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#FuturesTrades January 12th Friday 2007 Trade Log

#FuturesTrades is a private and free realtime trading posting chat room on the IRC Othernet server that allows traders from all over the world to communicate.

Click here for the instructions on gaining access to #FuturesTrades.

In addition, trades posted by members of #FuturesTrades in the below trade post chat log are by traders that do not have access to TheStrategyLab.com strategies except for NihabaAshi.

Fee-based clients of TheStrategyLab.com strategies use the private IRC rooms called #TheStrategyLab and #SwingTradingTSL.

Further, you'll find below the chat room time stamped text log of realtime trades (real money and simulator) that were posted by full-time, part-time traders from around the world and the timestamp is eastern standard time (est).

Also, below NihabaAshi's trading blog like comments, you can read the time stamped trades (prices, entries, exits et cetera) and market discussions that sometimes contains trading tips or insights that are more useful than what you will see at any other futures blog or chat room.

Trading Blog Below is not your traditional trader's blog in the usual blog format. However, you will find informative commentary on a few occasions as time permits and such will contain trading tips that should help your trading as I attempt to sum up my thoughts for the trading day.

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ER2 EuroFX EC

+11.50 +0.0000

$1,150.00 $0.00

Trading Perspective

Profit/Loss Statement

Frustrating trading day and when it was over I documented the real reasons for my trading struggles.

* Family Distractions

* Data Vendor Problems

* Not prepared to trade via not sticking to the trading plan that resulted in three losers

Simply, it should have been a big profitable trading day and I'm lucky to be profitable and all the problems today should have been manageable.

By the way, you should read the below chat logs for the conversations amongst traders after 2:30pm est and the same for past chat logs.

There's usually some very good trading insights among the discussions.

Yep, I read my own logs later at night because I'm usually not trading and doing personal stuff after 2:30pm est.

Good discussions I see occurring.

Today's results (real money and simulator trading) shown above are that of NihabaAshi only. To see his total accumulated points for the month of January...click here. To see results for the months of 2007 and prior years...click here.

Commentary by M.A. Perry (a.k.a. NihabaAshi)
intradaystrategies@yahoo.com
Note: Each month there are a few trading days that we consider to involve interconnecting key price action of different markets and such is represented by a particular type of price action from one of the key markets. You can view the charts and their clues that's associated with the key price action at our key market archives.


Session Start: Fri Jan 12 09:29:18 2007Session Ident: #futurestrades

* Now #FuturesTrades purpose and benefits...click here. 09:29

<X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm

<pat255> gm A

<PapaJon_afk> gm all 09:31

* PapaJon_afk is now known as PapaJon

<pat255> S es 31.25

<NihabaAshi> Long ER2 @ 795.10 -> large size 09:33

<pat255> out 32.. 09:34

<NihabaAshi> Exited ER2 Long @ 794.50 --> - 0.6 09:36

Reverse and Enter Short ER2 @ 794.50

Covered 2/3 ER2 Short @ 793.60 --> + 0.9 09:41

Covered Remainder ER2 Short @ 793.90 --> + 0.6

Shorts ER2 @ 794.50 -> large size 09:43

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<werner> gm all 09:44

<pat255> loks like mkt will test high 09:45

<NihabaAshi> Covered ER2 Short @ 794.40 --> + 0.1 09:46

Reverse and Enter Long ER2 @ 794.40

I got some data problems in my Eurex info...I'm a little slow in posting my trades because of such. 09:47

<pat255> :(

<NihabaAshi> Exited 1/4 ER2 Long @ 795.70 --> + 1.3 09:48

<szubaark> Shorts NQ @ 1854.50 «« paper »» 09:49

<NihabaAshi> Geeesh...I got a very nice size on this trade but it just can't push strongly above 796.00 09:51

:(

<szubaark> exit stop set NQ @ 1856.50 «« paper »»

<NihabaAshi> Exited Remainder ER2 Long @ 794.90 --> + 0.5 09:52

<les> Shorts ER2 @ 794.9 «« paper »»

<NihabaAshi> Shorts ER2 @ 795.10 -> large size 09:53

<les> Covered 1/3 ER2 Short @ 794.4 --> + 0.5 «« paper »»

<szubaark> exit stop set NQ @ 1856.25 «« paper »» 09:54

<asuni> report 5 minutes 09:55

<szubaark> Covered all Short NQ at 1856.25 --> - 1.75 «« paper »» 09:56

<NihabaAshi> Covered ER2 Short @ 796.20 --> - 1.1

Reverse and Enter Long ER2 @ 796.20

<les> Covered ER2 Short @ 796.4 --> - 1.5 «« paper »»

Reverse and Enter Long ER2 @ 796.4 «« paper »»

<NihabaAshi> I'm bullish but I'm getting hit by the "wiggles". 09:57

:(

<pat255> er that is what it does...:( 09:58

<NihabaAshi> Exited all ER2 Long @ 796.40 --> + 0.2

<les> Exited 1/3 ER2 Long @ 796.9 --> + 0.5 «« paper »»

