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#FuturesTrades May 2nd Wednesday 2007 Trade Log

Russell 2000 Emini ER2 Futures

Today Month Year

+10.90 +27.50 +1158.70

$1,090 $2,750 $115,870

Today's Market Insights: Today's price action was a strong continuation pattern after yesterday's two key swing points at 1030am and 1315pm est.

Those key swing points was for the Emini Futures, Oil Futures and many other key market trading instruments.

Catching my eyes was the market no willing to sell-off and support the market price action market breadth index and the price action in many key markets that had similar like swing points.

What surprise me a little was that traders that tend to short or had a strong bearish opinion did not use Treasury Futures as a flight to quality for short sellers.

Today is also a good day as a reminder why averaging in to losers without a trading plan or without understanding how to identify a trend is just gambling at its worst.

Today's WRB Analysis: I don't have much to say about my trading today other than I could have done a lot better and I became too complacent with my profits too early.

Simply, I enjoy taking it easy after reaching my trading goals but trading days like today requires a little more eagerness to trade with the trend.

Also, you should notice today is a new journal format that I hope will be a little easier to read and quickly gets to the juicy stuff in comparison to past journal logs.

In addition, I use the user name NihabaAshi in the below trade posting chat log. You can read additional market insights as I and others traverse from trade to trade.

General Info: Currently, I'm 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 Emini Futures ER2.

Although I use a rule based (no subjectivity) methodology via my best strategies, there are other key variables consistent profits that involves simple concepts of intermarket analysis, market seasonal tendencies, volatility analysis, support/resistance zones and position size management along with custom Japanese Candlestick patterns to complete my trading plan.

Simple concepts from the above are also commonalities behind the profits of institutional traders, floor traders, top hedge funds et cetera.

Another way to look at it, I'm just using some of the same concepts used by those that move the markets.

Therefore, I highly recommend a book like Stock Trader's Almanac 2007.

With that said, today's trade posting chat log is below and if you want the instructions for gaining access to join #FuturesTrades...click here.

#FuturesTrades purpose, benefits and access info for day traders, swing traders and position traders...click here.

Session Start: Wed May 02 09:27:55 2007Session Ident: #futurestrades

* Now talking in #futurestrades 09:27

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

<PapaJon> gm all 09:32

<NihabaAshi> Long ER2 @ 818.80 -> medium size

Exited 2/3 ER2 Long @ 820.00 --> + 1.2 09:34

<pat255> vn niha ...late today...@office

<NihabaAshi> Exited ER2 Long @ 820.70 --> + 1.9 09:35

Holding 1 contract

<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) 09:36

<Brutus> Long ES @ 819.8 «« paper »» 09:38

<szubaark> Shorts NQ @ 1887 «« paper »» 09:40

<NihabaAshi> I have a key s/r zone above 822.40 - 821.90 09:45

It's a WRB s/r zone. 09:46

<szubaark> Covered all Short NQ at 1890 --> - 3 «« paper »» 09:47

<NihabaAshi> Will try to dump my position above it.

<RussellDaytrade> starting an early short just to get in the game

<jperl> Yesterdays VWAP 3rd STDDEv @ 822.80

<RussellDaytrade> bigger picture...could run another several points up, perhaps achieve 825 or so, given some time 09:48

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Trading Strategies -> These strategies, from entry to exit, will exploit inefficiencies in the price action of your trading instrument for profits in the following trading instruments via WRB Analysis: Emini Index Futures (ER2, ES, NQ, YM), EuroFX Futures (EC), Eurex Index Derivatives (DAX, ESTX50), Euronext Index Futures (FTSE100, CAC40), Treasury Futures (ZF, ZN, ZB), NYMEX Energy Futures (CL, NG, HO, QM), Forex Currencies (EurUsd, EurYen, UsdCdn), Exchange Traded Funds (DIA, GLD, OIH, IWM, QQQQ, SPY, XLE) and Hang Seng Index Futures (HSI)

<AmazingJason> that would give this run a 2nd leg 09:50

<NihabaAshi> Key Market Events Today that should produce Volatility: 10am est Factory Orders, 1030am est EIA Petroleum Status Report and 11am est Treasury Secretary Paulson speaking.

