The Evolution of an E-mini Trader
- Thread starter Huios
- Start date
you could call it noise - or you could call it more details. depending on ones style - there are entry points on the 1 min. chart that a 5 min. charts simply doesn't show.
so you could also say why trade with a 5 min. chart if i can have a 1 min. chart.
again - it's a matter of style and preferences.
I did not take any morning trades today because I was just watching, comparing the 5 to the 1. Signals are much easier to see on the 5. Did better watching the 5 in the am, than the pm.
I put my trade comments right on the chart, so it is easier to read and see.
I was looking for the gap to be filled this morning, and it was.
Blue lines are s/r lines that were drawn last night.
Net for the day: -197.10
Net for the week: -673.65
Net for the month: -649.95
This week is killing me!
I put my trade comments right on the chart, so it is easier to read and see.
I was looking for the gap to be filled this morning, and it was.
Blue lines are s/r lines that were drawn last night.
Net for the day: -197.10
Net for the week: -673.65
Net for the month: -649.95
This week is killing me!
Now for the 5 minute with trades. It is ugly. For some reason, I was not paying attention to the 5 min this afternoon. Also, was looking so hard for a lower high and a drop, that didn't work out , then looking for a double top,and a drop. That didn't work out either.
I really like posting my trades on the 5 min. Makes me look like the newbie I am.
I really like posting my trades on the 5 min. Makes me look like the newbie I am.
Huios,
Just a few comments on your trades, if you don't mind....
On Trade 1, look how steep the 'bounce' was that you shorted, creating a V looking bottom. I think there's too much strength there to try and fade it -- look for bounces that appear to be rolling over, or are very choppy -- those will usually try and retest back down.
Trade 2 was just under the swing highs. Those swing high levels were so close when you entered, they act as magnets. The price will gravitate to that previous high, knowing that it will trigger a bunch of stops sitting just above there. So be wary of shorting just below a significant high point (reverse is also true for lows).
Just my 2 cents -- keep battling!!!
3dog
Just a few comments on your trades, if you don't mind....
On Trade 1, look how steep the 'bounce' was that you shorted, creating a V looking bottom. I think there's too much strength there to try and fade it -- look for bounces that appear to be rolling over, or are very choppy -- those will usually try and retest back down.
Trade 2 was just under the swing highs. Those swing high levels were so close when you entered, they act as magnets. The price will gravitate to that previous high, knowing that it will trigger a bunch of stops sitting just above there. So be wary of shorting just below a significant high point (reverse is also true for lows).
Just my 2 cents -- keep battling!!!
3dog
You are absolutly right. I knew something didn't look right, and it was the "V" bottom. I've noticed that the sharp ups and downs, usually created by "news" tend to get faded and return to the mean. I was so convinced that this was a lower high, that everything else was overshadowed. And this was a legit 50% fib retracement, the play should have been long.
Again, good points. I actually knew about resting stops, but again, I wanted to short sooooo baaaaaad. Again, the play should have been long.
Thanks dog.
Yes and no....(talking about Trade 2)
first the no: maybe the best play at that time was to just wait -- you're close to the highs and very near the end of the day -- you're not gonna get much of a swing down if you're right, unless you're prepared to hold overnight.
Now the yes: if you're looking for a short term scalp, then you could enter long, and look to to exit into the stops. But going in, it's planned as a short term scalp, for just a point or so. But IMHO a pretty good probability....
Huios,
I've just reveiwed some of your posts (not all of them)...and I have a few very important questions:
What training...and where did you receive it...that prepared you for trading the Emini Futures?
Has the advice here so far helped make you more profitable?
I don't know where you live at...but...is it possible for you to locate a successful trader with a verifiable trading record in your area that trades the Emini Futures ?
If so...would you prefer learning from that MENTOR (in person during actual trading hours) or learn from a discussion board or learn via trial-n-error on your own (trial-n-error is the most expensive school out there) ?
Are you applying stock strategies to the Emini Futures ?
Are you trying to learn via trial-n-error with an unlimited capitol ?
Huios...don't trade anymore until you find a Mentor...
my personal stats on Emini Traders is this...only 12% of the Emini traders I've met...are still trading successfully after 3 years...I figure the % is lesser because a few may not have been telling the truth.
Of those that failed...none of them had a mentor. Of those that are still trading (successfully)...over 1/2 had a mentor.
Now...yes...this is via my own personal experience (keeping track of trading buddies I met online and in person) but I'm sure the numbers would be close to any actual research stats done by some sort'uv organization.
I'm not trying to be rude nor a jerk...I really do think your better off getting help from a verifiable source and not here.
P.S. I will ask you again in about a year (if your still posting here)...how are you doing...questions like: Are you profitable and not able to make a living or are you profitable and able to make a living? If your answer a year from now will be yes...I'll ask more questions.
NihabaAshi