The transition to Futures trading

[pavilion103]

Weekly.
Good downside potential if things go well.
No real support coming up.

 

[pavilion103]

It pulled back!
Stopped at BE 6601.

 

[kid hustlr]

geepers it looks pretty sick to me.

bounce around here then come off in the US session perhaps?

 

[pavilion103]

Keen to get in!
Down only 5 points for 3 attempted shorts.

I should have just held my nerve on the first one. Always best to enter closer to open!
Would be 10+ points up and wouldn't have had to have lifted a finger all night from then lol!

 

[kid hustlr]

S&P has that similar looking sick pattern. these things never play out at you'd expect but boy equities are starting look heavy

 

[kid hustlr]

selling the break probably ok here but im not going to do it.

 

[pavilion103]

I've sold the break. I don't think it's a bad move in this case RR.

The only problem with getting in late on these moves is that
1) the initial stop is too wide.
OR
2) the initial stop is not in an optimal place and can get easily taken out.

That's why getting on at the start or at a really good place as resistance is so important.

The you don't stress as it pulls back because
1) your stop is at BE
AND
2) you're stop is a reasonable distance from price action that makes sense from a technical point of view (you're not sitting there just hoping it won't hit).

 

[pavilion103]

You not on Skype tonight?
Thursdays is the only day I'm on for the next 5 or 6 weeks, you should come on next Thursday.
Good to chat things through as usual.

 

[pavilion103]

That exact problem has killed my trade.
Taken out.

 

[CanOz]

Data out in 30 minutes....

 

[pavilion103]

Don't mind being 5 or 6 points down for 4 or 5 genuine attempts at a position.

Putting yourself in position for a move is a good thing.

Probably could have lost 20 or 30 points trying to take the same trades when starting out in futures.

5 or 6 does nothing to erode the profits.

Watching from a distance until next Thursday
Can't wait to get back on "full-time"

 

[pavilion103]

A good overnight trade.

Was looking for a long from the start.
Missed the initial trap - long setup.
Got the 4 point low-risk entry at the bottom of the triangle consolidation.
I wasn't actually even online, I was in a class and got home at the perfect time.

 

[kid hustlr]

holy smoke nice

 

[CanOz]

agree... nice trade there

 

[pavilion103]

On these volatile days I've found that getting on a good trade reasonably early and holding it has been a profitable approach.

Discerning the trading day's direction early is the key.

 

[pavilion103]

I'll post this for the benefit of everyone.
I welcome any thoughts on it.
Here are two of my setups.
I won't reveal everything about them.
I have many more notes in an excel file.
This is the basic outline of it without giving too much away.
Having said that, it's fairly basic. Nothing complicated or secret.

Here is my analysis on the 3 min chart and then the 5 min and 10 min to show a bit of different perspective.
If all confirm, then good.

SETUP 1

 

[pavilion103]

SETUP 2

 

[kid hustlr]

jeez pretty good looking short set up just after half hour in then.

 

[pavilion103]

Got home now.

I was watching for the first 45 mins of trading.

Wanted to short badly. Didn't get enough confirmation. It pushed back up anyway. Easy to say now buying dare say I would have shorted at 6772 had I been on. Stop 6779.5

 

[pavilion103]

Anyone else thinking a short tonight?
Maybe a push up on open either near the high of yesterday or just below.

Not sure what range we will get tonight. Not expecting huge.