Emini SP 500 Trade

S

SSI

EOG Dedicated
How high will the little mini rally go today? a beat down market is trying to get off the mat this morning.

im sitting here with sell orders waiting.... Looking for an entry on the short side as we speak.

nice to be back in the game, this morning.

perhaps a little (1-2-3) bottom is in place, 1283-1273-1275 this morning, thats technically a (1-2-3) bottom on a daily chart, should it hold..

highest i see this rally going to is 1305.... entry is crucial, got to get a good one..

high of day (1289.50), fridays high (1292), should we break those, (1295) should offer first resistance area. (50%) of last biggest move (1338-1272)..

back later with the trade, should this rally continue...
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

just placed 2 Limit Sell Orders in the market.

1. Sell 1 sept emini sp 500 (ESU) at 1292.75 (limit order)

2. Sell 1 sept emini sp 500 (ESU) at 1302.75 (limit order)


should the first order get hit, ill update the trade then..

currently high of 1291.50.......... i need a trade to 1293.00, to enter the first trade...

short term trade but not a day trade... by any means..
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

cancelled all sell Orders...

1. Sold 1 sept emini (ESU) at the market, filled short (1287.75).... nothing else working as of now. current market price (1285.00)...

$50 per pt that it moves...
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

if we break todays low (1275.25) and fridays low (1272)... ill look to add another short position on the next bounce.

for now, will try and ride this market into the ground..

currently price (1282.75) .... up 5pts or ($250)... not bad for a half hours worth of work...

short term trade here, not an action junkie... looking for a big move down, soon... will stay overnight.. if we rally, will add to position..

if we close Over fridays high of (1292), will get out with small loss... this will be determined near the close today (3:15 pm cst)..

nice little double top on the daily, battling a nice little (1-2-3) bottom, which will come out first..... once this is determined, near term direction will be known...

for now, we take a small stand on the (Short Side)...
 
WVU

WVU

EOG Master
Re: Emini SP 500 Trade

SSI, do your stock picks do as well as your sports picks?
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

not a stock pick (WVU)

this is a trade, my friend... not a pick...

chinese to most but so what..
 
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?natin'on$'s

EOG Enthusiast
Re: Emini SP 500 Trade

I'm rooting for you mate.......

2 things I don't like though...

That bounce off 1281.75 &
The low volume on that small move down...looks like a test with no interest in bringing prices lower..

View attachment 2476



bring it home though mate...bring it home:)
 
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?natin'on$'s

EOG Enthusiast
Re: Emini SP 500 Trade

the bounce off the 61% retracement...

The reference to the test was a just reference to low volume as prices neared the midpoint of the high\ low... good for a quick 12 ticks..


massive volume on that latest downmove....
maybe stopping volume and accumulation happening pushing into the close..View attachment 2477
 
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S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

thanks mate but your time frame is much shorter than mine...

i cant get caught up in those micro moves..

still sitting here short from (1287.75) and not going anywhere today, will go home with this one.

market closes at (3:15 pm cst), then quickly reopens for tuesday trading at (3:30 pm cst)... a short 15 minute pause to settle books...

then back at it..

Big Picture: i have a pretty good entry with the big trend.... we have a nice double top at (1292) on the daily......... we do have the (1-2-3) bottom in place... however if we can take out the (1272), thats the longest leg of the (1-2-3) bottom,,,, and then get a close Under that.......... ill probably be short a very long time and look to add to the position.

i didnt get in this one for a quickie... homie dont play that..
 
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?natin'on$'s

EOG Enthusiast
Re: Emini SP 500 Trade

run it man ...wasn't knocking the play
the analysis of the larger time frame and your call of fade 1292 was on point
you have a plan and you are trading according to that blueprint that's all that matters. No doubt 2 different styles .. was just making small talk on a slow day
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

i know mate but the world is full of emini day traders.... didnt want to come across as one..

thank you for the comments, feel free to chime in again...

in common language, i want the 1292 high of friday and today, to hold... if it comes out, ill think about an exit and take a small loss, especially if it looks to close over those numbers...

thats my plan for the bad side... i hate to just put a stoploss at 1292.25, for fear of running the stops up there and then slamming it, thus creating an outside day and a big move lower..

on the good side, ill merely sit and wait for this to trade lower than 1272, when it does, im going to look to add one more position...

i pay $25rt for a full service broker.. ive been with him for 12 yrs... im not looking for a discount house but i do want to get the most out of my commission cost... (1-5) trades per week, will work just fine and maybe just (1) if its a good one..

last price 1284.75

so we still have that little upside pressure, going on..

thursday is a short day but could bring fireworks... i believe the unemployment numbers come out, as well as Englands decision on whether to RAISE rates...

we could have a shake up thursday, as we settle into our long weekend..

well, ive got my plan for either direction and the market is always right.. now i wait on its next move..
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

as expected, some over-night selling came in.

market dropped all the way down to (1272.25) but did not take out (1272). current price (1277)...

as of now, up over (+$500) on the trade but will sit tight.

i definately want the 2 highs at (1292) to hold today... a take out of 1292 and a close over it, would signal a reversal in the market. so adding another short to a losing trade, is not an option..

what i want to see, is a trade into the 1260's, then a bounce, thus setting up a spot to add to my small short position...

lets see if they can sell this market off today..
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

the south...


updating the trade...

currently short 1 (ESU) 1287.75

ill now place a stoploss on this trade at (1292.00).... max Loss on trade now is roughly $250 counting comm..

the market is currently at (1268.75), so im ahead (+$1000) on this trade at the moment..

the reason for placing the stoploss at (1292.00) is technical..

in elementary language.. if the market trades back to (1292.00) and hits that mark, it will cause a (triple top) on the daily chart... triple tops and bottoms almost always get broken (double tops and bottoms are very strong)... something you learn in this business....

it would also create an outside day today, with a reversal in the market..

the term outside day means: trading thru both the highs and lows of the previous day...

for now, ive covered the loss side and will just sit tight, i can do one of two things now... take profits and end the trade or look to add another short position on any subsequent rally today...

measuring from the 1265 low today, to the 1286 high made overnight, the mark to look for would be (1275), if you were looking to add another short position...

righ now, im not comfortable doing that, especially with the long weekend approaching... for now, ill sit with what i have..

1. short 1 (esu) 1287.75, stoploss working at (1292.00)
 
S

SSI

EOG Dedicated
Re: Emini SP 500 Trade

market rallied all the way back to (1283) then had another major selloff down to (1261)....

i had (1260) marked as potential low for the week...

if we close Under 1272 today, ill remain short, if we close Over 1272, im out on todays close.. simple as that.

i would have been spot on, to add to this position at 1276 today but its a short week and time for me to start to wrap it up..
 
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