<NihabaAshi> Long ER2 @ 797.10 -> large size

<szubaark> Shorts NQ @ 1858.25 «« paper »» 09:59

<NihabaAshi> Exited all ER2 Long @ 796.50 --> - 0.6 10:00

Shorts ER2 @ 796.50 -> large size 10:01

<szubaark> Covered all Short NQ at 1856 --> + 2.25 «« paper »»

<NihabaAshi> Shorts ER2 @ 796.40 -> Add 10:02

Geeesh...what a morning... 10:04

<les> i got IB & eSignal down

<szubaark> les fine here

<NihabaAshi> My Eurex is now back than my virus scanner kicks into a full system scanning :(

<les> all come back now 10:06

but ninja has lost my tgs and s/loss

tgts

jeez, it keeps falling off the cliff here 10:08

<NihabaAshi> Covered 1/2 ER2 Short @ 796.00 --> + 0.4

<les> but seems to be my isp is at fault

<NihabaAshi> A blown opportunity on my first scale out :( 10:09

It had a goal of +1 point and I took a +0.4 per contract. 10:10

Will use the remainder to compensate for the missing +0.60 by trying to hold until 794.60 10:11

<pat255> WILL GET THEER NOW

sory caps

dang laptop 10:12

<Brutus> I am bearish today. To about 1400 time period m2c

missed another short typing :(

Cal would be wrong if ES HOD broke on volume and follow through 10:14

<NihabaAshi> Covered all ER2 Short @ 795.80 --> + 0.7 10:22

Long ER2 @ 796.30 -> large size 10:23

First error of the trading day.

Exited ER2 Long @ 795.40 --> - 0.9 10:26

Reverse and Enter Short ER2 @ 795.40

First pattern signal of the day...will try to hold.

<szubaark> Shorts NQ @ 1849.75 «« paper »» 10:29

<les> Shorts ER2 @ 794.1 «« paper »»

oops

didnt post my previous exit from the long..

was -.70 10:30

<eminitrader> Long ES @ 1432.50

<les> Covered 2/3 ER2 Short @ 793.8 --> + 0.3 «« paper »» 10:31

<szubaark> NQ testing Opening low 10:32

YM leading today

<les> same on er2

i'm short and looking for it to break her 10:33

<szubaark> me too.

exit stop set NQ @ 1849.75 «« paper »»

<ItalianSharp> welcome back les

<les> thx IS

<szubaark> Covered all Short NQ at 1849.75 --> 0 «« paper »» 10:34

Wiggles took me out

<les> Covered ER2 Short @ 794.2 --> - 0.1 «« paper »» 10:36

Reverse and Enter Long ER2 @ 794.2 «« paper »»

<szubaark> Buys NQ @ 1849.50 «« paper »»

<X> #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, GLD, IWM, OIH, QQQQ, SPY)

<szubaark> exit stop set NQ @ 1847 «« paper »» 10:37

<NihabaAshi> Covered all ER2 Short @ 794.60 --> + 0.8 10:39

:(

<eminitrader> Exited all ES Long @ 1431.50 --> - 1 10:40

<NihabaAshi> Shorts ER2 @ 793.60 -> large size

<szubaark> Exited all Long NQ at 1847 --> - 2.5 «« paper »» 10:41

Shorts NQ @ 1847 «« paper »»

<les> Exited all ER2 Long @ 793 --> - 1.2 «« paper »»

Shorts ER2 @ 792.9 «« paper »» 10:42

<szubaark> we need followthru here any wiggle will take my Stop due to my bad entry :(( 10:43

<NihabaAshi> Covered all ER2 Short @ 793.20 --> + 0.4

<szubaark> market should be crashing down now, they just sitting here on new lows :( 10:44

<NihabaAshi> Long ER2 @ 793.50 -> small size

<szubaark> bastids wacking Stops 10:45

<ItalianSharp> very bad price action today...i am shocked i am still making money...i shouldnt be 10:46

usually i get hammered in days like today

<szubaark> Covered all Short NQ at 1850 --> - 3 «« paper »»

:((

<eminitrader> its tough holding on to sells now a days 10:47

<NihabaAshi> Market internals are having a lot of problems today (very slow) in giving the Eminis any kind of price push.

Mainly due to the volatility being almost at equilibrium from one interval to the next. 10:48

<ItalianSharp> niha, i agree.

<NihabaAshi> First volatility drop of the day...expecting a volatility spike...

<ItalianSharp> and it almost looks like we are ready for a rebound

<NihabaAshi> Hopefully in the direction of my Long position. 10:49

<szubaark> Buys NQ @ 1849.75 «« paper »»

<Brutus> 1300/1800 Boston Fed Pres Minehan speaks at the

2007 Vermont Economic Outlook

Conference in Burlington, Vt.

