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MightyMouse

Emini S&P 500 Short Term Trading

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it is the pre-Google effect

 

What is the "pre-Google effect" Tams?

 

Google announcing its earnings after the market today.

Today's run up from the low is in anticipation of the report.

Is that a gospel?

Hell no... it is just market talk.

The market often behave erratically during earnings week...

if the market was trending down in the morning, it can whip around in the afternoon for no good reasons.

It is a dart's throw for all I know.

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So, filled.

 

Stop is as low as 1298, but not lower. As things change, on the way up or down, I may move the stop up.

 

My long run average is about 30-35%. So, I enter every trade understanding that there is a good chance that I am going to lose.

 

I am trading 2 contracts and will be trading 2 contracts to open from here on in unless I get a large winner in which case, depending on how big the win is, I will start the next trade with more than 2 contracts. As I indicated earlier in the post, my first trade was larger than normal because it made after a good day of trading oil. That trade I started with 3.

 

I am not going to post a "score". I am not trying to prove how good I am; instead, I do want to show newer traders that you can make good decisions and lame brain decisions and still pull money from the market.

 

MM

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In the name of humility and all things virtuous, we must thank the shorts, who feel the need to provide liquidity.

 

My stop is moved to 1302.75 and may be moved higher as the day develops.

Edited by MightyMouse

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Looks like a nice amount of volume is coming in on the upside. Not a great amount, but a nice amount. May not be enough to push through all the overhead activity from a few days ago. Very good chance of a Friday afternoon mean regression type move. I certainly do not know and will give it all the room it needs for the time being. Stop is currrently 1303.25.

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Nothing to do but wait. A positive close on this trade will make me feel better for tonight and tomorrow, but it doesn't really say much for Sunday's open.

 

A pop through the high right now would really pep me up a bit

 

A lot of volume came in as expected and it looks like a strong move is developing.

 

Ultimately, I know nothing but will ride it until it makes no more sense for me to ride it.

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The direction within the time and space I am trading is still up so I only want to take longs until the direction turns down. When I detect a great deal of risk to my direction, I exit and get back in at a higher or lower price. If I don't detect added risk, I stay until there is a directional change. At this point my stop is at that point which is 1303.25. That is the basic strategy until I get to add to the position.

 

I am hoping that we have enough current and future demand to slingshot out of the top of this range. Above this range I will begin adding contracts to the position, provided the direction remains up.

 

Es looks weak on the weekly and daily timeframes. Arguably, it always looks weak when it is trying to break out of a range and then either strengthens or fades as it surpasses the boundaries of the range. It does look strong in the timeframe I trade and a positive Sunday open would be a welcome reinforcement.

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At 1287.25, my stop goes to BE and the trade can only be a winner or a breakeven trade at that point. Right or wrong, that is how manage risk.

Hard Stop is at 1309.25. Hopefully, a move will occur here.

 

If conditions remain the same, i will exit at 1301.5

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