E mini Tradestation Day Trading

The S&P E Mini Futures contract closed up today. After an up day on yesterday we did most of the work between the 61.8% and 100% retracement level closing above the 100% level and the resistance level of 918. If the S&P can hold the 918 level next week then this bodes well for a short term bottom that has been put in. The markets had a weak up day yesterday, so we will have to see what next week brings. The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.

The Daily Swing Trades have not been triggered today.

The chart shows both trend trades, listen to the video for more details.  Today the record was 4-0 in called trades. Trading 3 contracts, one would have had a profit of $1350.00 following my trade management.

Trend Trades - 2-0
Scale in Trades - 2-0
Counter Trend Trades - 0-0

Join us in the Day Trading Room where you also receive the Swing Trading System  (The Mechanical Monkey) to get daily swing trades on the ES as well as Equity calls for the NASDAQ.

I use  Uncle Mike’s Trading Assistant,  a software product add on for Tradestation, check it out, it will help in your trading experience.

Uncle Mike

 

 Day Trading the S&P Emini Futures 010609: Play Now | Play in Popup | Download (4)

The S&P E Mini Futures contract was up today. After a weak up day yesterday we did most of the work between the 61.8% and 100% retracement level closing above the 61.8% level. The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.  We close above the T8, our prefered moving average.

The Daily Swing Trades have not been triggered today.

Today the record was 2-0 in called trades. Trading 3 contracts, one would have had a profit of $650.00 following my trade management.

Trend Trades - 2-0
Scale in Trades - 0-0
Counter Trend Trades - 0-0

Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ.

Please take advantage of the Day Trading Chat Room where we day trade the S&P E-mini futures, and the  Swing Trading System. ( The Mechanical Monkey ) where we discuss our mechanical trades. 

Uncle Mike

 

 Day Trading the S&P Emini Futures 123008: Play Now | Play in Popup | Download (140)

The S&P E Mini Futures contract was down today. After a strong up day yesterday we did most of the work between the 100% and 61.8% retracement level closing above the 61.8% level. The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.

The Daily Swing Trades have not been triggered today, a swing trade was triggered yesterday late and holding overnight with a trailing stop one would have had a 10-20 point gain!

Today the record was 6-1 in called trades. Trading 3 contracts, one would have had a profit of $950.00 following my trade management.  See video below for a few of the trend trades.

Trend Trades - 4-1
Scale in Trades - 1-0
Counter Trend Trades - 0-0

Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ.

Please take advantage of the Day Trading Room where we day trade the S&P E-mini futures, and the Swing Trading Subscription ( The Mechanical Monkey ) where we discuss our mechanical trades.I have a new software product for Tradestation users, Tradestation Indicator Addon, My Trade Assistant, it is an Indicator Package on Steroids!

Uncle Mike

 

 Day Trading chat room, trade the E-mini for a living: Play Now | Play in Popup | Download (176)

The S&P E Mini Futures contract was neutral today posting a spinning top. After a fairlly neutral day on friday with a spinning top posted the market is undecided.  We closed right at the 50% retracement level The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.

The Daily Swing Trades have not been triggered today.

Today the record was 4-1 in called trades. Trading 3 contracts, one would have had a profit of $1,150.00 following the trade management.  There was a trend trade that went for 10 points, and we took off 2 contracts at 5 points and had a runner for 5 additional points. 

Trend Trades - 3-1
Scale in Trades - 0-0
Counter Trend Trades - 0-0

Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ.  We just had an exit signal on CELG for a profit of $3.30/share.

Please take advantage of the Day Trading Room where we day trade the S&P E-mini futures, and the Swing Trading Subscription ( The Mechanical Monkey ) where we discuss our mechanical trades.

I have a new software product for Tradestation users, Tradestation Indicator ddon, My Trade Assistant, it is an Indicator Package on Steroids!

Uncle Mike

 

 Day Trading chat room, trade the E-mini for a living: Play Now | Play in Popup | Download (126)

The S&P E Mini Futures contract was down today. After a strong up day yesterday we did most of the work between the 50% and 61.8% retracement level closing above the 61.8% level. The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.  Today the price action was not very good and the swings intra candle were 3-5 points so it was difficult to have a good risk/reward profile set up.

