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ES Short Term Trading for 3-21-2011


Thought I'd go ahead and launch Monday's ES goodies for folks to add to. Posting my Monkey MAP of the ES June contract, 30min bars for 20 days. The Red lines are potentially significant PASR levels with Magenta as semi-significant. The Whitish dashed lines are the Weekly Pivots. The 2 Yellow lines are a Fib Cluster that stood out to me in that zone. And fwiw, I also included in Green, an Andrews Pitchfork since it "felt" right for what I was looking at. The right vertical Blue lines are Volume at Price. Hope this is a helpful MAP to folks!

Click image for original size
es 30m sr for 32111


Lots of lines ... but I'm showing roughly 100 points with this particular chart.
Last bears came at 1292.75. If market takes them out, price will pop. Only 15 min left. Unreal
Good trade RAJ!


Bruce... i sure wish i had your knowledge of opening ranges/ IB's it is impressive for sure. i know you've explained it a million times, probably 500K to me alone.. i'll get it someday but i can say it has kept me from getting slaughtered at the open on numerous occasions.
Thanks all. Tough day today.
Thanks Bruce and optimusprim. Today morning I decided to short @ 1293.5 to 1294 range. After reading Bruce levels, I changed the short position to 1295 and worked out perfect. Today I traded only one lot. I have to recover the lost money and may take some time. Slowly I need to increase the number of contracts. Fear is holding me and I am sure that I will come out of this soon. Thanks for this wonderful group.
i'm glad it worked out for you. The traders here are always helpful especially on tough days like today. on tight range days like today.. when there's no clear direction, it's sometimes better to sit out and wait to see what happens the next day. remember, making a decision to not take a trade is a strategy to and usually a good one.
Fear is certainly the enemy for all traders. You are doing the right thing by reducing size and building your confidence back.

Remember though, this step is only temporary. Getting in front of the fear and realize trading is a give and take profession will allow you to trade more freely. Something Dr. Brett describes so well and so few traders pay attention to is that on the other side of fear and reducing size when not trading well, is trading with confidence and increasing size to expand that profitable mental zone. Learning to recognize your times of strength and trading appropriately will increase your profitability immensely just like recognizing when your trading is struggling and cutting back on size/trades to reduce risk until that state is traveled through.

Life is a series of states. Trading is no different.

Originally posted by raj1301

Thanks Bruce and optimusprim. Today morning I decided to short @ 1293.5 to 1294 range. After reading Bruce levels, I changed the short position to 1295 and worked out perfect. Today I traded only one lot. I have to recover the lost money and may take some time. Slowly I need to increase the number of contracts. Fear is holding me and I am sure that I will come out of this soon. Thanks for this wonderful group.
Thanks Lorn and Optimusprime. I totally agree with you guys. For the last one month I am trading with 1 or max 2 lots a day. I recovered 4K out of 10K lost. I follow EMA (200, 50, 20) and SSTO (12, 5.2m) and it works sometimes and fails sometimes due to sudden news in market. Earlier I kept big stoploss points and number of contracts are around 8 to 10. Soon I lost my money and learned the hardway. I went through the posts here for the last 2 months and got confidence to started trading with 1 or 2 contracts. Now it is my time to post my trades in our forum. I may not be able to post with all the technical details like others as I do not have very strong knowledge in that area. Hope soon I will learn the stuff :)
Hi

JP Morgan was a big Buyer today , he/they bought > 90ish LONG with over 2.000 Contrats alltogether again and again...Audiotrader i listen the big one 250,- $ ES Contract for 1 Point. So 1 Point was worth 500.000,- $ and thats realy big Numbers for JP .

@ Koolble , MonkeyMeat, Bruce and all the fine People here : THANK YOU GUYS i learn so mutch here that no any book can teach me and sory that i have not the Knowledge to share also here but i love it every Day moore and moore to be here !!!