#FuturesTrades September 14th Thursday 2006 Trade Log
#FuturesTrades is a private and free realtime trading posting chat room on the IRC Othernet server that allows traders from all over the world to communicate.
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In addition, trades being posted by members of #FuturesTrades in the below trade post chat log are by traders that do not have access to TheStrategyLab.com strategies except for NihabaAshi.
Fee-based clients of TheStrategyLab.com strategies use the private IRC rooms called #TheStrategyLab and #SwingTradingTSL.
Further, you'll find below the chat room time stamped text log of realtime trades (real money and simulator) that were posted by full-time, part-time traders from around the world and the timestamp is eastern standard time (est).
Also, below NihabaAshi's trading blog like comments, you can read the time stamped trades (prices, entries, exits et cetera) and market discussions that sometimes contains trading tips or insights that are more useful than what you will see at any other futures blog or chat room.
Trading Blog Below is not your traditional trader's blog in the usual blog format. However, you will find informative commentary on a few occasions as time permits and such will contain trading tips that should help your trading as I attempt to sum up my thoughts as I traversed from the first trade to the last trade that was posted in #FuturesTrades realtime trade posting chat room.
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ER2 EuroFX EC +5.80 +0.0000 $580.00 $0.00 Maximum Daily Drawdown
Today I had a string of consecutive losers that prompt a question via private message about my maximum daily drawdown.
Here's my answered summed up in a few sentences.
New traders or traders new to a particular trading instrument should not exceed 1-3% of their total trading account as their maximum daily drawdown...a dollar loss amount that tells them to call it quits for the trading day and to begin analyzing each trade to determine what went wrong.
However, once you become a profitable trader and get some years under your belt...you can develop and apply a more realistic maximum daily drawdown number based upon your psychological readiness and the application of such.
For example, psychologically I don't feel comfortable about entering a trading day if the prior trading day resulted in a loss that exceeds my two trading days of profits.
Currently, I think that's about $500 per day or $1,000 for two days.
Therefore, I'm very comfortable with a 1k maximum daily drawdown and feel I can easily recover from such a losing trading day.
Yet, there will be trading days where I've exceeded the 1k but will continue trading only because the price action has changed into something I can easily exploit...all related to years of experience of knowing when to keep pushing it and when to call it quits for the trading day.
Today's results (real money and simulator trading) shown above are that of NihabaAshi only. To see his total accumulated points for the month of September...click here. To see results for the months of 2006 and prior years...click here.
Commentary by M.A. Perry (a.k.a. NihabaAshi)
intradaystrategies@yahoo.comNote: Each month there are a few trading days that we consider to involve interconnecting key price action of different markets and such is represented by a particular type of price action from one of the key markets. You can view the charts and their clues that's associated with the key price action at our key market archives.
