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#FuturesTrades April 26th Thursday 2007 Trade Log

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Russell 2000 Emini ER2 Futures

Today Month Year

+4.60 +160.30 +1103.20

$460 $16,030 $110,320

It's Still All About Earnings

Profit/Loss Statement

Although many market participants are still monitoring Oil...the market continues to shake off any bearish price action to move higher.

Simply, shorts in the morning trading session are getting their profits as long as they don't try to get greedy.

However, as soon as the shorts start to collect their paychecks...longs step up and say its my turn with a louder voice.

This is normal price action for earnings that's been very positive.

As for my own trading, the low volatility confused me and that required me to reduce my overall position size. In addition, I missed two key bullish signals and that alone prevented me from reaching my profit goals for today.

Key news of the day

Commentary by M.A. Perry (a.k.a. NihabaAshi)
intradaystrategies@yahoo.com
Note: Position Size Management is very important in my trading and my position size varies from one trading day to the next trading day or from one trade to the next trade. Also, I'm currently exclusively trading the Russell 2000 Emini ER2 futures even though my strategies are applicable and profitable on all the trading instruments listed towards the bottom of this webpage along with my past trade journals showing consistent profits in other trading instruments prior to exclusively trading ER2.
Further, I can switch and trade any trading instrument that's listed below at the bottom of this webpage for any trader that request such mainly because I do a lot of intermarket analysis while trading ER2.
However, if you want to see up-to-date pattern signals in other trading instruments...click here.

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Session Start: Thu Apr 26 09:28:31 2007Session Ident: #futurestrades

* Now talking in #futurestrades 09:28

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

<jperl> data for 1 week and 1 year won't come into play today

<pat255> gm all 09:29

hiya emini good to have u back

<NihabaAshi> Some brief stats about #FuturesTrades...

Highest count in here was 27 users

In the past year.

<pat255> good niha ..

<NihabaAshi> There are 87 registered members of #FuturesTrades. 09:30

46 of those members have NEVER logged in :(

<pat255> lol

<NihabaAshi> Something is scaring them away after they request to become a member of #FuturesTrades...before they log in for one trading day. 09:31

:)

<eminitrader> thsx pat ..glad to be back

<PapaJon> gm all 09:36

Sponsor:
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As traders we must treat our trading like a business if we are to succeed as traders and as a business. Therefore, waiting till the last few weeks March to prepare for April's taxes is not good for your trading and could put extra stress on your trading during tax month or the months that follow if your one of those traders that filed an extension.. Therefore, its best to be on top of your taxes throughout the year and Traders Accounting is a great resource for such especially if you want to prevent penalties or an audit several years from now.

<NihabaAshi> Long ER2 @ 834.50 -> small size 09:40

<eminitrader> Shorts ES @ 1402.75

there is no stopping this mrkt..

let me try :)

<NihabaAshi> I'm a "little" confused about my s/r zones on this trade.

Thus, if it goes against me...I'm most like just dump it instead of reversing the trade or adding to the trade. 09:41

<szubaark> Shorts NQ @ 1902.50 «« paper »» 09:43

<NihabaAshi> Oil just had a Bullish pattern siganl (XLE and OIH). 09:44

<Chilly> Shorts ES @ 1502.00 09:45

<NihabaAshi> Exited all ER2 Long @ 834.00 --> - 0.5

By the way, anybody notice the "extremely low volatility"... 09:46

???

<szubaark> Covered all Short NQ at 1899 --> + 3.5 «« paper »»

<eminitrader> Covered 1/2 ES Short @ 1500.75 --> - 98

<NihabaAshi> Shorts ER2 @ 833.10 -> large size 09:47

<eminitrader> Covered 1/2 ES Short @ 1500.75 --> - 98

oops something wrong thre ..

<szubaark> emini u put 1402.75 insetad of 1502.75 :)

<eminitrader> oh yeah thx szu :)

<PapaJon> yes niha.. v is low

<eminitrader> okay here goes .. 09:48

Shorts ES @ 1502.75

<NihabaAshi> My trade already a WRB...that makes my entry a "chaser" :(

<eminitrader> Covered 1/2 ES Short @ 1500.75 --> + 2

thats better

<szubaark> Niha ive "Noticed" that when bullish Red WRB's will be retraced Immediately. 09:49

Yersturdat 10:30 am Eastern Red WRB for example (they used it to close gap) 09:50

<NihabaAshi> Geeesh... 09:53

Covered 2/3 ER2 Short @ 832.70 --> + 0.4 09:54

Covered Remainder ER2 Short @ 832.90 --> + 0.2

Long ER2 @ 832.30 -> small size 09:57

<Chilly> Covered all ES Short @ 1498.75 --> + 3.25

<eminitrader> Covered ES Short @ 1498.75 --> + 4 09:58

Reverse and Enter Long ES @ 1498.75

<szubaark> Buys NQ @ 1897.50 «« paper »»

<NihabaAshi> Long ER2 @ 831.90 -> Add

<szubaark> 10 AM News coming up..

