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#FuturesTrades June 5th Tuesday 2007 Trade Log

Russell 2000 Emini ER2 Futures

Today	Month	Year
+17.60	+28.00	+1408.40
$1,760	$2,800	$140,840

click on image to view actual size

Current Performance Record

Encyclopedia of Chart Patterns

Profit/Loss Statement

Today's WRB Analysis: FED Chairman Bernanke comments set the market into a bearish tone along with setting up a key WRB s/r zone that could be exploited.

However, first I needed confirmation (not always) that the WRB s/r zone was in place and that occurred when the market headed southward after the appearance of a White WRB @ 0944am est via the 2min chart.

I then exploited the second White WRB within that same WRB s/r zone via taking a Short position via the pattern signal @ 1116am est.

Yet, it was a very ugly entry because I had earlier losses via late entries (discipline problems) and for some reason decided to do an early Short entry when I saw the price action near (not within when it should have been within) the key WRB s/r zone.

That caused me to sweat a little as the market came very close to my initial stop/loss protection but it suddenly reversed after reaching they key WRB s/r zone along with producing a valid pattern signal to allow me to ADD to my existing Short position.

The trade because a big winner for me and gave me a big profitable day even though my position size management on the trade was problematic.

Overall, not a good trading day because I had discipline problems, broker execution platform problems with my own fault even though I made some good profits today.

Note: I don't post charts to reflect all the above commentary because I want you to open your own charts to correlate with my comments 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: Tue Jun 05 09:32:02 2007Session Ident: #futurestrades

* Now talking in #futurestrades 09:32

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

<PapaJon> FYI... bernanke is currently speaking

<szubaark> Buys ES @ 1534.50 «« paper »» 09:38

<NihabaAshi> Thanks Papa 09:40

I knew he started talking around 0815am est but I didn't realize he was still talking (still moving the markets) :)

Long ER2 @ 852.30 -> small size 09:43

2 contracts only because I'm about 7 ticks above my entry point. 09:44

In other words, had I not been slow to react...I would have done an entry around 851.60 with some size (large size).

Long ER2 @ 851.70 -> Add 09:47

Exited Remainder ER2 Long @ 851.30 --> - 1 09:50

The first 1/2 was a -0.20 09:51

Shorts ER2 @ 849.70 -> large size 09:57

<Brutus> 10 ISM 09:59

<pdays> 1 min to ISM est 55.8

<NihabaAshi> wild ride 10:00

<karsat> yep

<PapaJon> no kiddin 10:01

<ItalianSharp> ISM NON-MANUFACTURING MAY INDEX HIGHEST SINCE APRIL 2006 10:02

<NihabaAshi> Shorts ER2 @ 850.00 -> Add

<szubaark> Exited all Long ES at 1533.25 --> - 1.25 «« paper »» 10:03

Shorts ES @ 1533.25 «« paper »»

<NihabaAshi> Covered 1/3 ER2 Short @ 849.60 --> + 0.4 10:04

Shorts ER2 @ 850.20 -> Add 10:06

Covered all ER2 Short @ 851.40 --> - 2.9 10:09

Long ER2 @ 851.30 -> large size 10:14

I'm at a normal large size on this trade...can't let it go too far against me. 10:15

<jperl> ER2 VWAP 850.90 10:16

peak volume 851.60 10:17

I don't trade here

<NihabaAshi> Exited all ER2 Long @ 850.50 --> - 0.8 10:18

Shorts ER2 @ 850.00 -> large size

:( 10:20

* NihabaAshi is now known as NihabaAshi_away

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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)

<NihabaAshi_away> I have a stop in at 849.90 10:30

I don't know if it has been confirmed...my screens are locked up.

<Brutus> yep 49.9 hit 10:31

<NihabaAshi_away> Going to do a reboot and uninstall a Add-On program to my execution platform I did last night.

Be back in about 10mins.

