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#FuturesTrades May 21st Monday 2007 Trade Log

Russell 2000 Emini ER2 Futures

Today	Month	Year
+13.50	+184.80	+1316.00
$1,350	$18,480	$131,600

click on image to view actual size

Current Performance Record

Charting Commodity Market Price Behavior

Profit/Loss Statement

Today's WRB Analysis: The Emini Futures were like a rocket being lunch at 0936am est and Emini ER2 futures produce a White WRB as it took off from the launch pad.

Further, during its flight upwards, it produce 9 - 10 more White WRBs via the 3min chart until it ran out of rocket fuel around 1212pm est.

The key White WRB was the very first one at 0936am est because it was engulfing the prior price action and following other key market trading instruments.

Yet, I did capture a small portion of it with an inadequate position size in comparison I should have made twice as much profit and fewer trades.

Also, the stable price pullback ater 1212pm est should provide an excellent s/r zone price range for tomorrow's price action.

The key WRB for the upper part of the pullback s/r zone is @ 1457pm est while the key WRB for the lower part of the pullback s/r zone is @ 1542pm est.

Note: I don't post charts because I want you to open your own charts to correlate my comments to your charts so that familiarity will help ensure that the price action being described by me is researched and that in itself will help you understand a little more about the price action.

General Strategy 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.

In addition, I use a rule based (no subjectivity) methodology via my best strategies involving WRB Analysis. However, there are other key variables integrated with WRB Analysis 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 that results in consistent profits.

With that said, today's trade posting chat log is below and it contains all my trades that were posted in realtime along with the trades of other members of #FuturesTrades. Also, I use the user name NihabaAshi in the below trade posting chat log.

Further, if you want the instructions for gaining access to our free #FuturesTrades chat room...click here.

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

Session Start: Mon May 21 09:31:18 2007Session Ident: #futurestrades

* Now talking in #futurestrades 09:31

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

<NihabaAshi> Long ER2 @ 825.00 -> medium size 09:34

No follow-through and I'm slowly becoming more neutral in my bias. 09:36

<jperl> ER2 stuck in the 824.10 to 824.70 congestion zone 09:37

<eminitrader> Shorts ES @ 1528 09:38

<NihabaAshi> Exited ER2 Long @ 826.20 --> + 1.2 09:40

Holding 1 contract

<jperl> ER2 touched HOD 09:41

<eminitrader> Covered all ES Short @ 1528 --> 0

<jperl> 1 week StdDEv @ 826.57 09:42

<NihabaAshi> I'm now back to a neutral bias because ER2 is 1-2 ticks above a key s/r zone. 09:43

<pat255> yes 827 is the key...

to get thru to the upside

<jperl> 1 month VWAP @ 827.42

<NihabaAshi> I would like to see ER2 test the 827.40 price area

Preferrably via a WRB 09:44

<grabthemoney55> good trade

<NihabaAshi> Exited Remainder ER2 Long @ 827.30 --> + 2.3 09:45

<jperl> ER2 bounce off Monthly VWAP 09:46

<pat255> vn ingo... 09:51

vn niha ...

S es 27.75 .. 09:52

dont like the looks of it ..

guess just buy p/b... 09:56

Trading Edge:
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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)

<eminitrader> yeah pat ...its tough holding shorts this am

gottoo have ba**s of steel :)

<pat255> yup ..or cover quick.. 09:57

<eminitrader> for ticks ? not worth it

<pat255> very true..

<eminitrader> Long ES @ 1527.50 09:58

no set-up ...

<NihabaAshi> ER2 volatility is low but at equilibrium from one interval to the next interval.

<jperl> ER2 VWAP 825.80, peak volume 826.70

<eminitrader> logic behind this trade is ...its not going down...so may...may go up for a piont or 2 09:59

<NihabaAshi> Hopefully it will just dry up soon to setup a volatility spike or a WRB.