Session Start: Thu Sep 14 09:28:35 2006Session 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 <eminitrader> morn all good trading 09:29 <pat255> gm emini niha <eminitrader> hi pat <NihabaAshi> Hi pat and gm all. <asuni> gm all 09:30 <ItalianSharp> morning everyone <pat255> er a bit weak.. <szubaark> gm room 09:33 <pat255> gm szu 09:40 <szubaark> gm 09:41 <NihabaAshi> Long ER2 @ 731.60 -> small size 2 contracts only intuition trade 09:42 I'm betting that this will drift upwards to a 732 price area on the declining volatility. 09:43 Exited 1/2 ER2 Long @ 732.40 --> + 0.8 09:44 <les> nice call niha 09:45 <pat255> good start .. 09:46 hesitated a bit missed ...sigh <jperl> candy strip markets this morning.... 09:49 <pat255> S 732.8 <jperl> http://charts.dacharts.com/2006-09-14/JP ERL_011.png <pat255> tight stop out b/e dont look right here 09:50 <les> Long ER2 @ 733.9 -> small size «« paper »» 09:54 <szubaark> Buys NQ @ 1641.25 <NihabaAshi> Exited Remainder ER2 Long @ 733.70 --> + 2.1 Sponsor: <pat255> vn niha ... <szubaark> exit stop moved to breakeven NQ @ 1641.25 09:56 Exited all Long NQ at 1643.25 --> + 2 <jperl> ER2 at 09:58 VWAP= 733.20 This does not look like a promising trading day.... TotalMarket remains mixed.... 09:59 ER2 osicllating about VWAP oscillating <les> Exited all ER2 Long @ 732.3 --> - 1.6 «« paper »» 10:04 sorry late <NihabaAshi> Shorts ER2 @ 731.50 -> small size 10:06 3 contracts <eminitrader> very nice exit szu 10:08 <szubaark> thanx... 10:09 <Chilly> Long YM @ 11593 10:11 <NihabaAshi> Covered ER2 Short @ 732.00 --> - 0.5 10:13 Reverse and Enter Long ER2 @ 732.00 Exited ER2 Long @ 731.90 --> - 0.1 10:15 Reverse and Enter Short ER2 @ 731.90 <jperl> TotalMarket still mixed.... 10:16 http://charts.dacharts.com/2006-09-14/JP ERL_012.png <Chilly> exit stop set YM @ 11594 10:18 <jperl> ER2 at VWAP, 732.50 <NihabaAshi> Covered ER2 Short @ 732.40 --> - 0.5 10:19 Reverse and Enter Long ER2 @ 732.40 * jperl avoids VWAP like the plague <jperl> my daily reminder <NihabaAshi> Long ER2 @ 732.70 -> Add <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) 10:20 <les> and niha seems to like vwap <szubaark> :( <eminitrader> Shorts ES @ 1327.50 10:21 <pdays> Shorts YM @ 11611 <eminitrader> Covered 1/3 ES Short @ 1326.50 --> + 1 10:23 <pat255> vn emeini... s 1327...let us c.. 10:24 <eminitrader> thx pat... <silo1> morning gang thanks niha <pdays> Covered all YM Short @ 11604 --> + 7 <eminitrader> pat ..expect one more test 1328 .. 10:25 <pat255> out b/e .. 10:26 <eminitrader> didn't want u shaken out ... <pat255> keeping tight stop on b/e..entry was late <eminitrader> that was a nice entry <les> Shorts ER2 @ 732.1 -> small size «« paper »» 10:27 <pat255> dang ...:( u were right <eminitrader> well u never know and day still young :) <les> Shorts ER2 @ 731.7 -> Add «« paper »» <pat255> natural gas report in 7 min.. <eminitrader> should help in continuing the down move after a shake out 10:28 ah my wish :)) <les> Covered 1/2 ER2 Short @ 731.4 --> + 0.3 «« paper »» 10:29 <eminitrader> but seriously that was a good entry with a 4-6 tick stop <les> exit stop lowered ER2 @ 731.8 «« paper »» <Chilly> Trailing Stop Hit YM @ 11594 --> + 1 <les> Covered Remainder ER2 Short @ 731.7 --> + 0.4 «« paper »» 10:30 <eminitrader> Covered 1/3 ES Short @ 1226 --> + 101.5 Covered 1/3 ES Short @ 1326 --> + 1.5 10:31 <pat255> nice .. <NihabaAshi> Exited ER2 Long @ 731.30 --> - 1.1 Reverse and Enter Short ER2 @ 731.30 Covered all ER2 Short @ 731.90 --> + 0.2 10:32 ??? 10:33 -0.60 and not a +0.2 <pat255> :( freaking chop in this rage <NihabaAshi> Long ER2 @ 732.60 -> large size 10:34 <jperl> ER2 at VWAP again 732.50 <eminitrader> Shorts ES @ 1327 -> Add <NihabaAshi> jperl...that VWAP is in the middle of a WRB zone :( 10:35 I've already got spun around a few times in the s/r zone <eminitrader> ES no near supp only res 10:36 <jperl> Peak in the price distribution is at 732.70.... VWAP is only 2 ticks away..... <silo1> niha, do you use jperl's VWAP as well? <jperl> so we have a "NORMAL" price distribution.... <NihabaAshi> No. <jperl> which means that when price moves away from the VWAP.... it just bounces back.... 10:37 very difficult to trade <eminitrader> Covered 1/2 ES Short @ 1325.50 --> + 1.5 10:38 <Chilly> Shorts YM @ 11597 <NihabaAshi> Exited ER2 Long @ 730.60 --> - 2 Reverse and Enter Short ER2 @ 730.60 I gave these trades more room today...getting bitten hard on that decision. 10:39 <eminitrader> stpos set ..be back 10:42 <NihabaAshi> :( Covered all ER2 Short @ 729.70 --> + 0.9 10:46 ER2 so far today has a downward channel... 