<ItalianSharp> the bearish price action wasnt very strong...i was expecting increasing volatility toward the lows of the day, but i am not too bought into the way it broke them...looks like a classic "wash out"

<Brutus> Monday Martin Luther King holiday; 10:50

<NihabaAshi> Exited all ER2 Long @ 793.60 --> + 0.1 10:51

Long ER2 @ 793.40 -> small size

<ItalianSharp> niha, watch out for the bermuda triangle right around the corner...lol

<NihabaAshi> Long ER2 @ 793.20 -> Add 10:52

<Brutus> I have a 789 min target on the ER

<NihabaAshi> Exited all ER2 Long @ 792.70 --> - 1.2 10:53

<eminitrader> looks more and more like new lods 10:54

<NihabaAshi> Geeesh... 10:55

<ItalianSharp> emini: yep, looks like the washing out is not over yet

<eminitrader> may bounceback for a good sell entry 10:56

<Brutus> $51.58 OIL FUTURES: Crude Hits New 19-Mo Low, Shrugs Off OPEC 10:57

<NihabaAshi> Long ER2 @ 794.00 -> large size

be right back...gotta switch something on my system...\ 10:58

Having too much data problems.

* DisconnectedSession Close: Fri Jan 12 10:58:40 2007

Session Start: Fri Jan 12 11:07:06 2007Session Ident: #futurestrades

* Now talking in #futurestrades 11:07

<X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTra desChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrad es.htm

<eminitrader> what i mean is that 1400 sld be tested to to the tick not 1399.75

<szubaark> nothings written in stone in this racket.. thats why i find it hard to make rules as they change the rules of the game so much

* codehead_afk is now known as codehead

<ItalianSharp> szu: you crack me up lol

<eminitrader> then i just dont consider the ct even on a set-up B

<Brutus> OK ic 11:08

<les> Covered all ER2 Short @ 793.6 --> - 0.7 «« paper »»

i'm done now

cya all monday

<szubaark> bye les

<pat255> lateres

<PapaJon> les.. monday is holiday

<eminitrader> thats right pj...thx for the remoinder :) 11:09

<szubaark> PJ you right.. Markets CLOSED MONDAY

<les> ah righto, thx

<PapaJon> yw

<eminitrader> B ...in that case i wld consider going with the trend like today

<Brutus> I agree szu but you just look for confirming factors, you will never get everything

<eminitrader> how very true B 11:10

thas the main reason for increases in r/r 11:11

mlot of traders who can take this prefor to go this way

Covered Remainder ES Short @ 1433.25 --> 0 11:13

<NihabaAshi> By the way...I posted I was in a large size Long position...

<pat255> kk guys biab ...@office ty all 11:14

<NihabaAshi> That's an error...its a "small size" position.

<eminitrader> later pat

<NihabaAshi> Exited 2/3 ER2 Long @ 795.10 --> + 1.1 11:16

<Brutus> As long as ES stays in this 4pt channel we will see chop which is possible for Friday, However I will not take long on my bias for a downside breakout, which may happen at lunch or the Fed speech.

<NihabaAshi> Exited Remainder ER2 Long @ 795.30 --> + 1.3 11:17

I'm officially in profit protection mode especially after making one trade execution error for the day. 11:18

<szubaark> nice work Niha.

<NihabaAshi> Thus, 1 contract only for the remainder of the day.

Shorts ER2 @ 795.40 -> small size 11:24

Covered ER2 Short @ 796.00 --> - 0.6 11:25

Reverse and Enter Long ER2 @ 796.00

I got suckered into a position reversal at too high of a price :( 11:27

<eminitrader> Shorts ES @ 1434 11:28

<szubaark> what u mean by "suckered"?

ECBOT down AGAIN :(

<codehead> ya dam

<NihabaAshi> Yep 11:29

<szubaark> its getting Scary to trade YM nowdays

<NihabaAshi> Hopefully the YM guys will move over to the other Eminis and hedge their positions...hopefully pushing this a little higher.

<Brutus> So does the market move opposite to trap the YM traders at this point?

<eminitrader> lol 11:30

<szubaark> problem is YM is traded a lot by the small guy due to its $5 a tick size

<PapaJon> there goes cbot again

ym is dead now

<NihabaAshi> Exited ER2 Long @ 795.20 --> - 0.8

<Brutus> c it drops

<PapaJon> oh.. sorry .. dint see previous posts 11:31

<eminitrader> Covered 1/2 ES Short @ 1432.50 --> + 1.5

<NihabaAshi> Shorts ER2 @ 794.50 -> small size

Geeesh...crappy fill.

<szubaark> Exited all Long NQ at 1852 --> + 2.25 «« paper »» 11:32

<eminitrader> be back

<RussellDaytrade> got a bulltin from IB on the ym outtage, it sez... 11:33

<szubaark> taking a break.. trading this is exhausting me

* szubaark is now known as szubaark_away

<RussellDaytrade> sorry, the longs were makin too much $ on this little rally, so we had to yank the plug on 'em for a couple minutes while we dropped price. 11:34

<NihabaAshi> Covered ER2 Short @ 795.30 --> - 0.8 11:35

Long ER2 @ 795.80 -> small size

<RussellDaytrade> what a nap, missed first couple hours.

