Emini questions

[darkhorse70]

Currently I've been spending 3-4 hours a day trading the emini sim on NT. I do relatively well on momentum break outs at the open but im getting KO'd after the markets start to get range bound. So much so that im setting profit goals so when I hit it, I can just walk away and clear my mind. I get to cocky and think I can pick every reversal or breakout, start to fast forward to quickly and give back huge chunks of profit.

Is there a specific time of the day where the volatility is greatest or more likely to break out instead of having so many minor breakouts in between ranges?

Also currently I'm only watching the one chart on the emini s&p 500, the 5 min chart. Is there any other charts which will give me a better picture, for example resistance points on a bigger time scale. Does the equities s&p 500 have any influence on the emini.

Does getting closer to the expiry date create resistance or does volatility just decrease?

Thanks in advance

DH

 

[Wysiwyg]

Currently I've been spending 3-4 hours a day trading the emini sim on NT. I do relatively well on momentum break outs at the open but im getting KO'd after the markets start to get range bound. So much so that im setting profit goals so when I hit it, I can just walk away and clear my mind. I get to cocky and think I can pick every reversal or breakout, start to fast forward to quickly and give back huge chunks of profit.

The fact of ranging price is that you're in it and you don't know you're in it until a range is established. It is easy to look back and see it. Price tracks a bit above and a bit below your entry. You either get stopped out more often, take small profits or wait thinking it will break up or down. There are periods of accumulation or distribution before trending (again).

 

[darkhorse70]

I see your point wysi. I dont have enough stats to come to any conclusions yet although I felt ot feel that im more profitable when I take my first few trades then get careless or over confident, leading to losses.

Im thinking maybe its due to the markets trending stronger early on or maybe theres a certain hour of the day the big players put on those trades.

Either way, as soon as a certain pattern is noticable enough, its like pattern just does a 180 and traps you. Makes you go berserk haha.

 

[Wysiwyg]

I know what you mean. Being on the wrong side a move too long, taking profit too soon on the right side of a move and being chopped up when volatility appears can all do with improved management.

 

[darkhorse70]

Exactly lol.

 

[banco]

The emini is generally regarded as one of the harder markets to trade. I trade the US grains as they seem to have quite a few good moves.

As for best times to trade. I don't know about the emini but at least with the grains you tend to get decent moves in first 2 hours and then not much until the close. This is actually really good if you are in Australia as you can trade first 1-2 hours and then go to bed.

 

[darkhorse70]

Thanks Banco, ill be sure to look into it.