossover which generated 2pts+, another at 11:00am ET which was good for 10pts+).

At this point the Long side is a little long in the tooth and we're entering lunchtime, so be careful.
 
Quote from MandelbrotSet:

Just so you know.

The 10 minute crossed over @ 10:00am ET and has generated two whooping buy signals since then.

At this point the Long side is a little long in the tooth and we're entering lunchtime, so be careful.
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Yeah I am seeing that. THis is where we are dealing with a price action revelatory thing and not a raw trading system. So far in general this seems to be the next trading item in my set of activities.
 
Check out IWM basing right on the 3SMA after the crosses and what not. Was a nice buy right in that around 52.87 . Also it stayed put there while SPY was back and filling showing relative weakness.

So far I keep missing these larger moves. Usually by the time I am done watching price chop around I take fast profits. Maybe with more time I will be able to hold longer?
 
Scalped that SPY pullback to 3sma+1, which is possibly anticipating a MACD cross up while above zero line. I have the same trade on in IWM but with a wider stop and profit target. Seems another bear market rally, on light volume and on friday.

If I could learn to think less with SPM I would be better off.
 
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