<szubaark> Shorts NQ @ 1888.75 «« paper »» 09:51

* subq market profile charts for today...running a little behind :)

http://www.charthub.com/images/2007/05/0 2/MP_ER2_S2.png

http://www.charthub.com/images/2007/05/0 2/MP_ES_S2.png 09:52

http://www.charthub.com/images/2007/05/0 2/MP_NQ_S2.png

http://www.charthub.com/images/2007/05/0 2/MP_YM_S2.png

<Brutus> exit stop set ES @ 819.7 «« paper »» 09:55

819.8 market waiting for news.... 09:56

<jperl> ER2 peak volume now 821.80

<les> Long ER2 @ 822 09:57

Exited 1/2 ER2 Long @ 822.5 --> + 0.5

<NihabaAshi> Exited Remainder ER2 Long @ 822.50 --> + 3.7

<Brutus> Exited 1/2 ES Long @ 822.6 --> + 2.8 «« paper »»

<pdays> Factory orders est 2.2 in @ 3.1 10:00

<Brutus> Exited 1/4 ES Long @ 823.6 --> + 3.8 «« paper »»

<jperl> monthly VWAP 824.15 10:01

<Brutus> Exited all ES Long @ 823.7 --> + 3.9 «« paper »»

<eminitrader> Shorts ES @ 1498.25

<les> exit stop raised ER2 @ 822.8 10:02

<Brutus> Shorts ES @ 1499 «« paper »» 10:03

<jperl> weekly VWAP 827.94

<pat255> why not ..to the moon..

<eminitrader> Covered ES Short @ 1498.75 --> - 0.5 10:04

Reverse and Enter Long ES @ 1498.75

<les> exit stop raised ER2 @ 824.2

<Brutus> shot 827.4 10:05

<les> Exited Remainder ER2 Long @ 826.7 --> + 4.7 10:06

<eminitrader> very nice les:)

<PapaJon> nice one les

<les> thx guys

<NihabaAshi> ER2 retraces through 3 key WRB s/r zones today via the 2min chart.

The first one was the most difficult (the one I dump my remainder)... 10:07

<les> thats what i'm looking at niha :))

<szubaark> Covered all Short NQ at 1895.50 --> - 6.75 «« paper »»

<NihabaAshi> The most recent 2 WRB s/r zones it sliced through like a hot knife in butter.

<szubaark> Buys NQ @ 1895.50 «« paper »»

<Brutus> EH 826.4 10:08

<NihabaAshi> Two more above at (829.50 - 828.20) and (830.30 - 829.50).

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

Reverse and Enter Short ES @ 1498.75

<les> i dint think it would start retarcing the 30th April WRB so soon 10:09

but hey, i'm not complaining :))

<pat255> les wrb on 2 min?

<les> no, daily

<pat255> ty

<les> looking like attempting gap close to 830 10:10

<Brutus> Covered all ES Short @ 1498 --> + 1 «« paper »»

EA 826.6

<les> doersnt often do that in a signle day, but if we get a real trender thats what'll likely happen 10:11

Long ER2 @ 827 10:12

Exited 1/2 ER2 Long @ 827.6 --> + 0.6 10:15

<eminitrader> Covered all ES Short @ 1499.25 --> - 0.5

<pat255> S might as well give money to les toady...;) 10:17

<les> Exited Remainder ER2 Long @ 827.6 --> + 0.6

well the shorters are so far :) 10:18

<pat255> lol...we save on commish

<les> hehe

<pat255> :)

<les> i'll send u my account details

<pat255> lol

wtg les...great read 10:19

<les> thx

<pat255> niha had the best entry... 10:21

<jperl> ER2 has paused around the weekly VWAP level 827.94 10:23

<pat255> biab...ty all

@office

<jperl> ER2 peak volume now shifted to 827.60 10:28

VWAP is way down at 823.85 10:29

1st STdDEv above VWAP @ 826.90

<pdays> petro report out 10:30

<Brutus> Long ES @ 1499 «« paper »»

<les> Long ER2 @ 828.8 10:32

Exited 1/2 ER2 Long @ 829.3 --> + 0.5 10:33

<Brutus> Exited 1/2 ES Long @ 1500 --> + 1 «« paper »»

<szubaark> no stopping this beast

<NihabaAshi> Long ER2 @ 829.90 -> small size 10:34

1 contract only because I'm in profit protection mode of my earlier profits.