<PapaJon> jeeze... very sluggish :( 10:01

<eminitrader> Exited all ES Long @ 1498.75 --> 0

<szubaark> Exited all Long NQ at 1896.75 --> - 0.75 «« paper »» 10:02

Shorts NQ @ 1896.75 «« 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) 10:03

<NihabaAshi> Exited all ER2 Long @ 831.30 --> - 1.6

<szubaark> ES dumbing

<Papa777> my connection is poor today 10:04

<NihabaAshi> Shorts ER2 @ 830.50 -> large size

<jperl> ER2 at 1 week VWAP 830.00

<NihabaAshi> Covered all ER2 Short @ 831.10 --> - 0.6 10:07

Long ER2 @ 832.00 -> large size 10:09

<jperl> ER2 peak volume now 832.30 10:10

<NihabaAshi> Long ER2 @ 831.80 -> Add 10:12

Exited 1/2 ER2 Long @ 832.30 --> + 0.5 10:13

<eminitrader> sorry guys ...was cut off ..

anyways out @ b/e on the long ES 10:14

<jperl> ER2 @ VWAP 832.93 10:15

<NihabaAshi> Exited ER2 Long @ 832.70 --> + 0.7

Holding 3 contracts

Exited Remainder ER2 Long @ 832.40 --> + 0.4 10:16

<szubaark> real sloppy action 10:17

<NihabaAshi> I don't think volatility is going to improve until the FED speeches between 12noon - 1pm est.

<ItalianSharp> niha, why do you think volatility has dramatically dropped? 10:18

<NihabaAshi> Staying above those record levels is TOUGH... 10:20

<szubaark> exit stop set NQ @ 1901 «« paper »»

<NihabaAshi> Thus, I think the market is just taking a rest.

I'll be watching to see how Canada's BOC Monetary Policy Report has on the market @ 1030am est. 10:21

Every once in awhile it's been a big mover. 10:22

<jperl> trades this morning... 10:32

http://charts.dacharts.com/2007-04-26/JP ERL_011.png

<NihabaAshi> Long ER2 @ 833.20 -> small size 10:33

<szubaark> Covered all Short NQ at 1901 --> - 4.25 «« paper »»

:((( 10:34

not touching this here..too tough 10:35

<eminitrader> Shorts ES @ 1501.25 10:36

<NihabaAshi> Exited all ER2 Long @ 833.80 --> + 0.6 10:39

<eminitrader> Covered 1/3 ES Short @ 1500.75 --> + 0.5 10:42

exit stop lowered ES @ 1501.75

Covered Remainder ES Short @ 1501.75 --> - 0.5 10:45

Shorts ES @ 1501.25 10:51

<NihabaAshi> Long ER2 @ 834.00 -> small size 10:54

Exited all ER2 Long @ 834.60 --> + 0.6 10:56

I'm staying on the light side (small position size) until volatility shows up.

The fed speeches today starting around 12 noon est should bring back some volatility.

<eminitrader> Shorts ES @ 1501.75 -> Add 10:57

2 now

Covered 1/2 ES Short @ 1502.25 --> - 0.5

<pat255> yes niha ..seems that dippers wont let go 10:58

like a junkyard dog.. 10:59

<eminitrader> lolo

junkyard dog :))

<pat255> lol gap close a bit & back to green .. 11:01

<eminitrader> exit stop set ES @ 1502.75

<szubaark> This type of Price Action is wheere indicators go out of style LOL 11:02

<eminitrader> true ...its back to pa w/o any supporting indis 11:03

<RussellDaytrade> great pa again today 11:05

<werner> gm all 11:07

<eminitrader> Covered Remainder ES Short @ 1502.25 --> - 1 11:08

nq and ym showing bullish pa ...eason for lowering stop 11:09

<pat255> ame ole action ..drop & them move up ...sigh 11:11

<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) 11:15

<pat255> c u all later ty back to office 11:52

<NihabaAshi> Anybody know why the Treasury Futures or the Eurex BUND where dumping today ??? 11:59

Long ER2 @ 834.50 -> small size 12:00

<ItalianSharp> niha, for what it's worth this is what i read earlier today: 12:01

BOE Tucker's says UK inflation likely to slow quite sharply

in fact, both GBPUSD and EURUSD dropped quite a bit

<NihabaAshi> Had some exiting problem in this Long at 834.90 12:03

I'm still long :(

Volatility drying up...I'm expecting a volatility spike here soon. 12:05

Hopefully my way especially after the trade execution problem.