<szubaark> isnt a WRB volatility spike? 10:00

<Chilly> Long ES @ 1528.00 10:01

<eminitrader> lookin for test of globex hihs

<pat255> out 5128 .. 10:02

em your logic working 10:04

<eminitrader> :))

toss of acoin

Exited 1/3 ES Long @ 1528.50 --> + 1 10:06

holding 2 10:07

<pat255> dang i did not reverse..

<eminitrader> Exited 1/3 ES Long @ 1529.50 --> + 2 10:08

holding 1

<Chilly> Exited 1/3 ES Long @ 1529.00 --> + 1

<eminitrader> that was the globex target ...

<Chilly> Exited 1/3 ES Long @ 1529.25 --> + 1.25 10:10

<szubaark> Shorts ES @ 1529.25 «« paper »»

<eminitrader> Exited Remainder ES Long @ 1529.50 --> + 2 10:11

<pat255> kick myself ....

<jperl> not too hard please

<PapaJon> not worth it pat 10:12

move on

<eminitrader> lol

<pat255> yes ...

<eminitrader> well said pj

<PapaJon> :)

<eminitrader> its crazy...i shld'nt even be trading this ...at least till i see something clear.. 10:14

dont see any set-ups at all...either direction..

<PapaJon> its tough to sit and wait while price continues to move.. without a proper signal for your strat...

I have had not one valid signal this am .. yet

<eminitrader> so pat no reason to beat urself up

no piont in tossing a coin here 10:15

<pat255> yes em..

<eminitrader> exactly pj

<Chilly> Exited Remainder ES Long @ 1528.00 --> 0

<szubaark> exit stop set ES @ 1529.25 «« paper »»

Covered all Short ES at 1528.50 --> + 0.75 «« paper »» 10:16

<eminitrader> nice scalp see... 10:18

see= szu ...sorry bud

<szubaark> :) 10:20

<eminitrader> Long ES @ 1528

this based on ym supp

nq also around supp here

<NihabaAshi> So far as I suspected at the open...its just a "price continuation" in reaction to Friday's price action. 10:25

<jperl> ER2 peak volume now 829.40 10:26

<NihabaAshi> Shorts ER2 @ 829.20 -> small size

2 contracts only

<jperl> Friday's VWAP 2nd STdDev @ 828.15 10:27

<pat255> ty jper ..

<jperl> yw 10:28

<grabthemoney55> price action is on crack 10:31

<eminitrader> ym nq nice bounce from supp 10:32

<NihabaAshi> Shorts ER2 @ 829.70 -> Add

Tightning up my stop 10:33

<grabthemoney55> i grabbed the short at 830

and its flat lining 10:34

<jperl> I had only one small trade this morning on the short side....

http://charts.dacharts.com/2007-05-21/JP ERL_0114.png

I don't see any entries unless the market retrace back to Fridays 2nd StdDev point 828.15 10:35

<NihabaAshi> Covered all ER2 Short @ 830.00 --> - 1.1 10:37

<jperl> The next pausing point is in the 831.50 area shown here....

<NihabaAshi> Long ER2 @ 830.10 -> medium size

<szubaark> Buys ES @ 1528.50 «« paper »»

<jperl> http://charts.dacharts.com/2007-05-21/JP ERL_0115.png 10:38

<eminitrader> Exited 2/3 ES Long @ 1529 --> + 1

<jperl> possible short there....but I wouldn't trust it with nothing above it until 834 10:39

<eminitrader> Exited Remainder ES Long @ 1528 --> 0 10:41

<NihabaAshi> Exited all ER2 Long @ 830.20 --> + 0.1

:(

<eminitrader> think thats it for me this am...dont want to push it further

<PapaJon> Cya all later.. have to head out to jobsite.. good luck all 10:44

<NihabaAshi> Long ER2 @ 830.70 -> large size

Exited 2/3 ER2 Long @ 830.80 --> + 0.1 10:46

:(

Geeesh

Shaken out back to back for only a tick gain :(

<grabthemoney55> this price action is getting me angry 10:47

<pat255> yeah choppy but still L side is the one to play

<NihabaAshi> I think that was my best two chances of getting Long in this "trend continuation" price action since Friday.