<jperl> ER2 @ VWAP 850.56 10:33

no trades for me this morning

pivot chart now lools like this.... 10:35

http://charts.dacharts.com/2007-06-05/JP ERL_0136.png

not much open space 10:36

<RussellDaytrade> the bears gotta great opportunity to gain control and break rthis thing open. 10:43

bears are on vacation. don't wanna be bothered, looks like we go back to the top of the range, again, this is getting kinda old. 10:48

<ItalianSharp> Russell, it looks like the leite motive of recent price action is that bears push the market down in overnight trading while the bulls regain control during the day 10:51

<RussellDaytrade> seems to me the bears had a golden opp just then within the past half, and the let it go, may be up to another couple days before it occurs again, if thye don't push it down later this session. I have 857 target area 10:56

somebody needs to 'unionize' them bears. :) 10:57

<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) 11:00

<NihabaAshi_away> Shorts ER2 @ 852.20 -> large size 11:09

<jperl> ER2 @ yesterdays VWAP now @ 852.24 11:10

<NihabaAshi_away> Shorts ER2 @ 852.80 -> Add 11:13

Be back again :( 11:16

Geesh

* DisconnectedSession Close: Tue Jun 05 11:17:18 2007 11:17

Session Start: Tue Jun 05 11:26:39 2007Session Ident: #futurestrades

* Now talking in #futurestrades 11:26

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

<NihabaAshi> Sorry about that...had to clean some registry files. 11:27

Late post on 1/2 and I'm still holding the other 1/2

Covered 1/2 ER2 Short @ 851.30 --> + 1.5

I had a target of any WRB around the 849.00 price area... 11:38

Doesn't look like it's going to happen with the volatility declining since 1130am est. 11:39

<RussellDaytrade> I believe thst if it breaks to that area on this move, it will help usher in and invigorate a trend change to the downside...another buck or so down from here 11:40

<NihabaAshi> Volatility is rising...may get lucky if this drops below 850.00

volatility declining again :( 11:42

<ItalianSharp> not enough buying yet...it may give it another push down 11:43

<NihabaAshi> I'm now waiting for a Dark WRB to prompt me to dump my remaining 1/2. 11:45

<ItalianSharp> buyers stepping in right now

<NihabaAshi> Yep...were in that s/r zone. 11:46

I need to be careful here to not let this bounce against me and leave money on the table.

<ItalianSharp> always a tough thing to do to find a good compromise between maximizing profits and avoiding leaving money on the table 11:47

<NihabaAshi> As long as volatility stay high here...I have a fighting chance to get what I want. 11:48

<RussellDaytrade> the balls now again in the bears possession, perhaps this time around, they awake from their apparent hibernation. 11:51

<NihabaAshi> small range over the last 3 intervals... 11:52

Looking for WRB to dump my remainders.

<pat255> hi all.. 11:54

stuck @ office ...:(

<NihabaAshi> I'm stuck in a s/r zone :(

The next volatilty spike can go either way (up or down).

ER2 volatility now declining... 11:55

I'm expecting a volatility spike here soon.

<Littman> the small range meant?

<NihabaAshi> small range means "Declining Volatility" that usually with high probabilitys sets up a "Volatility Spike". 11:56

* codehead_afk is now known as codehead

<NihabaAshi> As in producing a WRB.

<Littman> ok, thanks

<NihabaAshi> ER2 range getting smaller. 11:57

No fill at 849.10 11:58

That was a WRB price :( 11:59

<RussellDaytrade> there we go!

<NihabaAshi> :)

First time in a long time I benefitted from a "no fill". 12:00

<pat255> nice ...:)

<NihabaAshi> Have an order in for 847.10

<jperl> approaching 1 week VWAP @ 846.62 12:01

<NihabaAshi> Covered Remainder ER2 Short @ 847.10 --> + 5.1 12:02

<intowin> nice 12:03

<pat255> vn

<werner> nice niha

<ItalianSharp> niha, you don't look rusty at all from a 1-week holiday

<NihabaAshi> 3 straight lossers to start the day followed by 2 small winners and finally the 6th trade a big winner to give me nice profits for the day. 12:04

50% win:loss ratio but still a big profitable day :)

