The Emini has been on a tear the last 3 days. On Monday we had a nice quiet market for the Professionals to orchestrate a classic “gap and go”. Yesterday was bizarrely quiet – was everyone watching Slovakia? Then today we’re up at 1,212 as I write this.
Emini Trading Update – Wednesday 12 Oct 2011 (14:33)
This afternoon we’ve got FOMC and a heck of a lot of “End of Trend” patterns and Professional bars. Hmm. FOMC is always fireworks and today it’s nice to be done beforehand – so I’ll just watch it and what will be, will be.
Some great comments after the weekend’s video: The Book That Changed My Life. I’ll post a selection tomorrow – thank you everyone.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
Playing it safe Thursday and Friday – take my trades and get out with enough to cover Wednesday’s loss. Amazing we’ve made it so far, so fast really – 1,173 after the employment numbers. Into a long weekend, which always tend to be a little bullish. The other side of the congestion zone at 1,200 will be another story though.
Quotes of the day …
Some great messages over the last couple of days.
Jeff S. played the same Short trade as me on the video, but he got in before the open and made his “One shot one kill”. Excellent …
“I watched the market turn after the employment came out at 8:30 am est. I went short before the open at 1166.00 when the pull back was marked on the 500 tick bar chart. I was out in minutes with 4 points. I did not even have a chance to open my target. I found that entire down move before the open interesting. Plenty of bullish signals all the way down but no exhaustion signals. The pull back marked on the 500 chart was a good place to get in. Thanks for the great indicators!!!!!”
From Paul P.
“Hi Barry, I am a long time listener and trader using your indicators. Just wanted to say thanks for listing the fact that you had a bad day yesterday. For the past two weeks I have been trading exceptionally well thanks to your indicators, but yesterday for me was horrible as well. It’s just nice to hear I am not alone and bad days happen to the pros as well. Today I got myself back on track. Enjoy your surfing and thanks again for your indicators and the education you provide.”
And a classic from Paul M. – with some really good suggestions (#9 & #12)
“Barry: That’s very funny about being distracted. However, I have a long list of failed trades and the reasons. Now, I keep a list – it continues to grow: 1. No phone calls, turn ringers off. 2. No emails, no browsing. 3. Don’t answer the front door if in a trade. 4. Don’t try to squeak a point during travel. 5. Don’t discuss family matters, non-trade questions and other issues. 6. No money activities, bill paying, no washroom breaks, no lunch breaks. 7. Do not refer to other charts (i.e. 5 minute chart) only tick charts. 8. Do not look at your daily dollar balance, only look at points for the day. 9. If you swear during a trade, reduce contracts. 10. Set an alarm–15 minutes? If still in and it isn’t working–take a second look. 11. At end of day, track all your trades in a spreadsheet including time of day in/out. If that is too much work then you are trading too much. I track points per minute and points per trade and points per dollar of commission. 12. If you still need to trade after your points are made, trade on the demo account for practice and save your profits. Thanks for all your work, we really learn from it every day.”
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
Well yesterday I had a shocker and went down in a ball of flames – losing 10.75 points after 4 trades. Wanna know why? Here’s why …
Mick Fanning scoring 9.37
I was watching the Quiksilver Pro on their live web feed – while I should have been focussed on my trading. Dummie. Plus choppy up days after a trend up day, have to be the worst conditions for my trading – and I should just stay away.
Just as an aside, the contest is having excellent conditions and Saturday is going to be going off – big swell and light offshore winds. Here’s hoping Kelly will get through. You can check out the live feed here. I’m banned during market hours.
Today, back on the horse – “One shot one kill” followed up with a little 2 pointer.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
Reversal day today and 1,068 was the best the bears could do. Oh well – maybe the end of the world is not nigh. Just focus on my setups and don’t get carried away.
Links of the day …
Been some great interviews and articles over the last couple of days – the end of the world is nigh type stuff. Always my favorite.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
Oh boy, what a day. Exhausting. And so … we dropped through 1,120. And closed on the lows – as we often do on range days – at 1,087.