Will just sit on the sidelines and watch.

<szubaark> exit stop set ES @ 1528.50 «« paper »» 10:48

<pat255> good obeservation niha ...continuation from Fri

<szubaark> Exited all Long ES at 1528.50 --> 0 «« paper »»

:((

ehh.. tough to ride this trend as they keep pulling back kicking you out 10:49

<NihabaAshi> It's frustrating to put on some size to see it move right away and then suddenly retrace and pick pocket my trailing stop...

Then turnaround and go back up.

<grabthemoney55> yeah its kicking my ass

<szubaark> Even Inervals, No Volatility. 10:50

Intervals

<NihabaAshi> Long ER2 @ 832.40 -> small size 10:51

<jperl> next pause at 834.00 10:52

<NihabaAshi> Exited all ER2 Long @ 833.00 --> + 0.6 10:53

Volatility still not at a level for this type of price action... 10:54

Thus, its either going to pull back by several points or move much higher when the real volatility shows up...

Ooopsss...

It's already doing it now (going higher).

<jperl> bounce off 1 month 1st STdDev 834.00 10:55

http://charts.dacharts.com/2007-05-21/JP ERL_0116.png 10:56

<grabthemoney55> its out of gas 10:57

<jperl> can't say that yet

<AmazingJason> this has been a gradual and steady upswing 10:58

<NihabaAshi> Long ER2 @ 834.00 -> small size

I'm not looking for much...

Lowering my expectations. 11:00

Exited ER2 Long @ 833.40 --> - 0.6

Reverse and Enter Short ER2 @ 833.40

Large short position 11:01

No fill 832.70 earlier and probably because it needed to tick through by one tick. 11:05

:( 11:06

That's a 1 point bounce off that 832.70 price area :( 11:08

Tighting up my trailing stop.

Looking to dump soon here.

I gave it two more chances to drop in my favor... 11:11

One more try.

Covered 2/3 ER2 Short @ 832.70 --> + 0.7 11:13

<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) 11:14

<NihabaAshi> I've reached my profit target goal for the day...

<pat255> nice .. 11:15

so imp to control size ..

<NihabaAshi> Should have much sooner had I not gotten "picked pocketed" for +0.10 ticks on two earlier Long positions when I had some size involved.

<pat255> if -ve make up with size..

<NihabaAshi> Yep...I'm dropping my size down dramatically to 1 contract only after I close this position. 11:16

<intowin> Done here for the day as well. I was looking for a long entry on a pullback that never came : (

at least not to my target entry area

<NihabaAshi> Covered Remainder ER2 Short @ 833.20 --> + 0.2 11:18

<pat255> niha your large size is 8-10 ctrcts? 11:21

<NihabaAshi> Yes...for today it was.

<pat255> just wondering ..i never go beyond 3 ..

oh man ..gotta play the size game or will not profit

<NihabaAshi> I actually didn't want to go above 6 contracts for a large today but a few +0.10 trades changed my mind and I bumped my size up back to normal large. 11:22

<pat255> i c..

<NihabaAshi> Especially after seeing the unusual volatility behavior for a upward price movement we saw earlier... 11:23

I knew it will either pick up more steam upwards or pull back hard.

<pat255> that is what gets me ...the thot of hard p/b 11:24

<NihabaAshi> Now that volatility has dropped back dramatically and much lower...

<pat255> yopur stop is ? 1 pt or so

<NihabaAshi> Too risky to put on some size.

My stop varies from trade to trade...

<pat255> kty

<NihabaAshi> Can be as little as 3 ticks to about 2 points. 11:25

<werner> gm wiz ,all

<NihabaAshi> If the price action requires me to use a stop > 2 points... 11:27

I usually drop my size dramatically to better manage the increased risk exposure.

