[brownsfan019]

Originally Posted by thalestrader »

I agree. When I traded the e-mini's regularly I would often wait for the pullback to the breakout level before taking a break out trade, and if the breakout failed, I go the other way (a Trader Vic 2B trade).

Thales - when did you trade the mini's and why did you stop (if you did stop trading them)? Would love to hear the story there.

[MC]

Originally Posted by brownsfan019 »

Thales - when did you trade the mini's and why did you stop (if you did stop trading them)? Would love to hear the story there.

I was wondering the same thing. I know there was mention of the ability to manage position sizing much better with stocks. But fees and taxes would eat a big chunk of profit on stock trading. If one has the risk capital to trade futures it seems to be the best vehicle. No?

[diablo272]

One thing I've noticed is that many prop firms only trade equities for whatever reason, so if you wanted to trade with a firm, futures may not be available. On a side note, if anyone knows why so many prop firms don't trade futures, it would be great if you could share the reason(s).

[brownsfan019]

Originally Posted by diablo272 »

On a side note, if anyone knows why so many prop firms don't trade futures, it would be great if you could share the reason(s).

I think part is why do you need a prop to trade futures w/ the leverage already available? If you can open an account for $5000 and get $500 margins on the indexes, what use is the prop providing? I don't think you can get much lower than $500 per contract and keep your risk in check.

[thalestrader]

Originally Posted by brownsfan019 »

Thales - when did you trade the mini's and why did you stop (if you did stop trading them)? Would love to hear the story there.

I still do an es trade for my own account when I see something I like, but I am a more consistantly profitable day trader of stocks. So I focus where I succeed best.

I always have and still do trade anything that moves.

Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

Here's a possible opportunity for me to take a long position using calls. If TLM trades above today's high I will buy the July 15 Calls. I would have preferred an August expiry but the next month available after July is October.

Best Wishes,

Thales

TLM gapped higher and traded marginally above the 6-4 high (by 9 cents). A higher high than that of the first 5 minute bar would have been the go ahead for me to go long the July 15 Calls.

As it were, that was the high of the day and TLM closed down 17 cents on the day.

This is still a potential opportunity for me, but the go ahead price point notches up to 15.97

Best Wishes,

Thales

[thalestrader]

Hi folks,

Here is a pattern that used to be quite common but has become rather rare of late.

THO gapped open higher, but never followed through. Instead, price fell back into yesterday's range by 10:15 AM, holding just above a broken resistance point from the prior day, and holding at and above the 21.41 low (which marked a pullback to the 5 minute ema yesterday) made after the stock started a rising trend during yesterday's session. This part just states what happened prior to the pattern, and is not part of nor required for the pattern.

Now, here is the pattern: Price then traded in a very tight range for nearly 4 hours before breaking down and continuing its drop. When I see a tight range like that, it is usually just a matter of time before a decent move is made. Sometimes it is a continuation, sometimes it is a reversal, but it is almost always a decent trade. In this case, 21.40 would have been the sell stop price, and price declined to 20.34 just before closing the session at 20.45 Any time you can grab a quick dollar/share profit, without ever having been in the red during the trade, that is a decnet trade!

Regretably, I did not trade this opportunity today. It was brought to my attention by a colleague after the break down.

But it was nice to see an old pattern repeating itself.

Best Wishes,

Thales

[thalestrader]

Looking for the ES to find signs of support with a gap open into the shaded support zones.

Good Luck Today,

Thales