| ESU9 For 07/14/2009  |
|
| mbol | R1 | R2 | Pivot | S1 | S2 | |
| ESU9 | 907.00 | 918.50 | 886.25 | 874.75 | 854.00 | |
The Fractal Futures Trader
Learn to Make $500-1000 a Day Trading the E-mini Contracts
Archive for ‘technical trading’
ES Emini Trading for July 13, 2009
Charts courtesy of AMP Trading, get a free demo account and paper trade
Well, it wasn’t exactly one of those days you dream about, although it was profitable. We had a nice move upward and the market treaded water for the rest of the day. I highlighted the one try and exit for the day, and I am sorry to say that was the end of the action. Sometimes trading can be very boring and tedious. I might also add that the boring and tedious days are usually the most profitable, so I suppose I should not complain.
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FAPTURBO: Is this just a gadget, or is it for real?
I have never been much on automated trading systems, so called black box systems, and reviewing this much talked about program was simply on my list of “to do’s.” I have a disinclination to Trade Forex market because the lack of a centralized exchange or standardization of order execution. Just the same, my buddy promised me quite a show watching his trading robot perform.
And I was not disappointed, the robot executed trades with the precision and the accuracy of a seasoned trader. I tried to figure out the exact methodology the program was using (which is proprietary) but could not put my finger on it’s entry and exits, though support and resistance were key components of the programs algorithm. I can tell you it works with an accuracy that surprised me, and I am going to buy the darn thing myself.
I am not forex trader, but the program trade with stops and limits and does all the things a good trade should practice. So why not cash in on some easier money. The product integrates with a number of brokerages to automate the trading, and this arrangement seemed to work seamlessly. All in all, I was much surprised, considering I was expecting to pan the program.
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Trading for 7-10-09
ESU9
Charts courtesy of AMP Trading
The morning session traded along nicely and I was able to start out with a nice couple of trades, and then had a great set up got stopped out before the market could start upward. It happens. I didn’t try to jump back in because it’s never a good idea to chase the market, so I had to eat some crow. The afternoon seemed fairly range bound, and there were some decent set ups but none that were really compelling so I headed to the golf course toward the end of the session. It turned out to be a good decision.
I have taken to reading some other trading blogs lately and find myself perplexed by some of the advice offered. I am generally aware when a big economic or political announcement is going to made public and avoid being in the market at those times. Aside from that minor information, I really don’t pay too much attention to anything but the chart.
I THINK IT IS IMPORTANT TO TRADE THE CHART THAT IS BEFORE YOU RATHER THAN THE ECONOMIC NEWS. After all, the charts are a reflection of the information being disseminated in the media. I never listen to television financial news when I trade, or any other kind of information service. I simply trade what is before me on the chart. I think that this is an important idea to assimilate. (Note: I have been known to listen to the Chicago Cub games during the afternoon session and this can be a very depressing experience, though I do not really know if it effects my trading)
As a matter of fact, Friday was a day filled with announcement from the G8 and the US government, and I never gave any of this information any weight in my trading. I trust the charts, and I trust my trading methodology. I do not try to guess how a given announcement will influence the trading direction. I exist in a sort of trading vacuum, I suppose, as I am unconcerned about the world and only concerned about the information that appears on the given chart I am trading. Make sense?
Trading on the ES Emini Contract Using CCI Entries
ES Trading 7-9-09
Charts courtesy of AMP Trading
Some pretty long bars today as the market enjoyed a day of volatility without a huge range. I really enjoyed the trading today, but was fairly conservative. Notice the entries on the 100 and -100. I also avoid trades around the 100′s when there has been a lot of activity bouncing around those points. I have found that these trades can be very uneven and unpredictable. I like a straighter entry point.
Special Note:
The analyst from several investment firms have been absolutely screaming about the current glut of oil in the US and some have set targets as low as $20. Of course, I have an inherent distrust of any analyst, but the fundamentals for the price moving downward, as it has been, seem fairly compelling. I don’t trade the oils, but for those who have mastered this market it would seem a nice story line to cash in on. I’ll leave that to your judgement, as it is not my area of expertise.
Learning to Trade the Emini through Experience and Discipline
Something has been bothering me lately, and I feel the need to express my opinion on the topic. As many experienced, and unexeperienced traders know, trading is not an exact science. Still, the impulse to trade on one’s “gut feeling” is one of the worst strategies a trader can have. Remember the axiom:
The market is always right, you are always wrong
I also add a few axioms of my own:
1. Never let a winning trade become a losing trade, ever.
2. Never trade without well thought out stops and limits.
3. When you are clearly on the wrong side of the trade, get out and move on. Emotional attachment to any trade is the kiss of death.
4. Trade markets you know, don’t bounce willy-nilly from market to market. Learn one and trade it well, then you may be ready to move to another market.
5. Trade the market on paper in a demo account until you can consistently string together five days of winning trades.
6. Avoid counter-trend trades at all costs.
However, there have been a plethora of one size fits all trading programs that promise fantastic profits. These programs, or systems, usually sell for thousands of dollars and are usually not nearly as fantastic as the seller promised. Learn to trade through experience. Once you have seen a set up two or three hundred times, you will recognize the pattern….then understand that even the most perfect setup may not result in a winning trade. There is a randomness to the market that makes fools of all of us. Just don’t compound your foolishness by riding the trade into the ground.
I love trading, and I truly enjoy traders. Traders are a maverick bunch. I prefer to scalp, which means I am making very short trades try to earn 2-3 point on a trade. It is simply my preference, as I have no tolerance for sleeping while I have an active trade. That’s just me.
Find your trading style, whether it be scalping, swing trading or any other trading style and be the best you can be, because it is a wonderful lifestyle to live.
All the best, and learn to love this wonderful thing called trading.
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