<pat255> k c what u mean..

ty

<NihabaAshi> Or I don't take the trade if the stop requirement is too wide.

<pat255> niha went to your site a couple of times ...culd not cahnge my profile ..will try again this weekend .. 11:29

may put up also a couple of Q for u..

<NihabaAshi> Ok 11:30

I'm not seeing any weakness unless it can test the 832.00 price area. 11:32

<jperl> ER2 peak volume now 833.00

<NihabaAshi> If it does...hopefully as a Dark WRB or as a volatility spike...preferrably both.

If anybody is wondering why I was Bullish since the Open... 11:38

It has to do with my Friday comments @ 14:09pm and 16:13pm est on last weeks chat log... 11:39

http://www.thestrategylab.com/051807Futu resTrades.htm

<pat255> will check ..thks

<NihabaAshi> Basically, on the Daily chart of ER2 there's a Bullish Engulfing pattern for those into Japanese Candlesticks. 11:40

For those into support/resistance levels...ER2 bounced off of a key s/r zone.

For those into "intermarket analysis"...Gold has stabilized and Oil looks to go higher as we enter the summer driving months. 11:42

<pat255> yeah talk about oil...

<jperl> ER2 bounced off the 1 year VWAP 1st STdDev shown here.... 11:43

http://charts.dacharts.com/2007-05-21/JP ERL_0117.png

<NihabaAshi> Thanks jperl.

<jperl> yw

so now we have all the reasons to be bullish 11:44

<NihabaAshi> Although I've reached my profit target today...I should have 2x more and should have done it on 1/2 the number of trades.

I just couldn't hold that very first Long position I took.

Should'uv, Would'uv and Could'uv :( 11:45

<intowin> if ifs and buts were candy and nuts oh what a party we would have : ) 11:46

<NihabaAshi> :)

Long ER2 @ 835.90 -> small size 11:55

1 contract only

<jperl> ER2 next pause at 1 week 3rd StdDev 836.63 11:56

<NihabaAshi> Exited ER2 Long @ 836.10 --> + 0.2

Could get Long at 835.70 11:57

No fill :(

Long ER2 @ 836.70 -> small size 11:58

Push...

:( 11:59

Exited ER2 Long @ 826.80 --> - 9.9

Oooops

Exited ER2 Long @ 836.80 --> + 0.1

<jperl> Well let see here..... 12:01

next on the list is the 1 month VWAP 2nd STdDev @ 840.57

<szubaark> slow, controlled upcreep. Tough to trade. 12:02

<NihabaAshi> Price range contracting for the prior 3 intervals... 12:03

Shorts ER2 @ 836.60 -> small size

Trade error and that will prompt me to take a break and go to lunch. 12:04

<grabthemoney55> had to reboot 12:05

<NihabaAshi> Covered ER2 Short @ 837.60 --> - 1

Be back later...I traded against the rising volatility on that one... 12:06

Paid the price.