<Brutus> Exited all ES Long @ 1501 --> + 2 «« paper »»

<eminitrader> nice fast one B

<Brutus> Shorts ES @ 830.4 «« paper »» 10:35

thx e 10:36

<NihabaAshi> Exited ER2 Long @ 830.40 --> + 0.5

<les> closed the wrb gap on the daily

no sign of stopping yet tho

<Brutus> Shorts ES @ 831.2 -> Add «« paper »»

<jperl> Monthly 1st StdDEv is 832.91 10:37

<Brutus> SS 1502.25

<les> Exited Remainder ER2 Long @ 831.1 --> + 2.3

<eminitrader> u jamming today les ..wtg :)) 10:39

<les> thats true

when i looked at the daily today... 10:40

<szubaark> les nice riding this trend

<les> i saw some recovery starting..

and then the daily wrb on monday was the giveaway

any sign of today starting to trend would be good

<eminitrader> true ...just took a look ...nice reversal bar 10:41

<les> yep

thise wrb gaps are very good for developing into trends

i'm just surprised it covered such a large gap in one session

<eminitrader> was quitew similar on the ES ..expect no support on the daily as the er2... 10:42

<les> right

<szubaark> Exited all Long NQ at 1898 --> + 2.5 «« paper »» 10:43

<eminitrader> and once the breakout there was no chance of a decent entry ...mean no reasonable pullback...

so its either go with the b/o or miss the boat :((

<les> 1480 look s like support there on daily

tho i'd always go with the breakout id=f a wrb is involved 10:44

magnet effect is v strong

bbiam 10:45

<eminitrader> true les ...but thats in hindsight for me...meaning i use my ma's as a key support indicator on the daily and it was @ the 1475 area

so actually i was expecting a fiurther pullback before a retest of the high ..and was supported by the weekly ...but guess my read was wrong on this one 10:46

<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) 10:48

<jperl> peak volume ER2 now at 830.80 10:50

VWAP 825.71 10:51

<NihabaAshi> ER2 back at the price level before the big drop on April 30th Monday.

<Brutus> Covered 1/2 ES Short @ 830. --> + 1.2 «« paper »»

<NihabaAshi> Impressive retracement that begun yesterday a little before 1:30pm est.

<Brutus> 83/L .4

830.4 10:52

Covered all ES Short @ 829.9 --> + 0.5 «« paper »»

EA ES 15/L 1.75 10:53

EA ES 1501.75

Holding 2 ER short at 831.2 BE stop 10:54

<RussellDaytrade> my work suggests pullbacks, nearbt atrget 827 range, longer t 823.51...short with a big drawdown, ap 827.6, and 827.9

<jperl> time for a break....this mornings trades here... 10:56

http://charts.dacharts.com/2007-05-02/JP ERL_014.png

<werner> gm all

<RussellDaytrade> looks like a hangtime kinda day, but perhaps less so than the past numerous insatnces of hangtime days 10:57

<les> Shorts ER2 @ 829.8 11:15

<RussellDaytrade> another element of interpreation in my model suggests a possible retreat to 818.29, but i rate that as not likely, but interesting, as last week these kinds of actions were hitting several days running, perhaps that dynamic will kick in today as well, would enjoy seeing it

<eminitrader> Long ES @ 1501.75 11:28

Long ES @ 1501.25 -> Add 11:37

<les> Covered all ER2 Short @ 829.8 --> 0 11:39

<eminitrader> exit stop raised ES @ 1500.50 11:40

* les is now known as lesAway

<eminitrader> Exited all ES Long @ 1500.50 --> - 2 11:41

<lesAway> u n me both em :))) 11:44

<eminitrader> :(( 11:46

Long ES @ 1501.25 11:52

<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) 12:00

<eminitrader> Exited all ES Long @ 1500.75 --> - 0.5 12:02

done for the day

<cmr> Breakout trade: Long above 831.5 / Short below 828.5 12:03

<NihabaAshi> Neon green...oooch on the eyes :) 12:04

<eminitrader> true niha

<Brutus> When you need a 5 minute recharge from trading....

