Wednesday, March 10, 2010

Emini Levels for March 11th, 2010

We've come a LONG way! I think the market is due for a pullback, but probably not before the $SPX pokes it's head above 1148 for 5 or 6 points to SUCK IN THE LONGS! I'll be mostly watching and maybe getting in a few scalps.

Upside Levels (if we make a sustained upside break)
1230 - 61.8% retrace of entire pullback
1200 - resistance on the 3 year weekly

Downside Levels:

Emini Results for March 9th and 10th

I have not had much time to trade in the last few days. In the last 48 hours, I've made 3 trades. 2 winners and 1 loser. However, the loser was a 4 pointer on Monday. However, today I did make that back. My thinking for the last 2 days has been that the the mid January highs would act like a magnet. We finally hit 1148 today... that's good enough for me as 1148.25 is the high on the Emini March contract. I'll probably be in wait-and-see mode as volatility will probably be the rule in the near-term.

Tuesday, March 9, 2010

Fibonacci Rocks Your World!

Just a quick note to tell you something you already know...

One of my theories yesterday was that we would get a 50% retrace of Friday's candle. It didn't come to fruition yesterday, but last night we did get a 50% retrace of the entire Friday/Monday move. I've been using Fibs quite a bit lately, and this is just further confirmation that Fibonacci rocks in the trading world!

Monday, March 8, 2010

Emini Results and Discussion for March 8th, 2010

-6.75 points today. 0 wins and 8 losers. I should've stopped after a bad morning that put me on tilt.

Basically, I bailed out of trades early. I over-reacted to three bars (marked on the chart below), and I didn't execute trades exactly when my trading plan says I should (i.e. pshychological low points -800 or +800 on the TICK).

This graphic gives a breakdown of what happened to my morning trades:

Saturday, March 6, 2010

Emini Results for March 5th, 2010

+0.25 points! Not really a good day for me.. there was too much "extraneous" stuff going on today. I really shouldn't have traded and couldn't fully concentrate on the market. That said, I was proud of myself that I came back from a dismal performance early on in the day. A few of my trades did get caught up in the narrow range whipsaw that lasted the majority of the day.

Thursday, March 4, 2010

Emini Levels for March 5th, 2010 and Beyond!

30 Day Chart for Downside Levels:

1100 - big support

6 Month Chart for Near-Term Upside Levels:

1122-1125 - Current level and 76% retrace of current pullback.
1131 - resistance
1150 - breakout and continuation of bullmarket?

3 Year Weekly Chart - Levels for Dreamers!

Emini Results for March 4th, 2010

+4.75 points today. 4 winners, 2 losers. My last trade of the day was at 1:15 PM EST. The Emini futures had been pushing up against 1119.50 for the previous 10 to 20 minutes. So, I felt like the market would burst through that level and I'd be able to get at least 1 point out of it. Lucky for me, I had my sell limit placed at 1120.50 because the market went to 1120.75 and promptly sold off. Some would say I got lucky there, but I think the trade was successful because of my overall strategy of "hitting singles" and never trying to take too much from the market in any given trade.

Wednesday, March 3, 2010

Emini Levels for March 4th, 2010



Tomorrow is the day before the employment report... do we stay in this 1115 to 1122 range while we await the numbers? On the other hand, there is a lot of other data being released tomorrow.

Emini Trading Results for March 3rd, 2010

+2.75 points. 4 wins, 2 losses, 1 flat.

I didn't love the way I traded today. It felt like I was chasing too much. At 2:14 EST, there was what I like to call a "NO DEMAND" bar (circled on chart below). The significant thing about this bar is that right after it, there was a large -0.75 bar confirming that there was no demand. Also, the volume histogram shows that the NO DEMAND bar occured at a very important price level. I should have nailed this trade, but I wasn't quick enough today. As a result of my hesitation, I didn't get into the selloff until 1118.50 and then again at 1119.

Tuesday, March 2, 2010

Emini Levels for March 3rd, 2010


Emini Scalping Results for March 2nd, 2010

+2 points today. Only 3 trades today as my day was VERY busy: 2 winners and 1 loser. Two target levels that I mentioned in my blog yesterday were hit. 1122 support and 1115 resistance (really 1115.25). Stay tuned for tomorrow's levels.

Monday, March 1, 2010

Emini Levels for Tuesday March 2nd

Downside Levels:
1115 is key. If we break the 3 day trendline (right shoulder of H&S patten on the 30 day chart below), then first stop is 1110. Then, 1105.

Upside Levels:

If we break and hold 1115, then 1122 is the 76% retrace of this entire pullback. There is also resistance at 1126.

Emini Scalping Results for March 1st

+3.75 points today
9 trades
6 profitable
1 breakeven
2 losers

About Me/Disclaimer/Philosophy

Trading since 1996, it NEVER leaves my mind which is a curse and a blessing. I trade stocks, options, and futures.