Mini Dow daytrading

[james1234]

sb charts are not accurate imo as they chart the sb price, where as if you use a professional package like tradestation, ninja trader etc, you can chart the main cash indexes like $indu, or ym.d or just ym.

I used to use sb charts but found them inaccurate, just my opinion of course.

good tennis match so far, surely cannot continue and will break from this narrow range soon

 

[viclondon]

Hi Vic
Have been following your thread with interest and admire your style. I use a similar approach to you, ie pivot points and S/R but I spreadbet on the dow daily cash, so all my figures are different. Is there a reason why you trade the ym as opposed to the spreadbetting?

Gerry

Hi cornish, welcome to the thread.
The reason I don't spreadbet is that I don't trust SB companies and prefer DMA. I have read and heard too many bad things about SB shops, so I stay away from them.
Also I love Tradestation platform, it is just perfect for me

 

[viclondon]

Filled for a short at 8337, target 8304. We are close to S1 and also to day's high

 

[cornishmiller]

Thanks James and Vic for your replies. I will look into your suggestions and maybe then I can join in the thread. I have only looked at spreadbetting because I thought TS and Ninja were expensive.

 

[viclondon]

Stopped out, -20 and now the range seems to be gone. Too bad

 

[viclondon]

Long at 8348, target 8370. The rally seems quite strong, good volume too

 

[viclondon]

Stopped out, -20

 

[cornishmiller]

Hi Vic
I don't know if this is the right thread to raise this point. If not just tell me to go away! I've never looked at the e-mini before, so please excuse my ignorance and I'm something of a beginner in trading anyway. The Dow number that are quoted on Bloomberg are those quoted by the SB companies for the Dow daily cash, so doesn't it make sense to day trade that? Today the Dow got through R1 and yesterday's high but failed at 8400 (Daily cash) as it often does at a round number, Currently it is at S1 (8273, Daily cash), which it seemed to be aiming for by six o'clock.
I hope I'm making sense here. Please help me to understand the advantages of the YM.
Gerry

 

[PitBull]

Hi Cornish

I trade the YM for a living and the obvious benefits are spread, execution and no SB bias. Check the link out for relationship between futures and cash.
http://www.trade2win.com/boards/futures/16161-relationship-between-cash-futures-markets.html

 

[cornishmiller]

Thanks Pitbull. I'll have a good read of that.

 

[viclondon]

Hi Cornish

I trade the YM for a living and the obvious benefits are spread, execution and no SB bias. Check the link out for relationship between futures and cash.
http://www.trade2win.com/boards/futures/16161-relationship-between-cash-futures-markets.html

Hi pitbull,
welcome to the thread. You gave the perfect answer so I am sure you are a very experienced YM trader, your input is very valuable. Hope to hear more from you

 

[viclondon]

I am not very active today, but price action left the first hour range very quickly; I manage to make a couple of good trades, but too risky for me now. I might place a trade at 8:30 in the last half hour when there is generally a big move. I have found that in most cases it is a corrective move, so if the market keep going South and I see some clues of a nice retracement I will enter, otherwise I will call it a week.
OTOH it was a fantastic day on the Forex with over $1000 (even though I am still playing very small stakes), I had a few more trade in the afternoon and they kept going in my direction. I think from next week on the Forex I will double my positions and start playing with a more serious amount of money

 

[PitBull]

Thanks Vic

I will make an effort to contribute. FYI I trade reversals and look to get on a trend from the very start. I was long from 8.06 at 8242 to 8285 globex high and then short from 8358 at 10.50 and took the whole move to 8270 and called it a day! Just my luck. I trade off 1min and 5 day 10 minute to get idea money flow.

 

[PitBull]

Heres a 5day chart that gave a heads up to the move

 

[PitBull]

Heres the 1min of the start of the big move and my entry and exit

 

[viclondon]

Last little cheeky trade long at 8240, immediately hit the target at 8265, +25

 

[viclondon]

+47 points today, not a lot but better that a smack on the face, but I concentrated mostly on the Forex where I had a fantastic day.
Have a great we you all

 

[viclondon]

Heres the 1min of the start of the big move and my entry and exit

Your charts looks extremely interesting mate.
I will study them during the week end and will come back to you for some clarifications. Many thanks and very pleased to meet you

 

[cornishmiller]

Hi Guys
Attached is 1 minute chart of daily cash, showing my entry and exits. The failure at 8400 and R1 on the way down meant that S1 and then S2 were on the cards. Closed half at S1 and the rest at S2. There were also a few pips from S2 to S1, but I was watching Coronation Street!

 

[Trader333]

There were also a few pips from S2 to S1, but I was watching Coronation Street!

It is good to see that you have your priorities in order of importance


Paul