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#FuturesTrades May 3rd Thursday 2007 Trade Log

Russell 2000 Emini ER2 Futures

Today Month Year
+9.90 37.40 +1168.60
$990 $3,740 $116,860

Today's Market Insights: Today and yesterday there was a lot of hype about the S&P 500 index 1,500 psychological barrier.

These types of discussions tends to produce a s/r zone around the barrier that attracts breakout traders and breakout faders.

In fact, I have a strong belief that if you want to be a successful breakout trader, you need to also be a successful breakout fader.

Therefore, both of these methodologies are dependent upon the other and one without the other will put a trader at a disadvantage especially between 10am - 1310pm est of today's trading if you did one and not the other.

However, the key pattern signal of the day looks like was the Long signal at 1018am est in the SPX.X index to signal trades in the Emini ES futures or the exchange traded fund SPY.

Today's WRB Analysis: The 2min chart had some obvious swing points with confirmation at 0936am, 0956am, 1012am, 1018am, 1102am, 1204pm, 1238pm, 1330pm at 1442pm est.

There were a few others but without a valid confirmation signal.

Now, if you look at the below chat log and take a closer look at my trades, you can easily see I didn't have a good trading day even though the day was profitable.

However, its nothing for me to stress about because it happens. Yet, I've learned enough about my trading in +15 years of trading that one of the worst things a trader can do is think it was a good trading day based upon profits instead of based upon the ability to follow the trading plan.

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 Encyclopedia of Chart Patterns.

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: Thu May 03 09:34:41 2007Session Ident: #futurestrades
* Now talking in #futurestrades09:34
<X> [NihabaAshi] #FuturesTrades info @ http://www.thestrategylab.com/FuturesTradesChatRoom.htm and trade log archives @ http://www.thestrategylab.com/RecentTrades.htm
<eminitrader>  Long ES @ 1504.50 09:36
<PapaJon> gm all09:38
<szubaark>  Shorts NQ @ 1900 paper
<PapaJon> no conviction this morn yet09:41
starting to look like a balancing day09:42
<eminitrader>  Exited all ES Long @ 1504 --> - 0.5 09:43
<PapaJon> at least from a mp point of view
<Chilly> ISM economic number coming at 10:00est09:51
<AmazingJason>  Long ER2 @ 829.80 09:56
<szubaark>  Covered all Short NQ at 1900 --> 0 paper 09:57
<NihabaAshi>  Long ER2 @ 829.80 -> medium size
<Brutus> 1000/1400 Apr 21 DJ-BTMU Business Barometer -0.1%

1000/1400 Apr ISM Non-Mfg Index 52.4
Trading Edge: 


If your an independent trader looking for an edge to help you traverse around obstacles to profitable trading...a method that's well defined, gives you a better understanding of the markets, applicable for day trading, position trading, swing trading, market seasonal tendencies, position size management with a money back guaranteed policy...click here.
   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) 
<NihabaAshi> I had some computer issues (couldn't get my Camtasia to boot up) and is the reason why I missed trading the initial drop.09:58
<Brutus>  Shorts ES @ 1504.5 paper 09:59
<pdays> ISM est 53 in @ 5610:00
<NihabaAshi>  Exited 2/3 ER2 Long @ 830.90 --> + 1.1
<AmazingJason> jesus
my clienct crashed
can't log in
<Brutus>  exit stop set ES @ 1506.5 paper 10:01
<NihabaAshi>  Exited Remainder ER2 Long @ 829.80 --> 0
<eminitrader>  Long ES @ 1504
<szubaark>  Shorts NQ @ 1902.75 paper 10:02
<NihabaAshi> I had a great entry and couldn't keep the remainders :(
<jperl> ER2 VWAP 830.6810:04
<eminitrader>  Exited all ES Long @ 1504.50 --> + 0.5
<AmazingJason>  Exited 1/2 ER2 Long @ 830.80 --> + 1 10:06
<eminitrader>  Long ES @ 1500 10:07
<AmazingJason>  Exited Remainder ER2 Long @ 832 --> + 2.2
<eminitrader> oops

Long ES @ 1505
<szubaark>  Covered all Short NQ at 1505.25 --> + 397.5 paper 10:08
Covered all Short NQ at 1905.25 --> - 2.5 paper
Buys NQ @ 1905.25 paper
<eminitrader>  Exited all ES Long @ 1505 --> 0 10:09
<pat255> freaking jumpy10:10
<szubaark> fakeouts Galore10:11
<NihabaAshi> Agree
<PapaJon> yep.. tough morning
<Fleneer> volatile
<AmazingJason> i'm fortunate that my platform started working again, took multiple restarts10:12
<szubaark>  Exited all Long NQ at 1901.25 --> - 4 paper
<NihabaAshi>  Shorts ER2 @ 830.00 -> small size
<szubaark>  Shorts NQ @ 1901.50 paper 10:13
<eminitrader>  Long ES @ 1503
<NihabaAshi>  Covered 2/3 ER2 Short @ 829.20 --> + 0.8
Covered Remainder ER2 Short @ 829.60 --> + 0.4 10:14
<PapaJon> chop suey
<eminitrader>  Exited 1/2 ES Long @ 1503.50 --> + 0.5
Exited Remainder ES Long @ 1502.50 --> - 0.5 10:15
Long ES @ 1502.75 10:16
Exited 1/2 ES Long @ 1503.50 --> + 0.75 10:17
Exited Remainder ES Long @ 1503.25 --> + 0.5
<AmazingJason>  Long ER2 @ 829.50 10:18
<eminitrader>  Long ES @ 1503.75 10:19
Exited all ES Long @ 1503.25 --> - 0.5 10:21
<AmazingJason>  Exited 1/3 ER2 Long @ 830.10 --> + 0.6 10:24
<eminitrader>  Long ES @ 1503 10:26
<NihabaAshi>  Long ER2 @ 830.00 -> small size 10:27
<eminitrader> finally in my favor ..but had a partial fill :(
<AmazingJason>  Exited 1/3 ER2 Long @ 831 --> + 1.5
<eminitrader>  Exited all ES Long @ 1504.50 --> + 1.5
<RussellDaytrade> I gotta down target of 825, hopefully this is a day that the big targets work
<NihabaAshi> I got the wrong size in (position size error) and wanted a bigger size because I've not reached my profit goal for the trading day.10:28
<AmazingJason>  Exited Remainder ER2 Long @ 830.90 --> + 1.4