<NihabaAshi> I'm getting tossed around on these 1 contract trades like a fruit salad. 11:37

<eminitrader> stopped out @ b/e ...late post 11:39

Covered Remainder ES Short @ 1434 --> 0

Shorts ES @ 1434.75 11:40

<NihabaAshi> Exited ER2 Long @ 795.00 --> - 0.8

<eminitrader> Covered all ES Short @ 1434.75 --> 0 11:43

<NihabaAshi> I'm bearish right now due to the market internals but YM is messing things up a bit :( 11:44

Anybody else seeing the volume drop dramatically in the other Eminis ??? 11:46

<PapaJon> yes niha.. definitely

<eminitrader> see lot more sells on the ES 11:47

<PapaJon> but.. it is also nearing lunchtime.. on a friday.. before a holiday

and... it's ..." cocktail friday" to boot

<eminitrader> whats a cocktail friday pj ? 11:48

<X> #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, GLD, IWM, OIH, QQQQ, SPY)

<PapaJon> hehe... serious?

<eminitrader> lost u there

<PapaJon> liquid lunch for those that are heavy drinkers 11:49

so to speak

<eminitrader> every fridat for me is a cocktail one :))

<PapaJon> yah. me too.. but at the eod

not at lunch

<ItalianSharp> looks like we might have a new run at HOD

<eminitrader> true ..k u mean during lunch

<PapaJon> yah 11:50

<NihabaAshi> Long ER2 @ 796.00 -> small size

<Brutus> I miss 9-5 work :) anf Friday drinks

<eminitrader> thats we do day on day ...dont we

<PapaJon> i tend to believe that prior to a holiday.. the wallstreet boys may tend to drink a bit more than usual at lunch...

<eminitrader> gotya ..thx 11:51

<PapaJon> course.. thats just a suspicion

dont really know that as fact

<eminitrader> :)) 11:52

<PapaJon> where are you located emini?

<eminitrader> MOTOWN

<NihabaAshi> Exited ER2 Long @ 796.10 --> + 0.1 11:53

<eminitrader> did;nt mean to be rude pj...but with the auto show and all...

<NihabaAshi> I'm done for the day...got a very weird fill.

<Brutus> ER not playing well again

<PapaJon> oh yah.. forgot .. i think you mention it before.. sorry

<ItalianSharp> wow, ER2 being uncharacteristically weak

<eminitrader> no pbs 11:54

<NihabaAshi> My data showed ER2 @ 796.80 and I got filled at 796.10

<RussellDaytrade> Shorts ER2 @ 796.4 «« paper »»

<eminitrader> whats ur stop on that RD 11:55

<NihabaAshi> I still my my profit goals for the day and will just call it a day to preserve that...too much distractions today and the earlier computer problems didn't make it easy.

<Brutus> I like it RD many bearish factors still for the ER and others 11:56

<RussellDaytrade> usually, EM, my stop is infinity!, thx for asking, (keep me in line ya'll), but today, especially for you, we'll set it at 796.6. :) 11:57

<eminitrader> looks like the ES is moving just by taking out stops...dont see buys 11:58

k thx RD :))

<RussellDaytrade> not looking for much here, just wanna put on a trade, 795.8 if pierces 796, ../

Covered all ER2 Short @ 795.8 --> + 0.6 «« paper »»

my stops parameters are still 'under construction / development'. 12:00

<Brutus> Nice RD I would have held for a BE or home run. How about doing your trades like that, leaving half on for a bigger move, long as its a winner?

<RussellDaytrade> they vary depending on the setup(s)...ah heck Brut, having hesitancy even putting on a 1 lot, let alone a bigger...you think i should just leapfrog to a 2-3 lot? 12:02

<Brutus> Yes I have found the same compulsion doing paper trades the eagerness to exit all at some profit. But it is a way for you to develop good habits imo 12:04

<RussellDaytrade> as was saying, depending on the setup, the stops vary, (as i am framing them in my mind...good call on that Brut..., for example, take this setup, 796.5 might be consiered to be a level if had breached to the upside, would be an exit, so fairly close stop... 12:05

<Brutus> Right RD if you can eyeball a close stop then its a good bet 12:08

Its also the fact you have some large targets so you not trade for them

<eminitrader> was just looking @ ER ...my chatrs wld have sold @ 796.60 with stop @ 797.10.... 12:09

<RussellDaytrade> but in many insatnces, i am inclined to look for entries and setups when/where the price is rising or dropping rapidly, (with no apparent end in sight), and i always wanna go counter...so, i am trying to develop the frame in my minds that i firstly set a dollar value on stop, thats to get my in, taking the trade, thats fairly wide initially, then from there, (hopefully), if trade begins to work out, move stop reasonably quick

but, the reality of the situation is, in many instances, trades i am placing move a fair bit against me... 12:11

<eminitrader> will try scalping the ER2 today ...on paper that is :))

<Brutus> Nice EMT the quick rejection at that pice confirms my view as well 12:12

<eminitrader> long tern charts also show strong res there 12:13

unless it decides to test the high...well thats why we trade with stops i:))

<Brutus> Although a filla t 796.6 would have been likely on the advance and 796.5 on a sell after the price reacting

<RussellDaytrade> since first of year, have began to track the trades i am placing / posting on SL, and some interesting results thus far, that clearly show my current profile...would like to post them/link them, its on an xls, (not sure how i would do it, thought about posting on ET then linking the post, suggestions welcome)... 12:14

<eminitrader> no experience on how this mrkt behaves....just taking my ES charts for the set-ups

<PapaJon> well... i have leave shortly... today i screwed up majorly 12:17

<RussellDaytrade> but anyhow, the bottom line is i am fairly profitsble thus far, anfd have reduced dramatically the numbers of trades that i scale into, but still, the drawdown factor relative to profit is high, especially on the longs, less so on the short trades... about 4:1 ratio on ther longs, 1.25:1 on the shorts... trade shorts only???!!!

