Day Trading the E-mini Futures

[goodoboy 10]

long 1435.25 target 1338.

 

Looks like buyers at this 1433 area again.

[goodoboy 10]

long 1435.25 target 1338.

 

Looks like buyers at this 1433 area again.

 

exit at 1437.50. 1438 is HOD from yesterday. So far price want break it.

[goodoboy 10]

out for a 1 tick profit... just not feeling it. good luck guys, maybe see u all around tomorrow, but for today i'm done

 

I felt the same way earlier, but i was still watching just to see what happens next. So, I be that way sometimes.

[ForexTraderX 10]

I felt the same way earlier, but i was still watching just to see what happens next. So, I be that way sometimes.

 

Obviously shoulda held that long I got in 2 ticks off the low of the day (so far)...

 

I find that if i'm feeling fatigued going into the U.S. stock sessions, I really have no patience for drawdown, so If I don't nail the trade and watch it push into profit very quickly, I usually just look to get out. took about 24 round turns today, and on any such day I'm ready to call it a day by then.

 

Can't win 'em all, and trading after i'm mentally tired is just a good way to spew cash, so it's all you GOB. may be here tomorrow, but i'm out for today.

[goodoboy 10]

Obviously shoulda held that long I got in 2 ticks off the low of the day (so far)...

 

I find that if i'm feeling fatigued going into the U.S. stock sessions, I really have no patience for drawdown, so If I don't nail the trade and watch it push into profit very quickly, I usually just look to get out. took about 24 round turns today, and on any such day I'm ready to call it a day by then.

 

Can't win 'em all, and trading after i'm mentally tired is just a good way to spew cash, so it's all you GOB. may be here tomorrow, but i'm out for today.

 

There will be more chances. I will hang in with this ES and go to work it.

[goodoboy 10]

short 1435.50 target 1433.25

 

The supports areas are close to each other. But price action making lower highs, so interesting to see what happens at 1433 from that low this morning.

[goodoboy 10]

short 1435.50 target 1433.25

 

The supports areas are close to each other. But price action making lower highs, so interesting to see what happens at 1433 from that low this morning.

 

Out of ES with 2.25 pts. That 1433 is showing some good support here.

[TheNegotiator 13]

Well here it is - FOMC day. Thrown into the mix is also roll day. Great fun. Pfft. Still, there should be some decent opportunities for those who are sensible about it.

 

[TheNegotiator 13]

Anyway, I'm moving on to Dec from open and have updated data already. Here are the updated charts:-

 

[Predictor 11]

Neg, will the volume for Sept contract be much lower today? Why not roll tomorrow?

 

It looks like Sept has more volume but my tradestation charts have rolled.

 

What does it mean "for those who are sensible about it"?

 

Anyway, I'm moving on to Dec from open and have updated data already. Here are the updated charts:-

 

Edited September 13, 2012 by Predictor

[TheNegotiator 13]

Neg, will the volume for Sept contract be much lower today? Why not roll tomorrow?

 

You can of course wait if you prefer. However, I always roll as soon as possible just because I prefer the feel of the 'new' contract in general. Imho it really doesn't matter too much for the volume to overtake the current expiry. One, that would be late anyway because the actual trading activity overtakes before the day total overtakes and two, all you need is for there to be enough trading activity. I don't trade massively on roll anyway and with FOMC later and current activity, I am in no mood to push it right now. So wait until tomorrow, don't wait until tomorrow. I'm on Dec though

[Predictor 11]

I am unsure if I will place any trades. My general game plan is probably to get short after the FOMC release or prior at highs. My hypothesis is that we've already ran up and its likely to disappoint... However, if wrong then a large move up could develop... so staying flexible is key

 

Another plan is try to get long off the first retest of 32-33...

[TheNegotiator 13]

What does it mean "for those who are sensible about it"?

 

I mean there will be some moves later, possibly big ones, if you don't use up your ammo early on in the roll chop. Plus, pick your trades and don't be too stubborn when it does start to move. Often there are big knee-jerk reactions to news as traders try to act early so as to not miss out. If you get onside and it reverses on you, there's no sense in clinging on. Not that this only applies to today, but clearly it's likely to be more important when the market is due for big news.

[Predictor 11]

Can we confirm this starts at 12:30 EDT and ends at when? I thought usually FOMC was released at 2:30 EST/EDT.

[Predictor 11]

Federal Funds Rate - Target Level 0 to 0.25 % 0 to 0.25 %

 

The FOMC announcement at 12:30 p.m. ET for the September 12-13 FOMC policy meeting is expected to leave the fed funds target unchanged at a range of zero to 0.25 percent (yes, the meeting is Wednesday/Thursday instead of Tuesday/Wednesday). However, many traders and analysts believe the Fed will extend guidance beyond 2014. There are mixed views on whether there will be an announcement of additional quantitative easing. Also, the Fed will release its quarterly forecast between the announcement and the chairman's press conference, generally about 2:00 p.m. ET.

----

 

If the Fed doesn't announce QE now then it would have to do so just before election? hmm

[Predictor 11]

Plan 2 is to look for a break after the announcement.... anticipating a trend move

 

Plan 3 is to look for a retracement after the break after the announcement.. anticipating a continuation.

 

Plan 4 is to do nothing... I am leaning to Plan 4. I will be reducing my max loss limit today.. the last time I traded FOMC, I didn't do that well.

[Predictor 11]

The market seems to be gaining some strength... I am thinking they may try to do a shakeout before any real move develops.. it often happens

 

Plan 6... Fade/fade fade until the announcement.. market hasn't went anywhere

[Predictor 11]

Bias is long here.. look for retest of highs

[bakrob99 11]

I am unsure if I will place any trades. My general game plan is probably to get short after the FOMC release or prior at highs. My hypothesis is that we've already ran up and its likely to disappoint... However, if wrong then a large move up could develop... so staying flexible is key

 

Another plan is try to get long off the first retest of 32-33...

 

 

Here is an interesting article on why the FOMC will do MORE not less.

 

If they do, then it might not be the disappointment you expect.

 

FOMC will do more, not less.... | Tradingfloor.com

[Predictor 11]

Game plan is to run out any shorts before the announcement... gotta drive to new highs

[TheNegotiator 13]

Here is an interesting article on why the FOMC will do MORE not less.

 

If they do, then it might not be the disappointment you expect.

 

FOMC will do more, not less.... | Tradingfloor.com

 

My guess (and it has to be only a guess) is that the Fed won't act right now, at least not in the same way as they have done in prior QE programmes. I think there's a decent chance that they will look to commit to other initiatives (like for housing and small businesses) although not as a replacement to previous methods. The markets are up (in theory) and numbers aren't all that bad. So would pumping money into the economy as before be the best way to act? Not in my mind. If that did happen we would likely correct somewhat with a possibility of a fairly quick move to around 1400 mark (Dec). But I really don't know.:missy:

[Predictor 11]

Remember Fed has dual mandate... jobs and inflation. stock market is not technically part of that.. although they add stability

[Predictor 11]

Anyone had a stop loss blown holding through the announcement?

[Predictor 11]

Well.. stopped out.. my initial call was accurate but heavy selling came in at highs.. I'm out for the day as I've reduced my loss limit. I might take 1 more trade but only if it is really strong... unlikely

Edited September 13, 2012 by Predictor

[Predictor 11]

Tough day.. I was stopped out by 1 tick... would have been a nice run to highs but extremely risky to hold through announcement... so I'm okay with it

 

Long off 40 .. Stop below 06.. target new highs

Edited September 13, 2012 by Predictor