Lunch time right around the corner, perfect time to sneak it upto 10470-10490. Long 1 contract @10450, stop 10438
This basing on intraday time frames after a sharp drop is good. Could be some accumulation for a small move up. Or it could be the opposite. SP500 has broken its up trend on the daily chart only a minor violation, NQ is still holding its up trend line barely though, and YM is sitting on its up trend line as well. Given the Season and the nice 4 month up trend, things look a tad shaky. Add in a new Fed Chairman and record energy prices and well go figure.
Im heading to the Gym, and then to Borders book store, I have everthing set with my position, no need for me to sit here. Cheers!
Attached is an exampe of the format we use here for the sheet I was speaking of above. It is a little different since it is used to show Dow indexes front run (lead) Dow cash and both of which lead the ES. Don Bright had commented that his anomoly oriented Prop traders trade equities and use the DJ and YM as indicators since they lead the lagging stuff he recommends in his shops. So you see many columns and on the left a connect the dits chart of YM values with bar # at the nodes. I will post the ES trades (20 actions over a 10 point daily H-L for 13JAN04). Two attachments will be the log and the print. I did not use grabascreen to pull the chart...sorry. I keep file folders of these sets of pages in file drawers and cardboard boxes when the cabinets get full. This is on your level. I pulled a similar set (17.0 points per contractper day) for another level (the multiple of (H-L trading See Mak)) in another thread (by date type reference for prior posting) to show both the chart annotations and the log and a typed version of the log. This set is for giving to those who are on that level. They read and study it to be able to duplicate the annotating and then the trading. As you can see in this set and the other are much the same and just on differing skill levels. My trading and mentoring logs, videos of live trading, etc collection is good background material for those who will be using it in the future. None of this stuff, as has been proven on ET, to have any value or worth because it is not "believable". So it is very easy to conclude that there is no use or market for it. I do write a lot of books in other fields but I have been able to take guidance in this field from the audience out there.
Here is the log for the beginner level. Notice he was not in the groove after synch. In one of the blank columns calculate the duration of each hold. This will make you, at least, learn to read the log. The very right has informal motations on days cummulative profits. I am of Kenny Rogers view on this. Count later and not when playing. To get acquainted with differnt levels of skill etc. Just minimize the misatkes you see and multiply the number of contracts. By making a chart using compound interest, and more contracts, greater effectivienss and greater efficiency in the columns you can then lay out just what your game plan is for gaining knowledge, skills and experience. The difference here in 7.1 beginner points and the referenced 17.0 points (each per contract for one day) is not much. Also having more contracts at play makes little difference. Obviously using 10 contracts, nominally, at the 17 point level gives you an annualized column that requires a fairly good dissability policy backing it up. Liz is processing a 225K policy today as a shift from 6 months ago. (One of the side effects of this stuff for her business).
Here is the IB print. We are on MST here in AZ and our time never changes during the year. Trading is just a morning activity here so most of the day is free for other things. We do have AC in January it turns out so there a little db in the background. you can check out the secreen set up as posted elsewhere. Nitro took the trouble to post in response to another of my postings. He deep view is that I am , as eletron backs up, a bullshitter and futhrmore I use the software Nitro citied to fake all the prints I used to post. His views and all the others that detract, speak for them selves. What I am posting to you is just a further note on what I am talking about. Thats it. I walk the walk. And these attachments are a beginners efforts using my set up. It is not complicated to me how ET operates. I operate on a different basis. I fully recognize and do it promptly when I see a post by a person who has great potential and is still not screwed up by the myths of the market. Babak just got done proving to himself that volume does not matter. Nitro says I am using software to fake prints. Not my or your problem. You are sitting on an opportunity that is "unbelievable" to these types. Go to work and try to realize whatever potential presents itself to you.