cha ching :)
<NihabaAshi>  Exited 2/3 ER2 Long @ 831.00 --> + 1
I'm going to let this 1 contract ride beyond its profit target to see if it can get my profit goal for the day.10:29
<PapaJon> nice goin AJ.. good patience
<NihabaAshi> I need an exit of 832.20
Exited Remainder ER2 Long @ 830.40 --> + 0.4 10:33
<eminitrader>  Shorts ES @ 1504.50
<NihabaAshi> Be back later...I just got a migraine headache (sinus acting up).
* NihabaAshi is now known as NihabaAshi_away10:34
<Chilly>  Shorts ES @ 1504.00
<eminitrader>  Covered 1/4 ES Short @ 1504 --> + 0.5

Covered ES Short @ 1504.50 --> 0 10:35

Reverse and Enter Long ES @ 1504.50
<ItalianSharp> tough price action this morning
<Chilly>  Covered ES Short @ 1505.00 --> - 1

Reverse and Enter Long ES @ 1505.00
<ItalianSharp> guess tomorrow's NFP numbers are making traders anxious10:36
<eminitrader> looks like it
<ItalianSharp> i'm not expecting price action to improve much for the remainder of the day
all news have been released...there's nothing other than geopolitical events that can move these mkts10:37
<Chilly>  Exited all ES Long @ 1503.50 --> - 1.5
<ItalianSharp> i only hope we get a decent range to work out with
if not, i am calling it quits early
not worth risking my $$$ with these noise
<AmazingJason> gotta take the pain to make the gain!10:38
<eminitrader>  Exited all ES Long @ 1504.50 --> 0
not touching this turd10:39
<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>  Covered all Short NQ at 1906.25 --> - 4.75 paper 10:42
should have stayed in bed.. what crap Opening
<jperl> This mornings trades here.....

http://charts.dacharts.com/2007-05-03/JP ERL_015.png
<Chilly>  Long ES @ 1505.25
one last try here
<Brutus>  exit stop set ES @ 1506.75 paper 10:44

Covered all ES Short @ 1506.75 --> - 2.25 paper
<Chilly>  Exited all ES Long @ 1506.25 --> + 1 10:45
dang :(
<szubaark> bastids chopped it up good before the real move10:46
<eminitrader> :(
<Brutus>  Shorts ES @ 1508.25 paper 11:28
<RussellDaytrade> 831.4 in about 3 more minutes is my target on this move11:40
<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)11:48
<pat255> k guys c u all later ty12:03
* NihabaAshi_away is now known as NihabaAshi12:09
<Brutus>  Covered 1/2 ES Short @ 1504.5 --> + 3.75 paper 12:29
<NihabaAshi> I'm about to be double log in so I can test the Java (web browser method) log in.12:30
<eminitrader> very nice B12:31
<Brutus> thx :)12:32
<AmazingJason> looking for a small pop up here12:48

Traders Accounting 

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.
<RussellDaytrade> happier with my trading today...trade actively short with samll positions, 1-4 contracts, mostly smalls 1-2, up approx 900 in both accts net on todays closed trades,still short core position, and down another 1000 +/- on each acct, so, net flat for day, maintain same short exposures...13:36
I like range days better, trending days have posed more challenges for me. I accepst responsiblity for my trading actions, I do not blame the mkt action, I like the pa, and hence I also accept the credit for my trading, the credit does not go to the mkt.13:38
<Brutus>  Covered all ES Short @ 1506.25 --> + 2 paper 14:03
<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
<NihabaAshi>  Shorts ER2 @ 833.20 -> small size 14:16
<Brutus> I'm thingking they want to hold these levels for Non farm payrolls tomorrow14:18
Friday 0830/1230 Apr Non-farm Payrolls +180K14:19
0830/1230 Apr Unemployment Rate 4.4%
<NihabaAshi>  Covered 2/3 ER2 Short @ 832.90 --> + 0.3 14:22

Covered Remainder ER2 Short @ 833.00 --> + 0.2 14:23

Shorts ER2 @ 833.50 -> small size 14:52

Something about this trade doesn't feel right...14:54

I'm now looking to dump it.

Covered all ER2 Short @ 833.20 --> + 0.3 14:58

I'm done for the trading day.14:59

Wow...market is pretty darn thin to pop like that on my cover of 2 contracts :)15:04
<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)15:21
<RussellDaytrade> within 3 ticks of my current t...831.2 or so on this move, ran over about 10-15 minutes15:45

looks about as far as it ws gonna go..831,5, close enuf15:46

no trades in tre aft session, still short core
<NihabaAshi> Take care all...I missed a lot of trade opportunities today due to the early computer/software issues and the migrain headache :(16:16
See all tomorrow
* NihabaAshi is now known as NihabaAshi_away
* DisconnectedSession Close: Thu May 03 16:20:06 200716:20




#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.


M.A. Perry and Associates



"The point of this whole exercise is to make money. Everything else is just conversation." --Jonathan Hoenig

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