10:47 Usually I ignore channels but will pay closer attention to this one. 10:48 <Chilly> Covered all YM Short @ 11596 --> + 1 <NihabaAshi> Long ER2 @ 730.20 -> large size 10:49 Exited all ER2 Long @ 730.90 --> + 0.7 10:52 Long ER2 @ 731.20 -> large size 10:53 <jperl> TotalMarket still very mixed..... 10:54 http://charts.dacharts.com/2006-09-14/JP ERL_013.png <NihabaAshi> EuroFX big time volatility spike. 10:55 That will slow down ER2 a little :( <jperl> Time for a break 10:56 <silo1> hey niha, where can i see all your most current charts? 10:57 <jperl> Here are this mornings executions.... <NihabaAshi> What do you mean by "current" ??? <jperl> http://charts.dacharts.com/2006-09-14/JP ERL_014.png <silo1> and are they still labled like the old ones... like with all the price actions, whether or not it's a advanced white hammer or not, etc as in the past few weeks <NihabaAshi> Current charts are on the main page. 10:58 Usually a new one each week depending upon if its a key market day. <szubaark> jperl nice u GREEN <jperl> yes....some profits..... didn't expect much on a "NORMAL" price distribution day 10:59 <eminitrader> Covered Remainder ES Short @ 1327 --> + 0.5 11:00 <silo1> can you show me the link of some new charts? <eminitrader> szu how do u color the script <szubaark> Sellers cant get anything going in this Bullish Market <eminitrader> true ..each tick is fight 11:01 <NihabaAshi> silo...see pm. Exited all ER2 Long @ 732.10 --> + 0.9 11:02 Trading Edge: Trading Strategies -> These strategies will reveal and explain specific strategies from entry to exit that exploit inefficiencies in the price action of your trading instrument for profits in the following trading instruments: 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) silo...the only charts I label as Hammers are the ones at EliteTrader.com 11:03 All other charts elsewhere such as at me website are only labeled as either Short Signal or Long Signal. <silo1> oh ok 11:04 hey where can i download the script you guys are using to show the current trades? <szubaark> at the Strategy Lab 11:05 <NihabaAshi> silo...everything you need is in that PASSWORD thread... 11:06 All you need to do is read it :) silo...here's the direct link to the PASSWORD thread... 11:07 http://p207.ezboard.com/fthestrategylabf rm88 <silo1> thanks 11:12 <NihabaAshi> Long ER2 @ 732.70 -> large size 11:13 Exited all ER2 Long @ 733.20 --> + 0.5 11:15 If I can keep pushing 5-6 contracts...I'll stick with that size for awhile. 11:16 Long ER2 @ 733.70 -> large size 11:17 I'm losing the volatility :( 11:23 <pat255> yes niha ..dying but just a p/b 11:24 <NihabaAshi> Exited all ER2 Long @ 734.50 --> + 0.8 11:26 <pat255> nice <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) 11:32 <szubaark> Shorts NQ @ 1645.50 11:33 <silo1> Long ES @ 100 11:34 <szubaark> 100? <silo1> testing testing :) nice script niha 11:35 <szubaark> Covered all Short NQ at 1645.25 --> + 0.25 11:39 too tight <NihabaAshi> silo...the script you have is one of the originals. It works most of the time. 11:40 The one I'm using is a beta version...has lots of problems especially when I add to a position and then reverse that position. <silo1> so which version are the other guys using? 11:41 <NihabaAshi> who knows...there's about 5 versions from me floating around out there and some may be using their own personal designed script. 11:42 <silo1> ah i see 11:43 so should i get a better version from you or should this suffice for now <NihabaAshi> All the scripts suffice. I think I'm about 1 point from my profit goal of the day...thanks to a string of winners in my last group of trades and with a little size in comparison to my losers. 11:45 <pat255> vn niha .. <NihabaAshi> Thus, if I can catch a decent trade before the volatility dies at lunch... 11:46 I'm going to call it a day...a tough trading day :( <pat255> k niha later .. 11:47 k guys c u all later ty .. 12:03 <jperl> About a "NORMAL" distribution day.... 12:25 Here is a 2 minute chart of ER2 today with VWAP and Standard Devs superimposed.... 