ES Wednesday 2-29-12

Numbers and my plan for this morning

On Beige Book days there is usually a 2-3 hour dead zone before it's out

Kudos to Bruce.
unreal.

Originally posted by PAUL9

Kudos to Bruce.
unreal.

Not only is he a great trader, he is an all around good guy!

Trading is usually never easy on us but I think today really epitomizes ( is that even a word ?) how I try to trade. The pitbull and the overnight just confirm the data generated from the day session.

I think it's important to have two or three scenarios mapped out pre market so if what you think should happen first doesn't come true then you have some back up plans in place.

Luckily today they did what I thought might happen first but i was also prepared if they dropped LOWER first.


I took two contracts off at 72.50 and now will either be exiting at 70.50 or these last two contracts get stopped out at 75.50...

probably will not initiate anything else today

i second that !

Originally posted by beyondMP

Originally posted by PAUL9

Kudos to Bruce.
unreal.

Not only is he a great trader, he is an all around good guy!

thank you for the good vibes...always nice to "hear" it and it means a lot to me.

NickP,
you'd be "thirding" it

no offense, , I was an English major in a former life.

man !!...plans change fast in the ES...covered at 71.75 as I am not going to risk 4 points to make 1.25 points of additional profits and the close of YD is here


I think trading gets so much harder mentally and mathematically when we get so close to targets. It's hard to trail stops in small ranges with all the NOISE of the ES...this is the hour lows too...

when in doubt, get out..no reason to suffer more than we have to in this business of risk!

not if i was just reiterating beyondmp's comment...just kidding...what is important here is how much better bruce makes us all with his daily teachings, whether u trade with a style similar to his or not

Originally posted by PAUL9

NickP,
you'd be "thirding" it

no offense, , I was an English major in a former life.

I'll fourth it. Thank you Bruce.

There is a gap in the data at 73.50 so if YOU think you have caught a good long then the air pocket and the gap in the data will ultimately act as a magnet to help pull price up..

personally I think we are better off closing our trade software down and just doing research outside the 90 minute time frames. So just pointing that out. Good luck