http://www.youtube.com/watch?v=TxsM5aS3E Rg

Supercharges me :))

<lesAway> there might be a remedy for that clolour 12:14

mind u..

it could kill the resr of the mirc window... 12:15

coming up

<cmr> Good one Brutus... ER2 going nowhere, but Sofia ... 12:18

<Brutus> Yeah looking bullish, but waiting for that ER dump to catch out the longs, maybe a point or 2 12:19

Then again something that looks so perfect is most times not 12:20

<lesAway> got trouble posting this to my website... 12:21

so no cure yet for the green text :)) 12:22

<Brutus> Out ER at BE 831.2

* lesAway is now known as les 12:33

<Brutus> 1/2 hourly of the 1987 crash and lead up to it 13:02

http://i147.photobucket.com/albums/r287/ BoyBrutus/1987crash.jpg

<RussellDaytrade> that's a thing of beauty 13:04

<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) 13:09

<Chilly> Shorts ES @ 1502.75 13:43

<AmazingJason> not alot of volatility since the 1st hour of trading 13:45

<Brutus> Long ES @ 1503.75 «« paper »» 14:18

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<Brutus> Exited 1/2 ES Long @ 1504.25 --> + 0.5 «« paper »» 14:29

Exited all ES Long @ 1503.75 --> 0 «« paper »» 14:35

<cmr2> Bullish 14:43

<RussellDaytrade> thankfully a little relief, took in a little, still short, challenging day, need about 827 15:28

<Chilly> exit stop set ES @ 1502.75 15:33

<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)

<RussellDaytrade> possible 828.76 15:38

<NihabaAshi> If you guys ever meet a young person about to start college an has a strong interest in trading... 16:05

http://www.elitetrader.com/vb/showthread .php?s=&threadid=93470

Towards the end of the discussion there's a list of universities with trading rooms for students... 16:06

I guess there's some good and bad things about a university setting up trading rooms for particular students. 16:07

<RussellDaytrade> some successful hedge fund managers, like Julian Robertson, and a couple of his protege's, have endowed a course focused specifically in hedge fund type environments. presumably as a training ground for recruits...good idea. 16:09

<NihabaAshi> RD...what university?

<RussellDaytrade> in Virginia I think it;s located, or thereabouts 16:10

<NihabaAshi> Ok...thanks.

<werner> gn all 16:11

<RussellDaytrade> saw it on a website a while back that does bios on well-known hedge fund managers...will look later and link it, may have it bookmarked soemwhere...a websearch may turn it up again. 16:12

<Chilly> Covered all ES Short @ 1501.00 --> + 1.75 16:15

<Brutus> cul8r 16:16

<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) 16:46

* DisconnectedSession Close: Wed May 02 17:22:05 2007 17:22

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#FuturesTrades past logs can be searched via using Google. For example, pretend you want to research what has been said about volatility analysis. Go to the Google search window below and type in "volatility analysis" site:thestrategylab.com (exactly as I typed it including the quotation marks) and you will find everything associated with those key words that were used by any member of #FuturesTrades.

We are proud to say that our chat room members are from the following geographical areas in the world:

Argentina, Australia, Belgium, Brazil, Canada, Denmark, France, Germany, Greece, Hong Kong (China), Israel, Italy, Japan, Mexico, Portugal, Puerto Rico (U.S.), Saudi Arabia, Singapore, Spain, United States and Venezuela.

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

CME Emini Futures ES, NQ and ER2

CBOT mini-sized Dow Futures YM

Eurex Index Derivatives (futures) DAX and DJ Euro Stoxx50

Eurex Fixed Income Derivatives BUND, BOBL and Schatz

Euronext Futures FTSE-100 and CAC-40

CME Futures EuroFX EC

Treasury Futures T-Notes ZN, ZF and T-Bonds ZB

Forex Currencies EurUsd, EurYen and UsdCdn

Exchange Traded Funds DIA, IWM, QQQQ, SPY, OIH, XLE and GLD

NYMEX Energies Light Crude Oil CL, e-miNY QM and Natural Gas NG

COMEX Metals Gold GC

Hang Seng Index Futures HSI

Last of all, if you have any questions about any of the above commentary, specific trades et cetera...

Don't hesitate to ask your questions and we'll reply back as soon as possible.