Emini Trading Update – Monday 6 Jun 2011 (22:44)
I just talk too much – today I wittered on for over 22 minutes as I traded.
My best trade today was one taken pre-open (also traded pre-open on Friday after the employment numbers came out). Got a couple of questions over the last week about trading the European session – and I used to do this more last time I was in Sydney.
The moves are a lot slower – this trade took 1-2 hours to make 3 points – and I also reduce the profit target from 4 to 3 points. But it is doable if you have the patience.
Personally I like the first half hour of trade after the open – I focus, focus, focus and watch every bar for clues. And you find out much quicker whether you’re right or wrong. Which is why I hate swing trading stocks (although I used to do it) – you’ve got to wait days to see if you’re right, and way too much time in between to lose your nerve.
Video of the day …
John Taylor of FX Concepts on CNBC last week
When John Taylor talks, Barry Taylor listens. No seriously, this guy is good, really good. Measured, analytical, no extreme views (like buy all the silver you can get your hands on) – just solid analysis and not trying to sell you anything.
He was spot on last time I put up his video on 6 March 2011. He was calling for quarterly US growth to be 4%, 3%, 2% and 1% – which we’re starting to see. He also saw the rally in the Euro into $1.45 – which we got and a little bit more.
He’s now forecasting:
- Slowing growth this year followed by recession next year in the US
- Strength in US Dollar and US Bonds
- Weakness in commodities, gold and equities
Worth checking back in 6 months to see how this panned out.
Quotes of the day …
“I am so glad i stumbled upon your site. It is simply the best education on emini trading. Thanks.”
And from Karl M.
“I have been part of teams managing multi-billion dollar FI and FX mandates for pension funds and central banks, I have met some of the highest paid minds in the industry – and I think, from what I have seen, that you stand out in your methodology, discipline, and risk management.”
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.