<eminitrader> always a tommorow pj...see ya tues

<PapaJon> I had a partial signal and took it based on intuition... :(

then that lead to another error

I know better.. 12:18

<eminitrader> :))

<PapaJon> here is my trades

<Brutus> Couple of drinks should fix it PJ

<PapaJon> http://www.veritashomeinspection.com/pj1 .jpg

<eminitrader> hhe hehe

<PapaJon> http://www.veritashomeinspection.com/pj2 .jpg

well... i turned it around and took proper trades the remainder of the morning

but still ended in red 12:19

and

to top it off

one of my dogs got in front of truck last night.. and dint see her.. bu-bump, bu-bump

have to take her body to the animal disposal

all in all.. today kinda sucks 12:20

anyway.. you all have a good weekend.. will cya on tuesday

<eminitrader> sorry abt the dog

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<Brutus> Sorry to hear that PJ

<PapaJon> et.. good luck w/ experimenting on er2 bro

<eminitrader> thx bro

<PapaJon> yah.. thanx

she was old.. bout to be put down anyway.. but 12:21

<RussellDaytrade> thats a shame PJ, have a toast to their good memory.

<eminitrader> it still hurts...

<PapaJon> running over her.. made me feel sick

still have my other dog

he's a bit younger and smarter

she was kinda stupid

anyhow.. cya all tuesday 12:22

* PapaJon is now known as PapaJon_having

* PapaJon_having is now known as PapaJon_afk

<eminitrader> Shorts ER2 @ 796.60 «« paper »» 12:23

<Brutus> 12:15 EST *DJ CBOT Pushes Back E-CBOT Start To 12:42 PM EST 12:24

<eminitrader> taking it as 3 contracts ...will exit 1/3

exit stop set ER2 @ 797.10 «« paper »»

<RussellDaytrade> cbot back up in 10 , 12:45

<Brutus> EMT I have a long term ES resitance line at 1437.75 drawn do you look for price action within a band for resistance? 12:27

ER wants to go down imo

<eminitrader> yes B ...thats what determines my set-up

<Brutus> ok thx 12:28

<eminitrader> survived the er2 by 2 ticks on that spike ...wonder how long it will hold there 12:29

<Brutus> 2 shooting stars on the ES 5min?

<eminitrader> but an excellent set-up with high r:r 12:30

<Brutus> Thats a FFT for those Hershy followers, I think 12:35

Whats yor targets for exits EMT? 12:38

<eminitrader> min 10 ticks B ..twice my risk...but given this pa might move stop to b/e soon 12:39

<codehead> there's ECBOT 12:40

<eminitrader> be back 12:42

<Brutus> OK seen you take some +1s on ES so thought 5 ticks would be good on the ES. I would recommend 0.5-0.7, 1, and ride the last on a scalp type trade

<ItalianSharp> whats up with the minidow charts? you guys also had a breakdown of datafeed for like 45mins? 12:45

<eminitrader> Covered all ER2 Short @ 797.10 --> - 0.5 «« paper »» 12:46

1st trade was a bummer :(( 12:47

on the er i mean

<Brutus> 12:15 EST *DJ CBOT Pushes Back E-CBOT Start To 12:42 PM EST

<RussellDaytrade> Shorts ER2 @ 797.5 «« paper »» 12:48

<eminitrader> shld have gone with ur targertsB :((

<RussellDaytrade> stop to BE 12:49

<eminitrader> thats real tight RD ...

<RussellDaytrade> tighter than usual, for sure, should give it my 'usual' 6-7 dollar range. not! 12:50

<eminitrader> how much room do u usually give it to make the move u r looking for 12:51

<Brutus> Yes EMT if you look the ER has a 5-7 tick reaction on a wiggle, say even before a buy spurt. So on a good entry meaning you got near one end put that first order to exit so even if wong that wiggle shold least give you some 12:52

<eminitrader> k B ...what ur looking for then is a quick 5-6 tick profit 12:53

<RussellDaytrade> varies, sometimes on these, the er starts moving so fast, on a spike, it runs away from the ideal price for stop.

Covered all ER2 Short @ 797.7 --> - 0.2 «« paper »»

<Brutus> Yes what I would recommend on a scalp so that you lock in $50 - $70 covers commisha and the rest to BE 12:54

<eminitrader> k thx much B

defnitely need a different mindset than trading the ES

<Brutus> With ER you can be worng and still make a profit :) 12:55

<eminitrader> but we dont want that right ..

screws us up over the long term 12:56

<Brutus> YEs so depends on your setup

<RussellDaytrade> http://elitetrader.com/vb/showthread.php ?s=&threadid=68112&perpage=6&pagenumber= 14

<Brutus> ES is better for longer imo, I thought the move to ER was for quick action

<RussellDaytrade> if you got xls, see if that opens. suggestions welcome.

