ES Monday 3-19-2012

Monday's ES trading topic is a little bit different from the usual topic. Today you stand a chance to win a copy of Pit Bull based on what you say and what your peers think of your comments as measured by the net up-votes you get in this topic only.

There's a copy of the book to win for our established members and another copy for our lower-rep and less frequent participants. Read more about it here: Win a copy of Pit Bull by Martin Schwartz.

Good luck!

Jack Schwager: When did you turn from a loser to a winner?

Martin Schwartz: When I was able to separate my ego needs from making money. When I was able to accept being wrong. Before, admitting I was wrong was more upsetting than losing the money. I used to try to will things to happen. I figured it out, therefore it can't be wrong. When I became a winner, I said, "I figured it out, but if I'm wrong, I'm getting the hell out, because I want to save my money and go on to the next trade." By living the philosophy that my winners are always in front of me, it is not so painful to take a loss. If I make a mistake, so what!
We can use the O/N data just to confirm numbers usually created from the day session data...for example..right now in the O/N the peak volume price is 95.75 and the low of Friday RTH is 95.50...and the R2 based on just day session data is 1402.75 and the O/N high is 1402.75...the O/N data just confirms areas made in the day session or DERIVED from day session data
Originally posted by Shipp

After Friday when the entire day was contained in the IB, how important or how much credence do you give the O/N data when planning for your next day?


Thanks Bruce!
Surrounded by bears and and unbelivers pro and retail alike, with a macro world that looks like it is going to hell, I will not put a top on this market. Resistance is only a rest stop, the grind up is slow and dull,the long awaited correction is likely to be shallow if it is not preceeded by some kind of climactic top which we have not seen, the 3/13/12 up move was on good volume and likely to remain solid support, BUY levels depending on market conditions look like 1390, 1370 and if things look really bad 1340 would be a gift.

Don't fight the fed, the big $$ to be made this year will not be in the scalp.
Click image for original size
i will be short the 1306.25..reason are that is a rat #,,also the strech # is at 1306.72..also pitbull number 8-10 is there too(yes i knnow the pitbull window is closed)
target is 140350 those tripples
trying to take one off at 5.25..stop on last at 6.75...reason for early exit is the 30 min close
stop out on 3 cars at 6.75..didnt get my fill at 5.25..ah life as a struggle day trader..
Should have gone last night but didn't, today the breakout was successful.
Originally posted by Big Mike

Technically I will be setup Sunday night just in case but here goes my plan. 1st NR7 of the June contract I will take the break of Friday's RTH extremes (either way) looking for 7 points.

Good luck for all.
I am still in my trade working it out to 1404
Congratulations to Big Mike and goatwig who each win a copy of Pit Bull. Private Message me your address and I'll send those to you.

(Note: BruceM got more votes than Big Mike but he already has this book. Bruce, if you want a different book let me know and we'll get it for you.)