Emini Trading Update – Tuesday 18 Sept 2012 (9:55)
Rough couple of days trading – no range, little volume and no follow through on any breakouts. So keep the losses small, don’t force trades and stop early if it looks like it’s just going to be a slow grind.
The character of the market still seems “junky” to me – not smooth, stop-start, no conviction. In August I thought it was just Summer doldrums – but now we’re well into September, I hope it’s not the result of some HFT algos being switched off. Bring back the old Emini, please.
And nice to see Tim Backshall (a friend of Emini-Watch) talking today about the high average trade size at the end of last week on Zero Hedge. I agre, there was definite profit taking by the Professionals on Thursday and early on Friday (as seen on the 4,500 tick chart). We’ve still got to make End of Trend on the 40,500 tick chart – and maybe that will come with another burst of exhaustion volume.
A gentle reminder to back up OFFSITE …
By now I’m sure you all know about my near obsession with backing up. But you’ve got to back up OFFSITE, using an online service like Mozy. Thieves steal backup drives too, fires are going to destroy everything and then there’s this sad email from William:
“I have been using your indicators for about 2 years now and never had this type of problem. I would always back up my computer files, however, during a recent thunder storm I lost all my data on my computer. The back up drive was also plugged into the the USB port and was damaged as well. No problem, I’ll try the USB thumb drive I use for file back ups – well it was also plugged into the the USB drive and also damaged. I have never had this type of failure to any of my systems. I’m not sure if we had a direct lightning strike or not but it appears I have lost everything. My lesson to take away from this is ALWAYS unplug your back up drives because if it can go wrong it will.”
Actually I think the lesson is two-fold. First, use surge protectors when plugging your computer into the power supply – even when we’re travelling we use surge protectors. Second, use an online backup service to back up your data offsite.
There’s more advice here in this simple 5-step trading backup plan.
Good luck with your Emini trading.