So You Want to Be a Great Trader? Try Reading!

By trader7757, 24 August, 2009, No Comment

You might notice that many of the titles I recommend are not necessarily trading methodologies I endorse or even think are terribly valid. But you cannot read too much, you cannot learn to much, and many traders don’t appear to have a solid fundamental background on this art we call futures trading

Todays Pivots R1 R2 S1 S2

By trader7757, 24 August, 2009, No Comment

ESU9
For 08/24/2009

How To Use

Symbol		R1	R2	Pivot	S1	S2
ESU9		1036.00	1046.75	1016.25	1005.50	985.75

Fed and Fed Agency Announcements

4-Week Bill Announcement

11:00 AM ET

3-Month Bill Auction

1:00 PM ET

6-Month Bill Auction

1:00 PM ET

As you can see, there is very little in the way of announcements today that will effect the equity futures trading markets. But beware, later this week there are a slew of big announcements coming, especially the GDP later this week. So today is one of those days you can trade without checking your watch and waiting for expected news.

Todays ES Chart

By trader7757, 21 August, 2009, 1 Comment

Charts courtesy of AMP Trading, get a free demo account and paper trade.

ES Chart for August 21, 2009

After a dramatic opening, which resulted in a great trade, the market flattened out and stayed that way until a small move at the close. I missed the early part of the large move and limited out at 12 ticks, so I can’t say I really did a good job on the first trade. I had stopped trading toward the end of the day so I did not participate in the final legitimate trade of the day. I would not say I did a great job.

Daily Pivots

By trader7757, 21 August, 2009, No Comment

ESU9
For 08/21/2009

How To Use

Symbol		R1	R2	Pivot	S1	S2
ESU9		1010.25	1015.75	1002.25	996.75	988.75

William Dudley Speaks
8:00 AM ET

Existing Home Sales
[Report]

10:00 AM ET

Ben Bernanke Speaks
10:00 AM ET

Stock futures rose moderately Friday, pointing to a higher open on Wall Street as investors await a speech from Federal Reserve Chairman Ben Bernanke.


Traders will be looking to Bernanke's speech for insight into a potential economic rebound.
During an annual Fed conference in Jackson Hole, Wyoming, Bernanke is expected to talk about the past year's financial crisis and could provide clues about how the Fed will eventually withdraw trillions of dollars in aid used to support the economy.
Withdrawing that support too soon could hinder any recovery. But, waiting too long could lead to rapid inflation.
A report on existing home sales could also provide direction for investors. Sales have shown signs of life in recent months, raising hopes for a recovery for the overall economy. The National Association of Realtors is expected to report existing home sales rose for the fourth consecutive month in July.
July's sales are forecast to rise 2.2 percent to a seasonally adjusted annual rate of 5 million, from 4.89 million in June, according to economists polled by Thomson Reuters.

The report is due out at 10 a.m. EDT (1400 GMT)

ES Emini: Why we err-continued

By trader7757, 20 August, 2009, No Comment

My biggest weakness is to be happy with a three point gain in a trade, especially if I am bracket trading with 12 tick stops. I have also moved stops to accommodate a losing trade if I erroneously feel I am in a good trade and the market isn’t cooperating.

Todays Pivot and Economic Data

By trader7757, 20 August, 2009, No Comment

Several interesting announcements today which should have the markets attention. The jobless report will be, as always, closely watched, though the reaction to both good and bad reports has been anything but predictable. With some potential wide swings in the morning trades there might well be some interesting possibilities for some ambush trades to develop.