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!
  • 2
  • Big Mike
  • 18-Mar-2012 at 1:58 PM
  • Rep: 8,097
  • Posts: 696
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.
  • 0
  • rburns
  • 18-Mar-2012 at 4:48 PM
  • Rep: 1,896
  • Posts: 383
Interesting play Mike. Hope it works for you.
  • 1
  • MonkeyMeat
  • 18-Mar-2012 at 6:43 PM
  • Rep: 12.7k
  • Posts: 1,334
Hey Big Mike, was curious how you arrived at 7 points for a profit target (if entry is triggered long or short)? Thanks.

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.
  • 0
  • Big Mike
  • 18-Mar-2012 at 7:05 PM
  • Rep: 8,097
  • Posts: 696
Screen time and experience has indicated (to me at least-LOL) that is a sweet spot.

Originally posted by MonkeyMeat

Hey Big Mike, was curious how you arrived at 7 points for a profit target (if entry is triggered long or short)? Thanks.

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.

  • 1
  • BruceM
  • 18-Mar-2012 at 7:06 PM
  • Rep: 216k
  • Posts: 19.9k
Good question Monkey and I'd like to know the all important stop loss since this seems to be a mechanical trade. Overnight trades are a challenge as we don't have lots of internals to help gauge strength or weakness so this seems higher risk if triggered overnight.

Good luck with it Big Mike!
  • 0
  • Big Mike
  • 18-Mar-2012 at 7:09 PM
  • Rep: 8,097
  • Posts: 696
Stop set 3.5 points, it is strictly a momentum play.
  • 1
  • Big Mike
  • 18-Mar-2012 at 7:11 PM
  • Rep: 8,097
  • Posts: 696
Originally posted by BruceM

Good question Monkey and I'd like to know the all important stop loss since this seems to be a mechanical trade. Overnight trades are a challenge as we don't have lots of internals to help gauge strength or weakness so this seems higher risk if triggered overnight.

Good luck with it Big Mike!


Not really higher risk according to my experience, but I know what you mean, the perceived lack of control.

It's a 2-1 R:R with good probability. That's the best I can ask for.

Good luck to all.
  • 0
  • Auole
  • 18-Mar-2012 at 8:43 PM
  • Rep: 0
  • Posts: 1
Am I now competing for Mike S's book? My /ES prognosis is like most every other's small daytrader connundrum, 'unreal, positively nauseating, bankster QE to infinity, ether world and we'll all go unconscious' Surgery will be major though and not far off; first a little probing around - just a 6.5% arterial cut; then you survive a little while longer. TD Ameritrade denied me margin so I just contemplate a nice little gold short via DUST developing very soon. Blessings and profits to you all. Thanks. This site has some awesome trading Wisdom.
  • 1
  • Shipp
  • 18-Mar-2012 at 10:15 PM
  • Rep: 60
  • Posts: 8


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,

Todd
Watch for 1406.75 on the /ESM2 since that is above where everyone thinks the market will go! If shorting there, place a stop on the /ESM2 at 1408.75 for a small loss. Face it, you will be right sometime since the market can't stay this high for the next 89 days of this contract. Or can it? Go long now at 1400 if you prefer and use this as your stop. Here's to great trading.
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.)
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