The Daily Swing Trades have not been triggered today.

Today the record was 2-1 in called trades. Trading 3 contracts, one would have had a profit of $50.00 following my trade management.

Trend Trades - 2-1
Scale in Trades - 0-0
Counter Trend Trades - 0-0

Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ.

Please take advantage of the Day Trading Room where we day trade the S&P E-mini futures, and the Swing Trading Subscription ( The Mechanical Monkey ) where we discuss our mechanical trades.I have a new software product for Tradestation users, Tradestation Indicator Addon, My Trade Assistant, it is an Indicator Package on Steroids!

Uncle Mike

 

 S&P Emini Futures Day Trading: Play Now | Play in Popup | Download (152)

Here is a short video of the 3 morning trading set ups I had in the day trading room.  One could have been done trading for the day by 10:30 AM EST.  Trading 3 contracts, the gross amount following the trade management was $550.00.

Extra tidbits -  Right now, 2,267 companies in the U.S. trade below their net cash value. And 49 companies have a market cap of more than $1 billion, including Bank of New York Mellon, hol! ding more cash than the value of its stock and debt. Companies in the MSCI World Index trade for an average $1.17 per dollar of net assets, the lowest valuation since 1995.

What about deflation? A record 10% of the country’s homeowners fell behind on mortgage payments or were in foreclosure during the third quarter, according to the Mortgage Bankers Association. The per! centage of loans at least a month overdue or in foreclosure jumped from 9.2% last quarter and 7.3% a year earlier.

Bank collapses and declining mortgage credit is certainly deflationary. However, such analysis looks backward and ignores the elephant in the room: the central bank’s printing press. U.S. Federal Reserve bank credit has increased from $868 billion to more than $2.1 trillion in the last year (141% growth). In the last quarter, it grew at a 2,596% annualized rate. The narrowest measure of money supply (M-1) is increasing at a 17.7% annualized rate. Next year’s federal deficit will likely surpass $1 trillion – more than 10% of GDP. Various government programs will see federal purchases of more than $1 trillion worth of financial instruments, including $600 billion worth of mortgages. Upcoming government programs promise to spend $1 trillion on new roads, bridges, and railways.

Given this massive increase in money and credit, is it possible for us to continue to see falling prices and weaker aggregate demand? I doubt it. If I’m right, economic activity should pick up in the ! first half of next year, and we should see stocks and commodity prices rally. We should also see the U.S. bond market reverse course as the dollar weakens.

Uncle Mike

 

 Day Trading the E-mini for a living: Play Now | Play in Popup | Download (203)

The E Mini was up yesterday after climbing out of a trench and testing the lows all on lower volume. After a strong down day yesterday we did most of the work between the 0% adn 50% retracement levels. The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.

The Daily Swing Trades were triggered, the agressive one hit the 5 point stop and the conservative entry was not hit.

Today the record was 1-2 in called trades. There were 2 trend trades, 0 counter trend trades and 1 scale in trades. Trading 3 contracts, one would have had a profit of - $450.00 following trade management. It was very difficult to enter yesterday due to the high volume on the 1 and 5 minute candles and the volitility in them.  We use a 2 point stop and there were many 1 minute candles that had 3-5 point swings so we had to stand on the sidelines.  If we would have been in capital preservation mode early we could have entered with half contract size and double the stops.

Trend Trades - 0-2
Scale in Trades - 1-0
Counter Trend Trades - 0-0

Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ.

The StoRSI, our momentum oscillator, momentum oscillator, closed near its upper trigger level. This high reading suggest or signals an end to the upside momentum. Price could consolidate from this area, due to the overbought conditions in the market (which has caused momentum to indicate a neutral to bought conditions).

The T8 which is trending downwards since August 20 or so and now is leveling off. There is plenty of room between price and the level trending T8 for a retracement. The market could easily consolidate back to the T8 exponential moving average before it encounters further resistance. The T8 is our preferred exponential moving average and it dictates our thoughts on the direction of the trend.

The candlestick formation posted today was a “spinning top”. The body of today’s candle was inside the body of yesterdays candle. Many times, this formation leads to a reversal in trend. Confirmation must take place tomorrow but any extensions of the wicks to the upside gives us another hint that the market could begin to move down.