Shorts ER2 @ 798.2 «« paper »» 12:57

798.6 stop 12:58

<X> #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, GLD, IWM, OIH, QQQQ, SPY) 13:00

<RussellDaytrade> a buck and a half or bust on this one

<Brutus> Opens RD but need some time to look over it 13:01

<eminitrader> nice pa set-up at major high ...low risk sell @ 797.90

<Brutus> pa? 13:02

<eminitrader> price action 3 min

<RussellDaytrade> model sez 795 in an hour...no hurry, scan it later and lemme know if something of note strikes you, thx. 13:03

<eminitrader> at 1:03 break of 1pm bar

<RussellDaytrade> Covered all ER2 Short @ 797.1 --> + 1.1 «« paper »» 13:04

<eminitrader> see some supp @796 area

<RussellDaytrade> took my usual exit profile. 13:05

<eminitrader> nice one rd

<RussellDaytrade> thx EM, i like the usual fortitude you exhibit on most of your trading. 13:06

gettin the itch to sell again. 13:08

Shorts ER2 @ 797.8 «« paper »»

<eminitrader> might very well work out

<RussellDaytrade> oops, thats .7

bigger stop, highs at 798.5 13:09

perhaps it revisits lows of prior move, perhaps that is pivot for lower move to 796.5 or so, may take a little while if so, time to do some statistics updates, overall premise under trade is, using prior profits to subsidize taking a calculated risk. 13:12

<eminitrader> 13:13] <eminitrader> think its got room to go up some more ...prolly test 800 13:13

<RussellDaytrade> oops, missed it, gotta wait now, stop now at BE

Covered all ER2 Short @ 798.7 --> - 0.9 «« paper »»

797.7 13:14

<eminitrader> typo ?

<RussellDaytrade> flat

yes, typo

Shorts ER2 @ 797.7 «« paper »» 13:15

<eminitrader> Shorts ER2 @ 798 «« paper »»

<RussellDaytrade> same setup, same parameters

new fortitude!

<eminitrader> but dont know if i wld have got filled on that one ...anyways its just on paper

<RussellDaytrade> quicker to exit today when wrong, wil exit 798.1, if touched 13:17

usually on these paper trades, i let 'em wash up-n-down with the tide, and take it when it comes my way. 13:18

on 800, i agree in principle, close enough now (in the neighborhood) that price will most likely see it, but i don't think so this run, have to be on 'another act' of play. 13:20

target of 795 stil on, but today, may be lucky to see 796-795.5 13:21

<eminitrader> yep ..thats the spp area i have too 13:26

<RussellDaytrade> 796.6-7 and i'm out, if getsd there 13:27

Covered all ER2 Short @ 796.6 --> + 1.1 «« paper »»

<eminitrader> Covered 1/2 ER2 Short @ 796.50 --> + 1.5 «« paper »»

Long ER2 @ 1437.50 «« paper »» 13:29

real trade

<RussellDaytrade> there's enough time remianing in remainder of day for price to erode some more, and then rise into close. 13:30

<eminitrader> sld pullback to 795-795.50 area...strong supp area 13:32

exit stop raised ER2 @ 1437 «« paper »» 13:33

will hold this prolly to close 13:34

<ItalianSharp> how do you find ER2 emini? 13:48

<eminitrader> some wild moves ..but not too bad

<ItalianSharp> what's the main difference you have noticed between ES and ER2?

<eminitrader> exit remainder er2 @786.70 13:49

guess i'm more used to the behavior of the ES ...need more time on the ER 13:50

to figure out its supp and res behavior

<Brutus> Whats your plan for the ER is Es is working for you EMT? 13:51

<eminitrader> ES been treating me pretty good...just want to ..lets say ..expand my horizon :) 13:52

be back

Exited Remainder ER2 Long @ 1437.50 --> 0 «« paper »» 14:05

<ItalianSharp> emini...thats ES price...lok

lol

<eminitrader> real trade was on ES ... 14:06

<ItalianSharp> ok 14:07

<eminitrader> er on paper

too lazy to change the settings

<X> #FuturesTrades Info -> Chat room for realtime trade posting by traders of Emini Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Derivatives (DAX, ESTX50), Euronext Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Futures (CL, NG, HO, QM) and Exchange Traded Funds (DIA, GLD, IWM, OIH, QQQQ, SPY) 14:09

<eminitrader> Long ER2 @ 796.40 «« paper »» 14:11

<codehead> ecbot out again? 14:12

<eminitrader> looks like we may see 800 on the er 14:13

<codehead> QM trying to climb a bit into the close

<eminitrader> if ER breks 798.10 ...then shld see 800 14:15

Exited 1/3 ER2 Long @ 797.40 --> + 1 «« paper »»