* NihabaAshi is now known as NihabaAshi_lunch

<szubaark> Shorts ES @ 1531.75 «« paper »» 13:09

<eminitrader> Shorts ES @ 1532 13:11

<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) 13:20

<eminitrader> Shorts ES @ 1533 -> Add 13:24

Covered 1/3 ES Short @ 1532 --> + 1 13:31

thats a b/e on the first lot

Covered 1/3 ES Short @ 1531 --> + 1 13:37

* NihabaAshi_lunch is now known as NihabaAshi 13:38

<NihabaAshi> Shorts ER2 @ 834.60 -> small size 13:42

<szubaark> Covered all Short ES at 1530.50 --> + 1.25 «« paper »» 13:43

<eminitrader> Covered ES Short @ 1530.50 --> + 1.5 13:44

Reverse and Enter Long ES @ 1530.50

<NihabaAshi> Covered ER2 Short @ 835.10 --> - 0.5 13:49

Reverse and Enter Long ER2 @ 835.10

Exited ER2 Long @ 835.20 --> + 0.1 13:53

:(

<eminitrader> Exited 1/3 ES Long @ 1531.50 --> + 1 14:01

<NihabaAshi> Long ER2 @ 835.20 -> small size 14:03

Exited ER2 Long @ 835.90 --> + 0.7 14:05

Shorts ER2 @ 836.70 -> small size 14:20

<eminitrader> Exited 1/3 ES Long @ 1532 --> + 1.5 14:21

<jperl> ER2 peak volume 836.50 14:22

VWAP @ 832.87 14:23

<NihabaAshi> Covered ER2 Short @ 836.40 --> + 0.3

<eminitrader> Shorts ES @ 1531.75 14:31

shld tank abt now 14:33

:( 14:35

<grabthemoney55> what a slow day today 14:37

<eminitrader> hope its not a precursor to whats coming this summer 14:38

<grabthemoney55> hope not 14:39

<NihabaAshi> Long ER2 @ 837.30 -> small size 14:41

<eminitrader> Covered all ES Short @ 1532.75 --> - 1

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<NihabaAshi> Late entry to something obvious :(

<szubaark> Buys ES @ 1532.75 «« paper »»

<NihabaAshi> I should have been Long around 836.20 and that makes my "price chasing entry" late by 11 ticks :( 14:43

Exited ER2 Long @ 837.10 --> - 0.2 14:44

Reverse and Enter Short ER2 @ 837.10

Shorts ER2 @ 837.40 -> Add 14:46

Covered 1/2 ER2 Short @ 836.80 --> + 0.6 14:48

rising volatility 14:50

<Fleneer> ES third time at HOD 1533.75 14:51

<NihabaAshi> Covered ER2 Short @ 837.90 --> - 0.8

Reverse and Enter Long ER2 @ 837.90

<szubaark> spike to take out highs would be nice

<NihabaAshi> Exited ER2 Long @ 838.20 --> + 0.3 14:52

<szubaark> exit stop set ES @ 1532.75 «« paper »» 14:53

needs to go or im OUT

Exited all Long ES at 1532.75 --> 0 «« paper »» 14:56

:((

<NihabaAshi> Shorts ER2 @ 837.10 -> small size

That's my 3rd late entry trade of the p.m. trading session. 14:57

<eminitrader> Long ES @ 1532

<NihabaAshi> Thus, I'm calling it a day after I close this position...too many trade errors during an easy trading session.

Covered ER2 Short @ 835.50 --> + 1.6 14:59

I'm done for the day...should have had an entry on that Short @ 837.50 15:00

<eminitrader> Exited all ES Long @ 1531 --> - 1 15:04

<NihabaAshi> This is one of those price action since 2:45pm est that's worth documenting... 15:06

A lot of good stuff about price action only trading is occurring since 2:45pm est. 15:07

<szubaark> Triple Top on ES BUT question was will there be followthru on the Sell side.. yes there will (IN HINDSIGHT) 15:08

<NihabaAshi> If ER2 is going to counter-thrust and fight back upwards... 15:10

The current price area is a good place to start.

Next s/r zone is below around 832.30

<jperl> done for the day....trades here.... 15:19

http://charts.dacharts.com/2007-05-21/JP ERL_0118.png

<NihabaAshi> jperl...are you done because you no longer like the price action ? 15:20

<jperl> yes

<szubaark> i dont like trading after 3:30 either.. really confusing price action for me 15:21

<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) 15:23

<eminitrader> Shorts ES @ 1528.50 15:26

Covered 2/3 ES Short @ 1527 --> + 1.5 15:30

Covered Remainder ES Short @ 1528.25 --> + 0.25 15:40

<NihabaAshi> Take care all and see all tomorrow. 16:20

* NihabaAshi is now known as NihabaAshi_away

* DisconnectedSession Close: Mon May 21 16:21:12 2007 16:21

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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.