***Volatility Alert:

During the third week in July, volatility returned to the major stock indices. For approximately four years, the markets have had low to very low volatility. This significant change has ushered in swings of 100 to 800+ points, sometimes on a day-to-day basis. Stock indices tend to be either volatile, or not, for three to five years at a time. Expect continued volatility. The current volatility cycle has just started its volatile period. We feel this is the early stages of volatility and we continue to believe it is here to stay.

Please take advantage of the FREE Morning Call where Uncle Mike discusses Dow and & subscribe to my Swing Trading Subscription The Mechanical Monkey where we discuss our mechanical trades in ETF’s, E-Minis, NASDAQ & Solar and Alternative Energy issues.

I have a new software product for Tradestation users, My Trade Assistant, it is an Indicator Add on… check out the !

Uncle Mike

PS. Check out our “Trade As A Business” course ( www.teachtalktrade.com/business_plan1.html ) as we will be starting a new course in the comming weeks. Email: um@teachtalktrade.com for information.

 

 Day Trading the E-Min S&P: Play Now | Play in Popup | Download (558)

The E Mini was down yesterday after climbing out of a trench to even but then lost all its gains on low volume. After a strong down day yesterday we did most of the work between the 38.2% adn 50% retracement levels. The markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.

The Daily Swing Trades have not been triggered today.

Today the record was 6-2 in called trades. There were 7 trend trades, 4 counter trend trades and 3 scale in trades. Trading 3 contracts, one would have had a profit of $150.00 following my trade management.

Trend Trades - 1-1
Scale in Trades - 4-1
Counter Trend Trades - 1-0

Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ.

The StoRSI, our momentum oscillator, momentum oscillator, closed near its upper trigger level. This high reading suggest or signals an end to the upside momentum. Price could consolidate from this area, due to the overbought conditions in the market (which has caused momentum to indicate a neutral to bought conditions).

The T8 which is trending downwards since August 20 or so and now is leveling off. There is plenty of room between price and the level trending T8 for a retracement. The market could easily consolidate back to the T8 exponential moving average before it encounters further resistance. The T8 is our preferred exponential moving average and it dictates our thoughts on the direction of the trend.

The candlestick formation posted today was a “spinning top”. The body of today’s candle was inside the body of yesterdays candle. Many times, this formation leads to a reversal in trend. Confirmation must take place tomorrow but any extensions of the wicks to the upside gives us another hint that the market could begin to move down.

***Volatility Alert:

During the third week in July, volatility returned to the major stock indices. For approximately four years, the markets have had low to very low volatility. This significant change has ushered in swings of 100 to 800+ points, sometimes on a day-to-day basis. Stock indices tend to be either volatile, or not, for three to five years at a time. Expect continued volatility. The current volatility cycle has just started its volatile period. We feel this is the early stages of volatility and we continue to believe it is here to stay.

Please take advantage of the FREE Morning Call where Uncle Mike discusses Dow and & subscribe to my Swing Trading Subscription The Mechanical Monkey where we discuss our mechanical trades in ETF’s, E-Minis, NASDAQ & Solar and Alternative Energy issues.

I have a new software product for Tradestation users, My Trade Assistant, it is an Indicator Add on… check out the !

Uncle Mike

PS. Check out our “Trade As A Business” course ( www.teachtalktrade.com/business_plan1.html ) as we will be starting a new course in the comming weeks. Email: um@teachtalktrade.com for information.

 

 Day Trading the E-Min S&P: Play Now | Play in Popup | Download (479)

“In order to succeed keep it simple.”

 One of the most basic and primary rules of Technical Analysis is the rule of support and resistance. This rule is grounded in the psychology of the market. Here is the basic rational: If the market rallies from a low of 200 to 210 and than trades back to 200, traders who missed buying at 200 will buy at that price since they regret missing the first low at 200. If the market rallies again to 210 followed by a decline back to 200, traders who missed the last two lows will provide buying support at 200 for a run back to 210. If the market rallies again to 210 and then falls to 200, there will be a “crowd” of traders buying again at 200. Hence you have witnessed one way that support is developed. But what if on the test, the pull back, to 200 prices continue to decline below 200 to 190, the “crowd” of traders who bought at 200 will regret it and would be happy if they could “just break even” back at 200. Hence, the support zone of 200 has now become resistance, as these traders will be sellers to break even.