Exited Remainder ER2 Long @ 796.40 --> 0 «« paper »» 14:16

<RussellDaytrade> welcome to the er! (emergency room?) 14:17

<eminitrader> same range spike on ES and NQ too

Long ER2 @ 795.60 «« paper »» 14:22

exit stop set ER2 @ 795.20 «« paper »» 14:23

looks like fill wld have been now 14:24

exit stop moved to breakeven ER2 @ 795.40 «« paper »» 14:27

no thats not b/e

exit stop raised ER2 @ 795.40 «« paper »» 14:28

if it holds this supp...could see a good move 14:29

raising my pt levels 14:30

<codehead> ecbot getting ready to come back on in 10 mins 14:39

<eminitrader> 797.30 pt 1 14:40

<RussellDaytrade> cbot down again? daily event? 14:41

<eminitrader> Exited 1/2 ER2 Long @ 797.20 --> + 1.6 «« paper »» 14:42

<codehead> twice today, once yesterday--they sure having problems

<eminitrader> exit stop moved to breakeven ER2 @ 795.60 «« paper »»

<codehead> i traded between outages, but didn't get caught during

<RussellDaytrade> having a field day is more like it.

was that spkie down on er coincident withthe last cbot outtage? 14:44

<Brutus> about 5 mins after 14:45

<RussellDaytrade> the pouttage, or the spike?

<Brutus> Spike after outage at 14.10 14:46

<RussellDaytrade> thx.

<eminitrader> Long ER2 @ 1437 «« paper »» 14:56

ES real trade 14:57

Exited 1/2 ER2 Long @ 1438.50 --> + 1.5 «« paper »» 15:07

exit stop raised ER2 @ 797.60 «« paper »» 15:08

<ItalianSharp> you trading late today emini...well done so far... 15:14

<eminitrader> beginners luck on the ER:)

sld test 800 15:15

<ItalianSharp> does anyone know what YM datafeed was cut for like an hour earlier today?

big resistence here for ER 15:16

<eminitrader> looking fot 799.70 exit

<ItalianSharp> yep...it might test that level...although i'd be surprised to see it go over it 15:17

<eminitrader> never know 15:18

but i;m not greedy :)

exit stop moved to breakeven ER2 @ 1437 «« paper »» 15:20

real trade

Exited Remainder ER2 Long @ 797.60 --> - 639.4 «« paper »» 15:21

:((

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<eminitrader> thats a +2 on 1 car

<Brutus> Nice EMT, I learnt something today :) 15:22

<ItalianSharp> looks like some longs are being closed now

<eminitrader> whats that B 15:23

<Brutus> YOur use of S/R for entries

<eminitrader> but i'm still not sure of their behavior at these pts ...talking abt ER 15:24

<Brutus> Yes it depends on the day. Like today where you see the choppy type behaviour its great 15:25

<eminitrader> also B the primary reason for entry w/o price action confirmation was cause it was at a fib level which i use a lot on the ES 15:26

entry was not based on just supp...

if i use just supp/res for entries...its only with pa confirmation which was @ 2.27 pm on the 3 min with a higher close 15:27

<Brutus> I know, but is was something that I use to pay more attention to and had shelved

It is an extra confirming factor for me on days like today 15:28

<eminitrader> k 15:29

<RussellDaytrade> EM, what is pa?

price actrion, got it. 15:30

<eminitrader> yep ..entry wld have been after the 2:27 3 min bar at abt 796 with a 6 tick stop 15:31

<Brutus> Even for scalping you get a tradeable reaction, just like fib levels

<eminitrader> like i said i need to understand more abt how the ER moves at these levels...like on the ES if it were to break that low after confirmation...i wld consider that as breking of major supp and reverse with a large size 15:32

with the ER matbe a move of 2-3 ticks below that wld be considered normal given its wild swings and volatility ? 15:33

<RussellDaytrade> that last statement may be dependant uponhow much volume was scrolling into it, with larger, faster volume,likely it would follow thru to downside/break of support as you normally view it. 15:35

<eminitrader> k.. 15:36

looks like i will not get my 1440 on the ES

exit stop raised ER2 @ 1437.50 «« paper »» 15:37

<ItalianSharp> emini: i believe the most important thing with ER is to be quick and dont mess around too much with closes...sometimes prices just take off for like 20-30 ticks...in my experience, i rather lose a few ticks and then re-entry if the price action confirms my initial position, allowing myself a chance for another trade...sometimes i know the "right" technical stop should be much larger, but i am not taking any chances...as long a 15:38

<eminitrader> looks like NQ hlding back the ER and ES

<ItalianSharp> in fact, i believe the key to trade ER2 is catch your trades on good volatility...thats when you make the big bucks... 15:39

well...like any other instrument i should say...but ER in particular

<eminitrader> thx for the tip IS...these r the kinda things i got to figure out before i go live...anyway my target is 2008 for the er ...so a lotof time to learn stuff nbefore i go live 15:40

<RussellDaytrade> gettin the itch, to sell. 15:42

'shorts are roasting on the open fire', (sung to the tune of 'chestnuts roasting...) 15:44

<ItalianSharp> well, you are giving yourself plenty of time and you are a good trader, so i am sure you'll figure out a way to tame this other beast

<Brutus> Geeze emt dont rush into it :) did they put you in charge of saftey engineering? 15:45