Thanks ItalianSharp...I'll look into the news after I exit this position. 12:06

:) 12:08

Exited all ER2 Long @ 834.90 --> + 0.4

Sponsor:
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As traders we must treat our trading like a business if we are to succeed as traders and as a business. Therefore, waiting till the last few weeks March to prepare for April's taxes is not good for your trading and could put extra stress on your trading during tax month or the months that follow if your one of those traders that filed an extension.. Therefore, its best to be on top of your taxes throughout the year and Traders Accounting is a great resource for such especially if you want to prevent penalties or an audit several years from now.

<bkg> may get busy here above 13156 level in YM 13:05

* WannaBeBOS is now known as BOS-lunch 13:34

<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) 13:36

<ItalianSharp> nobody trading this rally? 14:17

<NihabaAshi> Doesn't look like it. 14:29

<RussellDaytrade> trading it from the short side 14:35

how are you trading it IS? 14:36

<ItalianSharp> i am not trading it...very simple...:) 14:38

i had a bullish intuition in YM around 12125

i hesitated and overanalysed my trade...and by the time i was ready to click buy YM was well above 30s

<RussellDaytrade> wow, thats a thousand points ago..you mean 13125?

<ItalianSharp> waited for a pullback within the prior price area but it never looked back... 14:39

yes, 13125 sorry

now we are too close to the all-time highs to go long...although i expect it to make new highs again

and i am too scared to short this thing since only god knows what lies above today's highs 14:40

<RussellDaytrade> I think mkt's will be lower tomorrow

<ItalianSharp> well, it'll take a very bad GDP figure to get this mkts down...recently no matter how bad the news, they keep going up 14:41

my guess is that we already are inside the republicans presidential elections campaign 14:42

<RussellDaytrade> yep, mkt's are 'hyperventilating/ phase

<ItalianSharp> weak dollar is boosting the US exports...higher oil prices and higher mkts are making up for the US dollar depreciation

some heavy selling going on in YM right now 14:45

<RussellDaytrade> crazy way to do the logic, I guess by extention, that line of reasoning that is currently being expressed =, to buy any country htat has a declining currency...makes me reflect on the Asian contagion, and other currency debacles, and indeed, perhaps it is a buy, in all instances! 14:47

<ItalianSharp> too bad i can't touch it...guess my day is done now that we have made new intraday highs...i had my chance to go long at a very good price but i missed the train... 14:48

<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)

<ItalianSharp> yes RD, doesnt make a lot of sense

here's YM again at it...

10 ticks up, 6-7 down...

<RussellDaytrade> seems like it always gets spun bullish regardless, go figure. 14:49

<ItalianSharp> yep...lol

perhaps some of those conspiracy-theorist guys could explain it to us

i already gave up interpreting economic numbers...they seldom make sense with price action 14:50

<RussellDaytrade> I don't think they're around anymore!!!

<ItalianSharp> i just know economic numbers bring some volatility to the markets and that's it

unreal run by the dow jones 14:51

nevertheless, i think we as traders should be taking advantage of this type of mkt... 14:52

if we already know it goes up regardless, well...our bias should be to the long side regardless

guess we are too scared to touch it because it's too high now...what if i go long and it suddenly reverses against me? 14:53

<RussellDaytrade> uptrends and uplegs also provide shorting ops, :)

<ItalianSharp> they do...but i am sure that the big money could have been made to the upside more than the downside recently 14:54

<jperl> today's trades.... 15:24

http://charts.dacharts.com/2007-04-26/JP ERL_014.png

<NihabaAshi> Is EliteTrader down at http://www.elitetrader.com ??? 15:47

<jperl> yes 15:48

<NihabaAshi> :)

<RussellDaytrade> same here

<NihabaAshi> Wow...my first Hack at ET worked :)

<ItalianSharp> :) 15:49

<NihabaAshi> That's a joke.

<jperl> too bad

<RussellDaytrade> practice makes perfect 15:50

* BOS-lunch is now known as WannaBeBOS 16:05

<NihabaAshi> Reminder -> #FuturesTrades chat room trade logs are posted @ http://www.thestrategylab.com/RecentTrades.htm (logs will be updated tonight by 9pm est to current) 16:13

The logs have been updated through yesterday.

I'll upload today's log tonight.

<codehead> wow, YM a tick off hod 16:15

nice bounce after cash close

<venedom> gm 16:16

* DisconnectedSession Close: Thu Apr 26 16:54:10 2007 16:53

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In addition, below are the trading instruments our chat room members monitor closely to make trade decisions:

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CBOT mini-sized Dow Futures YM

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