 This is one of the first and most primary rules of trading! Once support is broken, it becomes resistance. In this simple example, we have a crowd of traders that will be selling just to get out at breakeven, if the market gets back to 200. The same holds true for double or triple tops. Once resistance at these highs is broken it becomes your new support level. So while the majority only looks at the tops as resistance and bottom as support, the learned trader looks at previous lows that are broken as resistance and previous tops that are broken as support.

My Trading Assistant has the ability to show daily where the intra-day support and resistance levels naturally occur. It uses the previous day’s range, pivot points, weekly and monthly pivots.   The strategy trades off the support and resistance rules as outline above plus the added advantage of the market condition indicator. This is what the system is using for its strategies on a daily basis. It uses overbought and oversold indicators along with momentum and bollinger bands.   Once the price of the market is in the resistance zone, the system will give a visual and audio signal.  It may determine to play for a breakout above the high end of resistance. In this case, where resistance is broken, that price area becomes support and the market is expected to have follow through on the breakout for a certain period of time. Alternately, with the market in the resistance zone, the system may decide prices will be rebuffed and turn lower.

Please take advantage of the FREE Morning Call where Uncle Mike discusses Dow and & subscribe to my Swing Trading Subscription The Mechanical Monkey where we discuss our mechanical trades in ETF’s, E-Minis, NASDAQ & Solar and Alternative Energy issues.

I have a new software product for Tradestation users, My Trade Assistant, it is an Indicator Add on… check out the !

Uncle Mike

PS Check out our “Trade As A Business” course (www.teachtalktrade.com/business_plan1.html) as we will be starting a new course in the comming weeks. Email um@teachtalktrade.com for information.

ES (E-Mini): harami.

The S&P,NASDAQ and Dow closed much higher!  After a strong down day on yesterday, the markets posted supply and demand pictures that imply a turn or at least a pause while it ponders the situation.

The Long Swing Trade today at 1140 was not hit till late early afternoon and like a rocket it took off.  those who held on for the ride enjoyed a 70+ point gain ( that is $3,500/contract ). Subscribe to the Mechanical Monkey ( my Swing Trading System ) to get the daily swing trades on the ES as well as Equity calls for the NASDAQ our momentum oscillator, closed near mid range today signaling an updward bias. Price could consolidate from this area, due to the oversold condition of the market (which has caused momentum to indicate the extreme oversold conditions).

The T8 which is trending downwards since August 20 or so and now is still accelerating to the downside. There is plenty of room between price and the up downtrending T8 for a retracement. The market could easily consolidate back to the T8 exponential moving average before it encounters further resistance. The T8 is our preferred exponential moving average and it dictates our thoughts on the direction of the trend.

The candlestick formation candlestick formation posted today was a “harami”. The body of today’s candle was inside the body of yesterday’s candle. Many times, this formation leads to a reversal in trend. Confirmation must take place on Friday but the extension of the wicks to the downside gives us another hint that the market could begin to move up

***Volatility Alert:

During the third week in July, volatility returned to the major stock indices. For approximately four years, the markets have had low to very low volatility. This significant change has ushered in swings of 100, 200 & 300+ points, sometimes on a day-to-day basis. Stock indices tend to be either volatile, or not, for three to five years at a time. Expect continued volatility. The current volatility cycle has just started its volatile period. We feel this is the early stages of volatility and we continue to believe it is here to stay.

Please take advantage of the FREE Morning Call ( www.teachtalktrade.com/morningcall.html ) where Uncle Mike discusses the Dow.  Also subscribe to my Swing Trading Daily Alert  www.teachtalktrade.com/mechanical_monkey.html where I discuss my mechanical trades in the NASDAQ, the Swing Trades in the E-Mini’s and my Solar and Alternative Energy issues.I have a new software product for Tradestation users, My Trade Assistant, it is an Indicator Add on… check out the ! www.teachtalktrade.com/tradestation_indicator_addon.html

Uncle Mike

PS Check out our “Trade As A Business” course (www.teachtalktrade.com/business_plan1.html) as we will be starting a new course in the comming weeks. Email um@teachtalktrade.com for information.

 

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