<RussellDaytrade> bears need to reload here 12:27

and lean on it

well, that was fun while it lasted 12:30

bears are now playing cat-n-mouse 12:31

catch and release

fair enough, I can wait 12:32

I took in a little of the open short 12:33

at the lows, :)

<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) 13:03

<jperl> ER2 @ 1 week VWAP 846.63 13:18

<RussellDaytrade> you currently interpreting that as support JP? 13:19

<jperl> it's a pivot point RD

market pauses at pivot points

before continuing in the same direction or reversing 13:20

<RussellDaytrade> sounds good, I am looking for a pivot down off of it. :) I like the implications

<jperl> next pivot 845.82 13:21

market bounced off that one 13:22

<RussellDaytrade> this pullback seems to deep relative to the structure of the upleg we were just in..similar to this am's pa, tells me lower instore

in the er, es holding its own 13:23

<jperl> next pivot down 845.28 13:29

next pivot 1 month Std DEv 844.68 13:43

<RussellDaytrade> I like that.

<jperl> As expected, market pausing here 13:45

<RussellDaytrade> that move yesteraday was the 'stern up' in the Titanic 13:47

<jperl> next down pivot isn't until 842.62 13:48

<RussellDaytrade> the bears are being too merciful, they should just get on with it 13:51

<ItalianSharp> looks like this market is ready to explode to the upside if we dont make new lows quickly 14:37

lots of buying around the lows 14:38

as long as those lows hold on, bulls have a big chance for a comeback today

<RussellDaytrade> agreee with a chance for a comeback, although I think explode is too strong a characterisation...my stronger inclination is more down 14:41

* codehead is now known as codehead_afk

<ItalianSharp> RD, yes...but it needs to drop now...the longer time goes by without making new lows, the more confidence the bulls are building 14:42

i tried to short this thing a few minutes ago and had to sweat out a few ticks...it's just very slow when it goes down...i personally am not shorting at these levels...this is why the bulls are in control right now, i guess there arent enough sellers interested at current prices 14:44

<RussellDaytrade> to me, it has seemed like it is moving in slo-mo towards the inevitable, and thats ok, as long as it gets to where I think it's going...which it shows every indication it shall. :) I think todays prices will look good,,,

<pat255> to the L side ?

RD.. 14:45

<RussellDaytrade> in comparison to where they may be tomorrow...for selling!

<NihabaAshi> Long ER2 @ 846.20 -> small size

2 contracts only

<RussellDaytrade> i have had a bearish bias for several days, so when it finally shows up, I am going to honor it, even if it may bounce some along the way. 14:46

<ItalianSharp> RD, best thing to honor is what market is telling you to do 14:49

:)

<RussellDaytrade> yep, its telling me to 'stay short'.

<NihabaAshi> It came within one tick of getting me a fill on the exit :( 14:51

<ItalianSharp> to be honest with you, i am also getting the feeling we might finally be due for some sort of correction

<NihabaAshi> Exited all ER2 Long @ 846.60 --> + 0.4 14:52

I had an order in at 847.50

<RussellDaytrade> this price strusture looka like it'll take it there...I gotta possible target of 848.6-7 14:54

<NihabaAshi> Long ER2 @ 846.90 -> small size 14:56

<RussellDaytrade> it's great to see my upside targets falling short, and my downside targets exceeding, another good indication of increasing relative strength loss 14:57

<NihabaAshi> Exited ER2 Long @ 846.00 --> - 0.9 14:58

Reverse and Enter Short ER2 @ 846.00

added a contract on the reversal 14:59

<RussellDaytrade> mkt is at stalemate right here 15:02

<NihabaAshi> Yep\

<jperl> ER2 peak volume now 846

<NihabaAshi> Shorts ER2 @ 846.50 -> Add 15:03

<RussellDaytrade> bears are outta ammo for today 15:06

<NihabaAshi> Shorts ER2 @ 846.70 -> Add

total of 4 contracts...still small size. 15:07

<RussellDaytrade> just seems like the vol has really contracted, ie, doid not re-manifest itself just back then...another latent opp missed by the bears, who's running the show over there, I wonder? 15:08

<NihabaAshi> Oh oh... 15:09

<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)

<NihabaAshi> ER2 wants up and is trying to find some help.

