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The transition to Futures trading

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ThingyMajiggy said:
Ahh I just don't know how to trade days like these, just always seem to be wrong and chasing my tail. Looks like its going one way, enter, get slammed, stopped out, waaaaaaaaah
Click to expand...

You're too modest!

My careful reading of your post indicates to me that you've made the requisite observations!!
 
Ahh I just don't know how to trade days like these, just always seem to be wrong and chasing my tail. Looks like its going one way, enter, get slammed, stopped out, waaaaaaaaah
Click to expand...

Yeah, that's where i found that just trading 1 contract around this crap was good. I could use the VWAP as a reference, if things took off like a trend day then i could add and build a position to take advantage of that. Otherwise i had one contract plugging away here and there and the worst i got was 10-30 ticks down and some brokerage. On a decent sized account it was much less than my daily stop.

The biggest thing that helped me on days like this though was just trying to get things on sale...never paying more than i had too. That's where the depth really comes in handy IMO.

CanOz
 
fiftyeight said:
Yeah that was not very clear sorry. The chart you posted yesterday, it had a move against you of 75 points I think.
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Ah you mean during the move?

Yeh, like with any trade, I have a clear exit strategy in mind. This one was to hold until a support level and see huge volume come in at this level. This is exactly what happened when I eventually exited.

The plan was to ride the bumps in between. If you aren't willing to do that you won't ever make 300 points in one trade.
 
Just got home. Hadn't checked it for about an hour and a half.

Darn it.... was about to take another entry at 6496.5, stop 6501.5.
Price has just moved down to 6492, so too wide. Only want a trade of 5 points risk or less in that spot.
Well worth it IMO with such a defined daily resistance in a downtrend.
Ah well.

Trade 1 = 30 points.
Trade 2 = 15 points* currently running with stop at BE.
 
There's not as much short covering around as one might have expected, given the decline we've had. We might need to range some more at these lvels before we see a big rush to the exits by the shorts...
 
In 6496.5, stop 6501.5 as originally intended.

Not 100% confident, but a set move for me in this spot.
 
hmmm,there they are...shorts hitting the exits

classic hockey stick
 

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Hmm I have seen you talk about the hockey stick before.

So could you infer after the shorts have covered there maybe weakness again?
 
ThingyMajiggy said:
Ahh I just don't know how to trade days like these, just always seem to be wrong and chasing my tail. Looks like its going one way, enter, get slammed, stopped out, waaaaaaaaah
Click to expand...

Hi Sam, was a roller derby on the LON open today... but i really like days like that lots of deep reversals.

Got three out of three, but my real issue is not holding my open winners long enough. all of them ended up as 8-10 point winners (spread on two was 2 points) yet i only made 7.53 points... this is the hardest thing i finding on short term stuff atm.
 
fiftyeight said:
Hmm I have seen you talk about the hockey stick before.

So could you infer after the shorts have covered there maybe weakness again?
Click to expand...

You know its still not that convincing, i'd would think to really get some upside momentum you'd need to clear 9275ish. Perhaps the ES will bolt north and scare a few out but its not looking like its convincing in the EU session is it? Basically another rotational day.
 
Out at BE. I seen it happening but for some reason I did not move my stop????

I then switched short and caught some that initial move down. But I was getting tired and was not in profit for the night so I was hesitant of leaving it open after I went to bed so I tightened my stop.

Woke up this morning, stopped out and missed the move down. Not very happy with last nights effort. Will give me some stuff to think about today.
 
Gee I'm a spud.

Usually strategy is hold on at BE after open if I think it's quite bearish. I think because I didn't get 2 contracts at the high it made me want to lock in profit.

Really should have been 100 points last night. I know I can't nail it every time but contextually the short was really good!
 
After the move down yesterday I mentioned that I was looking for another short as the afternoon volume came back in. This meant i missed the bounce unfortunately. After a missed attempt earlier I got onto this one.

I seen no real reason to cover before the close and after watching the the action after the close recently was happy to hold into last night.

What I should have put more thought into is what to do this morning. I am leaning towards moving my stop to 5210. I will ponder on the drive to work....

 
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