Seems like the Professionals used that ISM number trick last week – you know, to fool the market higher at 9am then crush it. Does anyone else remember that too?
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
We’re inches from 1,120 and a possible trend line break. I’d feel differently is the volume over the last 3 days had been light – that would show No Supply. But instead we got above average and rising volume.
Going to be watching the open on Sunday very carefully and any possible news stories out of Europe – just like every other weekend lately
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Chart Roundup video on the website. Good luck with your Emini trading.
Hope you had a good week Emini trading. Just a couple of comments about setups and how I’m focussing on the 1,500 tick chart in the video today. Long may the volatility we’re seeing persist.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
Tomorrow is absolutely critical. There are 2 scenarios:
Low volume down day that just tests the lows towards 1,120 and shows a lack of Supply and then another run at 1,200 is possible.
The market starts selling off, gathers steam and volume and we punch down through 1,120 and keep going over the next week.
What stunning insight – the market will either go up, or go down. Give this man a medal.
More Harry Dent goodness …
Last week I mentioned how much I like Harry Dent, with the release of some recent analysis of PE ratios and demographics.
Well this week there’s a rockin’ interview with him – he covers almost everything. Very frank and a great summary/overview. A lot of discussion of the US problems, but around the 19:45 mark he has this to say about Southern Europeans:
“These people are spoiled, they retire early, they don’t pay half the taxes they should, they don’t work that hard and now they’re all up in arms that something has to be restructured because their countries are bankrupt. Their countries are bankrupt because they have no work ethic and they expect too much in entitlements and their demographics are horrible.”
Yowza! Now that’s telling them.
Harry Dent Interview (29:56)
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
Had to work a little harder today – got stopped out twice but made it out ahead. Nice.
In case you didn’t catch it, put out a video on Trading Gold and Silver over the weekend . Not my usual shtick. But boy, what a response! I certainly hit a nerve with the “Gold bugs”.
Quotes of the day …
Again thank you for all the birthday wishes – I don’t deserve them. But the winning trades and the winning traders really makes my day – thank you, keep them coming.
From Jack C. last week …
“HAPPY BIRTHDAY! (and thanks for the great software! picked up 30 points today – both long and short)”
From Paul M last week …
“Happy Birthday Barry, we’re carrying on for you today, 2 shot 2 kill, one for me one for you, 9:18 edt short 1118 for 4 points in 13 minutes then 1117 long 09:34 for 4 points in 1 minute. Not a bad work day and I’m done.”
From Jason S. last week …
“Blimey. Can I have a prize for the fastest OSOK? 13 seconds! 1110 was old support then resistance. We had Pro bars into 1102 and EOT but I was a bit late getting long. With an eye on a possible pop of 1110 to the upside, we had a RAMBO on the 1500 into it but then a sudden Amateur bar back again. It just felt it wanted to go so i had a quick long and bang it went. BTW. This is how brilliant your indicators are … I’m up 4 again before the market is open and up 19 for the week. Super stoked and I’m off surfing after work.”
From Warren H. today …
“Hey Barry, 3 days in a row of hitting my 4 pt. goal. Today another one shot one kill. I went short at 9:30 Cst using the PB on the 1500. I was short at 1130 and was out 7 minutes later for 4 pts. Happy belated Birthday and thanks for these indicators.”
Hossegor surf …
Lastly, just a couple of photos from Hossegor surf on Friday and Sunday. The swell was 6ft on Friday and then backed off a little with fantastic weather and light offshores. Let’s hope it keeps going for the Quiksilver Pro starting in a week. Pictures courtesy of MagicSeaweed.
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
I didn’t get yesterday’s video out until late, so if you subscribe by email you might be receiving 2 messages in a row. Anyhow …
Back on the horse today – kept going after my one-shot-one-kill and was in the groove. Plus we had some nice ranges and fast moving market – always my favorite.
Shan’t be trading tomorrow and not going to put out a video – surf’s up, wind is light and offshore (and it’s my birthday).
If you’re reading this article via email or RSS reader, then follow this link to view the Emini Trading video on the website. Good luck with your Emini trading.