<eminitrader> 15:39] <ItalianSharp> in fact, i believe the key to trade ER2 is catch your trades on good volatility-----------------from what i have seen of the ER so far ...brrn watching from the new yr..

good statement IS 15:46

Sponsor:
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<ItalianSharp> i believe the most difficult thing about trading ER is the ability to think quick and fast...other indices like ES and NQ give you some extra time to think over your position, while ER doesnt forgive hesitation...if you hesitate, you pay dearly most of the times

as a training tool, i usually run tick-replay days 5X faster than normal market speed 15:47

<eminitrader> B..it took me 4yrs to be profitable on the ES...consistently that is wk on wk ...month on month

<ItalianSharp> by running tick replay that fast, i train myself into thinking very fast...its like a videogame...training myself to make the same decisions faster and faster...not easy to do when you trade iive, when there also is an emotional component involved 15:48

<eminitrader> IS r ur orders sigle key ...mrkt only 15:49

<Brutus> OK JK emt, but you did OK today. I would jump in much sooner

<ItalianSharp> EM: i use bracket orders with pre-fixed stops and targets and once i am in i adjust them off the chart

<eminitrader> k 15:50

<ItalianSharp> i can't operate out of a normal book...just looking at price...i need to watch the charts and have my orders on the charts

i find bracket orders useful...they save me a lot of time

<eminitrader> k...see my style of trading the ES is totally different ...all limit orders...with lot of waiting ...for both entry and exits 15:51

<ItalianSharp> wait:

perhaps i didnt explain myself properly

i use stop-limit bracket orders to get in 15:52

i never enter at market

i'd be divoured by the market makers...getting really ugly fills

<eminitrader> what abt exits

<ItalianSharp> as far as exits...

<eminitrader> Exited Remainder ER2 Long @ 1438 --> + 1 «« paper »» 15:53

<ItalianSharp> i have my stop loss in place...and that shouldnt be a problem to deal with...

while as far as my targets go...i move my limit orders on the charts

<eminitrader> stop loss is stop limit or stop mrkt 15:54

<ItalianSharp> basically, here is an example of a 1-contract trade on ER:

lets say i decide to go long at 800

<eminitrader> k

<ItalianSharp> i set a stop-limit entry at 800 (2 tick tolerance)

<Brutus> IS would it be possible to entice you to post your trades?

<ItalianSharp> initially, my bracket is made of: stop-market at -1.00 and limit target at 1.50 15:55

<eminitrader> k

<ItalianSharp> of course, once i am in i move my stop where i want it to be manually

same with target 15:56

<eminitrader> gotya..thx

<ItalianSharp> BRUTUS: i am not posting my trades yet as i can barely watch my charts while i am in...i would have to post them with some delay and i dont know how useful it would be 15:57

<eminitrader> thx guys ...have a good one ...see u all tues

<ItalianSharp> basically, i am too assorted into my trades

see you emini

<eminitrader> bye IS

<Brutus> OK 15:58

<ItalianSharp> maybe once i get more comfortable with my trading i will start posting...but now it's tough for me to do both things...it would be a distraction to hurry up and post my trade...maybe i should just try...never really thought of it

i believe niha is gonna make it a requirement to post trades...so i guess i might be forced to post them soon...lol 15:59

wow...if ER continues to make higher highs we might close at the highs... 16:00

and if we close at the highs, thats sort of bullish for next trading session 16:01

<Brutus> On my comp for chat I have a numeric key pad with three main keys, so a sell short is (key1) and price

Key1 types /SS into the command line

<ItalianSharp> thats good brutus...i am not too good with computers

<Brutus> Very fast entry then 16:02

<ItalianSharp> it took me over a month to figure out how to place bracket orders...i think in december i wasted over $2,000 in manual errors because i didnt know how to use my trading platform...and i still managed to come out on top for the month...

<Brutus> ER 800 and ES 1440 16:03

<ItalianSharp> yep..i am very curious to see where ER closes today

indices going wild...cant believe we are making new highs 5mins before the close... 16:10

<RussellDaytrade> one last short before the close! 16:12

Shorts ER2 @ 801 «« paper »»

<WannaBeBOS> impressive closing rally 16:14

<RussellDaytrade> may have to cover thgat in the afterhours market Sun or Mon, if Globex closed this Sun eve. 16:15

<Brutus> Almost took an O/N short at 802 RD 16:16

Gap down Open Monday?

<RussellDaytrade> best to leave it alone, this thing may catch a gap open on Tues if no dire event over weekend, save it for the regualr hours whenyou have more edge. 16:17

i am (obviously ) early on it

<Brutus> Well shorts are ok incase of a dire event :) 16:18

<RussellDaytrade> nas broke out of range yesterday, etc,may carry for some more up.

<Brutus> Fade your emotions Luke :)

<RussellDaytrade> not always... 16:19

<Brutus> OK cul8r

<NihabaAshi> Take care all. 16:21

* NihabaAshi is now known as NihabaAshi_away

<RussellDaytrade> so long everyone.

* DisconnectedSession Close: Fri Jan 12 16:21:54 2007

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