12:26 http://charts.dacharts.com/2006-09-14/JP ERL_015.png I think I talked about this once before.... notice how many times price action crossed over the VWAP.... 12:27 That's a signature of a normal distribution of price..... Unless you know how to trade a normal distribution.... stay in bed I'm still learning 12:28 basically...everything is ass backward.... all your indicators tell you the wrong thing.....long when you should be short.... short when you should be long What's happening is that as price action picks up to the long side... 12:29 The volume starts dying....forcing price to reverse and head back to the VWAP 12:30 Simliarly on the short side as price drops, volume dies, then price reverts back to the VWAP On a "NORMAL" day, this can go on all day 12:31 <NihabaAshi> Thanks jperl. 12:36 <jperl> yw <NihabaAshi> Useful info because I know a few in here have an interest in how to use the VWAP info. <jperl> The "usual" way to trade with VWAP info is to be long when price is at least 1 StDev above(or below for shorts) the VWAP 12:39 but not today because of the NORMAL distribution of price Today you want to be short when price is above VWAP and long below 12:40 So how do I know what kind of day it will be.... I don't know in advance.... 12:41 but I watch the VWAP relative to the peak in the distribution function (also called the Point of Control or POC) If they stay close together...I know it's going to be a NORMAL day 12:42 <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) 12:44 <jperl> If you are a contrarian trader, you will love NORMAL days <silo1> what is the VWAP exactly? 12:46 <jperl> Volume Weighted Average Price for the day To compute it .... you simply multiply everytrade price by its volume.... 12:47 add them all up and divide by the total volume It's independent of time....so you will have the same line on every time chart 12:48 <silo1> i see 12:49 so you find that the VWAp is more acurate than the moving averages and more useful then? <jperl> Has nothing to do with "accuracy".... 12:50 Different from moving averages.... 12:51 since there shape and value depends on number of periods used to compute them As to being more useful....that depends on your trading skills 12:53 <silo1> so what is VWAP more useful for 12:54 in regards to the different trading styles and strategies <jperl> VWAP and price distribution analysis gives you a good sense of what the market is doing at any time <szubaark> If you CANT read Price Action no VWAP or any thousands of "magical" indicators is going to help u a BIT 12:55 <jperl> I use VWAP and its Standard Devs as a guide to whether I should be looking for short entries or long entries 12:57 <silo1> i see so what number do you have your vwap set to usually 12:58 <jperl> I willI don't set it....it's computed from the price data and volume data what ever it is, it is period 12:59 <silo1> so if it's set to 0 ? <jperl> What do you mean set to 0? 13:00 <szubaark> Shorts NQ @ 1645 <silo1> well with my quotetracker when i select to use the VWAP indicator... i can set a number to it the default is 0 <jperl> Ah....I see..in quotetracker, there is some comptational parameter that you can set.... 13:02 that simply determines the accuracy of the computation....set it to 0 <silo1> accuracy of the computation? but why would anyone want less accuracy? otherwise i figured everyone would all just pick the highest accuracy one 13:04 <jperl> VWAP computations are very CPU intensive.... <silo1> oh ok so is 0 the less acurate one <jperl> Some computers can't handle the computation on every trade 13:05 <silo1> ? <jperl> no the most accurate one <silo1> cool so basically this is like a moving average too.. except it has volume weighted into it <jperl> not quite 13:06 there is no time dependence which a moving average has when you choose a period for the number of bars to use in the moving average VWAP is not moving It uses all the bars from the open 13:07 <szubaark> exit stop moved to breakeven NQ @ 1645 <silo1> so if it doesn't move much.. how do you determine if the trend is up or down? 13:08 how does it tell you what the market is doing .. like you said earlier <jperl> Usually, if price moves above the VWAP, it will stay above the VWAP... 13:09 similarly, if price moves below the VWAP it will stay there 13:10 You will find this to be the case on most days.... except days like today as I've indicated above <silo1> but throughout the day a stock's price could go below or beyond the VWAP a bunch of times though 13:13 what does that tell you <jperl> Well today was such a day.... Price action oscillating about the VWAP.... <silo1> do you have quotes for equities? 