<RussellDaytrade> not like the up vol is anything to write home either, just feels sold out for the time being

<jperl> peak volume now @ 846.90 15:10

<NihabaAshi> Covered all ER2 Short @ 847.30 --> - 1.9 15:12

Long ER2 @ 847.60 -> large size

No s/r zone to add in...gotta sit and wait :( 15:17

<RussellDaytrade> put in a dummy order to buy at 848.6 or above...just be ready to pull it fast. :) 15:18

<NihabaAshi> Long ER2 @ 847.10 -> Add 15:19

VIX and VXN dropping but that only adds a little support to my Long. 15:23

I need the AD Lines or other Eminis to provide real support.

<RussellDaytrade> its forming a nice rounding botttom that is slow to get acceleration, thats all 15:25

<NihabaAshi> Exited 1/2 ER2 Long @ 847.90 --> + 0.8

Exited Remainder ER2 Long @ 847.60 --> 0 15:26

Point wise...I'm right back to were I started over the last 4 trades :(\ 15:29

<RussellDaytrade> upside models are getting traction again, :) 15:32

<NihabaAshi> Long ER2 @ 848.80 -> small size

<jperl> ER2 @ VWAP 848.68

<NihabaAshi> 2 contracts only

Exited all ER2 Long @ 849.00 --> + 0.2 15:39

Trade didn't go as plan and I missed my add point of 848.30 15:40

I'm still about 5 ticks away from my profit target goal for the day even though I'm having a big profitable day when I nailed that big trade around lunch time. 15:41

<jperl> done for the day....trades here... 15:42

http://charts.dacharts.com/2007-06-05/JP ERL_0137.png

<NihabaAshi> Thanks jperl...take care.

<jperl> last trade didn't complete as planned

a losing day 15:43

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<NihabaAshi> A wedge has been forming for the past 15mins 15:44

Long ER2 @ 848.90 -> small size 15:47

2 contracts only 15:48

Looking for a 849.30 15:49

Exited 1/2 ER2 Long @ 849.20 --> + 0.3 15:50

Exited 1/2 ER2 Long @ 829.20 --> - 19.7

Ooops

Exited 1/2 ER2 Long @ 849.20 --> + 0.3 15:51

Shorts ER2 @ 848.50 -> small size 15:53

1 contract only

<RussellDaytrade> great day for me, mkt went my way, I had an excellent read on it, and I made some terrific calls. 15:54

<NihabaAshi> Goals via my trading plan = +C

Goals via profit targets = +A 15:55

<ItalianSharp> niha, what does that mean?

<NihabaAshi> It's like a report card you get in school :)

<RussellDaytrade> it means he done good, while leaving some room for improvemnets, :) 15:56

<GoodMood> for europeans: A is good, E is bad

<NihabaAshi> Shorts ER2 @ 848.80 -> Add 15:57

<ItalianSharp> thanks goodmood, i knew that..:))

i went to university in the US, so I got plenty of those grades...:)

niha, what do you mean by trading plan / profit targets?

<NihabaAshi> Today I wanted no late entries. 15:58

Today I had 4 of them and all resulted in losses :(

Worst one I chased about 9 ticks away from where I should have entered.

<RussellDaytrade> the bears let 'em circle the wagons again, jsut took a few scalps 16:00

prob just a scouting party, takin a 'head count' 16:02

<NihabaAshi> Last 15mins is tricky as usual... 16:03

I was watching ES and other key markets...they didn't move up except for ER2 :(

It's the only reason why I'm holding and looking for a retrace.

Covered 1/2 ER2 Short @ 849.90 --> - 1.1 16:11

Covered 1/2 ER2 Short @ 849.90 --> - 1.4

That was the remainder...not 1/2

Had there been about 15mins in the trading day...I would have easily reversed that into a Long around the 849.90 price area. 16:15

Take care all and see all tomorrow. 16:16

* NihabaAshi is now known as NihabaAshi_away

<werner> gn all 16:25

* DisconnectedSession Close: Tue Jun 05 16:40:11 2007 16:40

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