The transition to Futures trading

[CanOz]

Would lift long around 6810-15 area.

If it stalls here and comes off its interesting.

Only able to check in breaks at class.

Still holding original 2.

What are you studying?

 

[pavilion103]

What are you studying?

Bible College.

1 contract taken out. Grrr.

 

[CanOz]

hmmmm....correction over

 

[pavilion103]

hmmmm....correction over

Short again 6826

Just left class

 

[pavilion103]

I saw the big volume coming in.
Think it's a good spot.

 

[pavilion103]

Took the trade on my phone just after class.
If I was home, looking at both the 3 and 5 min I would have taken 2 for a total of 9 points risk. Based mainly on the 3 minute pattern. Brilliant setup.

Stop to BE within a few bars, perfect.


This is a real catch 22 for me.

Because it's a major high I want to get on and hold 2. It will save time, effort and stress over the coming weeks. However, because I've held I've given back some profits too.

One my 2nd contract would most likely be up around 40-50 tonight and back in with stop at BE.

But I've watched previous highs and wanted to trade it like this so I'm giving it a real go.

We will see what happens.

Will leave second one at 6826 and to go bed.

Will post charts in coming days when I do my analysis and get time, most likely Wednesday, and most likely for the trades that end up being good winners.

Good night all

 

[MichaelD]

Fascinating, and yet uneventful, evening. I'm back basically watching the first hour or two of US trade and then I'll go to bed and let my alerts wake me if needed overnight.

This evening was a really, really long stretch of very tight range trading (within a 10 point range) sitting right on a "rounditis" level (5400). IG Clients buying. If they were selling, I'd be more convinced that this was forming a big support base for a substantial thrust upwards.

Still waiting for the market to declare itself.

 

[>Apocalypto<]

long (2nd) wti fade turned to a close over the range ent 102.26(ENT PRICE I POST ON ORG POST WAS WRONG I HAVE CORRECTED IT

Closed under range top tried a few times kept finding decent selling...+10.68 cents.

Still trying to break atm maybe a mistake by me... happy to close the day +47.93 pts @ 3/3 wins.. Lost last week’s demons today so just have to keep on working to keep them away.

Plan to increase the acc to 1K this week and trade $2 a tick.

After end of last week’s stupidity and a withdrawal still up this month by 87.54 just have to keep my head together.

 

[MichaelD]

Market rising.

IG Clients selling.

News articles bearish.

What a difference an hour makes.

I have a Buy Stop in just above where the market is now. Will see what eventuates overnight, but I feel we have just seen a very significant turning point to the upside.

i.e. Going up from here = maximum pain for the maximum number of market participants. Therefore, the market will rise.

 

[CanOz]

I'm still bullish, the ES still bullish too....but we're consolidating at the moment...

 

[MichaelD]

Still rising.

IG Clients selling like crazy - 80% is an extreme for this particular metric. I suspect a short squeeze is imminent.

I'm now in long with a small "probe" position. That'll do me for tonight. Time to go to bed and let the market do what it's going to do. My alerts will wake me if I need to do anything more overnight.

 

[Panaman]

 

[MichaelD]

^Poignantly bitter-sweet video.

1. Clearly an undercapitalized trader for his position size. That's actually quite a small $ amount to lose when trading futures at 10 contract position size.
2. The market remained irrational for longer than our trader could remain solvent.
3. It's not that you're wrong. It's that you stay wrong and let your risk get out of control.

 

[CanOz]

Yeah, I recall seeing that before, Back in 2009. I think he's come back from that....

 

[VSntchr]

HAHAHAHA!

That reminds me of myself when I had no idea about anything about 8 years ago and I started trading mini RBS warrants lol

 

[kid hustlr]

how can u guys tell his position size?

is he stuck 25k?

 

[LinRegSlope]

HAHAHAHA!

That reminds me of myself when I had no idea about anything about 8 years ago and I started trading mini RBS warrants lol

Reminds me of my CFD trading days a few years back, trading anything and everything on ridiculous margin with abysmal money management going on. Had a swing of 160k up in a day, and gave it all back the next day - hahaha - funny now but was very stressful to say the least at the time.

But that was then and this is now, so much the better trader for going through all the pain and sticking with it.

 

[LinRegSlope]

Will be interesting to see how long this 5400 support level on the SPI holds?

 

[cynic]

I know that feeling, in 08 when the RBA said no more rate rises.... i told my work mates the AUD is over.. well did i short it no.... off to 60 cents it went. one client has sold 10 lots rode it all the way to 70 cents.

Yes - many leveraged traders have fond reminiscences of '08!

"The Duck" made a tidy killing on the DAX last Thursday night.
...

Yeah that'd be about right!! I have my second worst week for the year and the DUCK makes a killing!

Please be sure to alert him to the fact that I am not of a generous disposition and that those euros were definitely not a gift! (They were a loan - one which I expect to recover with interest!)

I've already selected the meanest, wickedest goose from my gaggle and gotten her fuelled and ready for deployment in the september quarter.

June may have been open season on DAX but next quarter is definitely going to be open season on DUCKS!

Feather by feather, I'll be getting my euros back along with a healthy whack of interest!

 

[Wysiwyg]

Still rising.
IG Clients selling like crazy - 80% is an extreme for this particular metric. I suspect a short squeeze is imminent.

Contrary trades to this small group is an interesting strategy. One would think they would smarten up and use this edge which would then be no edge.

My alerts will wake me if I need to do anything more overnight.

Mate I sleep like a dog when I have an open trade in profit running. How do you do it? Trailing stop comfort? They tell me worry is good because that means there is risk somewhere and we gotta take risk to get the reward.