ES 10-06-08

buying here...

Bruce,

I trade options on the SPY, and here are my reasons why; sometimes I can miss a top by 6-8 ES points (most of the time, not every time, sometimes its right on) This is a bit antsy to sit through with lots of ES cons but with options its only a dime or .15 cent. And once they fall out of the money there decent slows a lot a luxury thats not so in the ES, like Friday when I bought those calls at 4.35 I added some at the open and even near the lows I was only down a point and a half, giving thats no walk in the park but its better than 100 points on the ES. Looking back I should have added some more to them but decided to take a break the rest of the day, I instead bought some 105's. Also SPY has the volume that ES and SP options don't heavy volume that makes for very fair prices.

p.s. Bruce you'll get it back, I never traded good with my wife's pregnancy on both kids. I don't know if its the stress or lack of sleep or all those doctors vists. All traders I talked too did the same thing. I had the biggest losing day I have ever had only a few days after I got home with my first daughter. I think its the massive stress and then the ecstacy (spelling ??) feeling afterwards that wrecks my trading. I am sorry you had a bad loss today. I keep telling myself is the worst that happens is you come back later with a small account....that helps me.

Here are some pics of my family...

awesome..what a handsome family..thanks for those Joe!!!

Wonderful pictures Joe...one happy family!

really great pics - very nice family Joe

I hope I am not out of line guys. Beautiful family Joe, that was truly awesome. All of you on this site are amazing. I had a bad day today for my situation. I thought it would be a good day. I have a beautiful family and would like to be able to be there for them and trade at home but sometimes the dream eludes me. I will keep trying. Thanks to this site I am very hopeful. Sweet dreams friends. Never forget the most important thing in life is the family, my husband always reminds me. I only want to say how grateful I am that I found this site.

Yup Joe; She looks just like her dad

Greetings from Down Under...
What a beautiful family
I salute you Joe....
leo

Joe...thanks so much for sharing those photos. Your family is beautiful!!!

Nice family Joe - congratulations. I meant to post this but pushed the wrong button resulting in a repeat of your photos - sorry about that.

You "could" figure them down so close to where there only pennies apart. But thats not the way they are used by me and also Gann. Here are the numbers I use, these are about 19 points apart, some more some less....

993
1009
1025
1041
1057
1089
1106
1123
1140
1157
1174
1191
1208
1225
1243
1261
1279
1297
1315
1333
1351
1369
1388
1407
1426
1445


Some common sense should be used...like don't trade these alone mix them with something good like $TICK, Market profile or RSI, If a market is doing a breakaway gap don't expect much on a counter-trend trade instead go with the trend after the number is broken. Treat them like everlasting pivots....


A good ex for a scalper would be the ES right now 10-7 at 2:30 the ES hit a high of 1042.5 thats close enough to my sq nine at the same time the 1 min RSI is overbought and the $TICKS are at the highest levels of the day, so it falls and falls to where? the next sq nine 1025 at that time the $TICK is reading -1000 time to get out of the short and go long. I have never seen them go from sq nine to sq nine so fast 2 years ago it could have been up to 3-4 days before hitting another sq nine and we would play the ES to death off that single S/R number using only a few other simple tools.

P.S. I trade front month until there is less than 5 days of time left then I switch to the next month and I only trade those exactly in the money.