13:14 <jperl> tells me that I should be a contrarian today.... <szubaark> Covered all Short NQ at 1645 --> 0 <jperl> trade short when price is above the VWAP.... trade long when price is below the VWAP 13:15 I don't trade stocks silo1 <silo1> wait, so if price is above the VWAP it's a good short? and vice versa? <NihabaAshi> silo...some charing programs have VWAP. 13:16 You just need to call around and find out whom they are. <jperl> I never said "good"...I said look for shorts above VWAP on a day like today <NihabaAshi> charing = charting <silo1> quotetracker has VWAP 13:17 i'm using quotetracker right now so you're looking to do a contrarian trade? <jperl> On a day like today...yes 13:18 <silo1> otherwise why wouldn't you buy when it goes above, and catch the trend <szubaark> market in a Coma right now <silo1> http://www.mbtrading.com/vwap.asp 13:20 my broker is working on a vwap order right now it seems <jperl> I used to trade when price touched the VWAP.... 13:22 I don't do that anymore.... got burnt to many times..... 13:23 because you have no indication of market direction when price hovers about the VWAP area <NihabaAshi> ER2 volatility drying up. So is Oil <silo1> jperl, but why do you buy when price is below the vwap line then? 13:24 <NihabaAshi> Long ER2 @ 733.30 -> small size 13:25 2 contracts only <silo1> i know it's because you think it's below expected hence you buy at its low but how do you know if it's not just oging to keep going down <eminitrader> guess thats why we have stops :) 13:26 <jperl> Silo...suggest you reread what I've said earlier about what kind of day today is 13:28 <NihabaAshi> Volatily low again :( <silo1> i remembered what you said so let's say the market was pretty stable and the price was above the vwap line the whole time and you got short 13:29 how would you know if it wont just continue to go up <eminitrader> not one tick after 11:35 est above 50 contracts on the ES ...strange <jperl> Silo...I don't know what you mean by "pretty stable" 13:30 But if price action spend the day above VWAP...I would be looking only for longs, not shorts 13:31 <eminitrader> no one knows what the mrkt will do silo...its just that the trade is based on a high probability based on certain conditions [13:29] <silo1> how would you know if it wont just continue to go up <NihabaAshi> Exited all ER2 Long @ 734.00 --> + 0.7 13:36 <szubaark> and if u really want to find out about certain indicator, system, start trading it :)) 13:39 and if you really,really,really want to find out trade your Real Cold Cash :)) <eminitrader> lol <silo1> hehe you funny bastard :) 13:42 * les is now known as lesAway * Retrieving #futurestrades modes... 13:49 <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) 13:53 <szubaark> . <jperl> Here is the distribution function as it has developed so far today... 14:18 http://charts.dacharts.com/2006-09-14/JP ERL_016.png The red line is the POC (point of control), the purple lines delineate... 14:19 where 95% of the trading has taken place The shape of this distribution looks Gaussian (that is a "NORMAL" distribution) 14:20 <Chilly> Long ER2 @ 733.60 14:31 <eminitrader> Shorts ES @ 1329 14:32 Sponsor:
<Chilly> Exited all ER2 Long @ 733.50 --> - 0.1 14:34 can't stay in anything today... dang <szubaark> Shorts NQ @ 1648 14:35 <substanz> Shorts YM @ 11633 «« paper »» * NihabaAshi is now known as NihabaAshi_away 14:36 <jperl> ER2 at VWAP 732.80 14:37 <eminitrader> Covered 1/3 ES Short @ 1327.75 --> + 1.25 <Chilly> nice entry e-mini <eminitrader> thx.. 14:38 be back <szubaark> Covered all Short NQ at 1646 --> + 2 14:42 <eminitrader> Covered 1/3 ES Short @ 1326.50 --> + 2.5 14:44 <szubaark> nice Shorts <eminitrader> yep ...targeting lod <szubaark> Im gonna call it a day before i start overtrading. Im also 4 for 4. sure A LOT better then last 2 weeks frikin losing almost everyday. 14:45 <eminitrader> :)) <Chilly> good work szu! <szubaark> TODAY, i waited for GOOD SETUPS ONLY. even in this CHOP i made money. <WannaBeBOS> well done szu 14:46 <eminitrader> pateince patience patience ....the key to survival <szubaark> thanks guys. I need to bring me confidance level back up. emini i like your entries, you wait for them and u get followthre where i trade a lot of micro Support/Resistance and get choped 14:47 Im working on STOPPING that IMMEDIATELY. 14:48 <eminitrader> most of the times szu....guess its just experience ..nothing else 14:49 and of course getting ur key supp/res right <szubaark> since its such a tight range my Exit strategy of just grabbing few points paid off nicely today. (Experience) 14:55 <eminitrader> may not break the lows ...chances likely for an inside day ...so expecting bounce from 1325.50 or so just above the low true szu ...its small things like these that go a long way and make a difference 14:56 <Chilly> what made you determine ES would reverse off move up to 1329.50 rather than continue? <eminitrader> key pivots as we spoke yest..price action 2:36 est close of 3 min bar confirmed the sell ...should have added here but given todays action so far let it go ..was already in 3 contracts 14:59 chilly 2:36 3 min close ... <pat255> emini u L/S here? 15:00 just joined @office now.. <eminitrader> looks like 1326.50 will hold 15:01 short 1329 <pat255> kty...vn 15:02 <Chilly> emini, ok thanks, we must have different pivot settings because I don't see the sell <eminitrader> this was limit entry chilly ...so no set-up ..set-up was after the close of 3 min bar @ 2:36 15:03 which actually confirmed my entry ...otherwise would have exited 2 ticks @ 1329.50 on retest 15:04 Covered Remainder ES Short @ 1326 --> + 3 15:05 <Chilly> ok, nice timing <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) <eminitrader> thx .. <pat255> vn emini.. <eminitrader> Long ES @ 1325.75 1 only thx pat 15:06 * lesAway is now known as les <eminitrader> same here chilly ...supp/res key pivits <substanz> Covered all YM Short @ 11608 --> + 25 «« paper »» 15:08 <eminitrader> nice sub <substanz> thx emini <pat255> k guys back to work...ty 15:11 <Chilly> emini, soory late reply, yes I see your 1325.75 buy at pivot !! 15:14 <eminitrader> low risk trade ... 15:17 given todays price action so far <Chilly> so even though ES was in a downswing you thought on today's action it would not bust to downside but probably buyers would step in to turn it back up? 15:18 I'm new to pivots that's why I keep buggin' you, emini 15:20 <eminitrader> dont know abt buyers but most shorts would see the same as me and cover here ...giving it a bounce ...the Q is how big will the bounce be ...meaning will the momemtum traders join in ...but again given todays action so far ...i guess most traders expect an inside day today 15:21 no pb ...chilly..i only hope this helps make u a better trader <Chilly> right, just a bounce is what was meant 15:22 <eminitrader> Exited all ES Long @ 1326.75 --> + 1 <Chilly> yeah, it's amazing to see the accuracy of pivot points providing sup/res. <eminitrader> specially on days like these.. 15:23 <jperl> I'm done for the day..... not a bad day considering it was mostly "NORMAL".... 15:24 http://charts.dacharts.com/2006-09-14/JP ERL_017.png <Chilly> jperl, thanks for the book and pivot education! <eminitrader> so am i.... see u all tomr <jperl> yw <eminitrader> chilly ...pls keep in mind that all my comments are based on my system and experience ..may not be correct and may not work for others... 15:27 Shorts ES @ 1327 15:28 1 only this was a stupid trade ...gien the time of the day ..and after closing my books ...will get out 15:30 Covered all ES Short @ 1327 --> 0 wasted commish :(( 15:31 <Chilly> gn folks 15:51 <NihabaAshi_away> Take care all and see all tomorrow. 16:16 * DisconnectedSession Close: Thu Sep 14 16:16:55 2006 Sponsor:
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