S&P 500 & other indexes - intraday. Plus chat

I think confidence comes from simply knowing you can do it no matter what happens. You have simply accumulated all this experience that generates profits on its own. Losses are part of the game, and they're fine so long as you stay +ve over the long run.

That's all it comes down to, imo: experience.
 
Oh no Robster... you're one of them! As a Leeds fan I require a NSFW warning when you post scum videos in future please!
 
robster970 said:
Yes.

Curious?

e2a - I just re-read this. I have been in the pub since 3pm this afternoon and had a really good evening so the execution of this post came over as terse. From my PoV, I have had a lot of value out of T2W over the years and reckon that it's about time I put some useful sh1t back in. Hence if people are interested in how to make money off 10 ticks per week then I'm more than happy to explain the mechanics of it.
Click to expand...

Agree with this - one of the biggest mistakes people make is trying to make huge profits on one lot trades.

This often ends up in targets & small stops which does nothing but chip away at your account over time.

It's the account size that does it. People can only 'afford' to trade 1 lot, they have a goal to retire on a $5k account. So they aim for 10 points a day on their 1 lot instead of just trying to become a really good trader with a track record that could be used to approach a private fund/prop shop for money.
 
Too early for pre-market analysis but it's getting to the point that doing it would be very repetitive.

6-15-201212-08-26AM-1.png


As you can see, the past 6 days we've seen the most trading (magenta line) in the same area.

6-15-201212-12-20AM.png


Same balance area. But we are generally accepting higher prices, so I favour a break to the upside when it finally does go.
 
JT_MOT said:
Oh no Robster... you're one of them! As a Leeds fan I require a NSFW warning when you post scum videos in future please!
Click to expand...

:LOL:

It is one of the reasons I had to move to the south of England so I would be near the rest of the supporters.

Seriously, I had no choice. Born into it. Various family members have been involved with Old Trafford particularly whilst Louis Edwards was involved with the club which is where the connection comes from.

My head hurts today.:cry:

My condolences for you supporting Leeds. You probably got some entertainment from the Lee Sharpe clip though.
 
Morning everyone

3:52am JPY Monetary Policy Statement
3:52am JPY Overnight Call Rate <0.10% <0.10% <0.10%
7:50am EUR ECB President Draghi Speaks
Tentative JPY BOJ Press Conference
9:00am EUR Italian Trade Balance 1.34B 2.06B
9:30am GBP Trade Balance -8.5B -8.6B
10:00am EUR Employment Change q/q -0.2% -0.2%
10:00am EUR Trade Balance 4.2B 4.3B
1:30pm CAD Manufacturing Sales m/m 0.5% 1.9%
1:30pm USD Empire State Manufacturing Index 13.6 17.1
2:00pm USD TIC Long-Term Purchases 45.3B 36.2B
2:15pm USD Capacity Utilization Rate 79.2% 79.2%
2:15pm USD Industrial Production m/m 0.1% 1.1%
2:55pm USD Prelim UoM Consumer Sentiment 77.5 79.3
2:55pm USD Prelim UoM Inflation Expectations 3.0%
 
Friday 15th June
Asia all Up
Europe all up

Will be eating Italian tonight, so having to do Pre-Market Analysis rather early – 5:38AM EST

We have been in a range for 6 days. Globex Session has moved up out of the top of the value area and is now moving sideways around 1330-1333.

6-15-20125-56-33AM.png


We should expect to move out of this range sooner or later and today might be the day where we see a decent push up. Still, there doesn't seem to be much force behind this so my 'guess' is more of the range.

News I'll be watching:
8:30 – Empire Manufacturing Index
9:00 – TIC Long Term Purchases
9:15 – Capcity Utilization, Industrial Production
9:55 – UOM Consumer Sentiment, Inflation Expectation

Any of that news can change the picture.

Shorts – have a series of LVNs – 1335, 1341, 1349 – look for a reversal down off one of these if we continue to move up. Especially on a spike up into one of these areas after the 9:15/9:55 announcements. If it heads straight down off the open, will look to play momentum.

Longs – nothing unless we see an increase in volume, showing new money coming in and pushing this up. Would then be looking for longs off 1320, 1326

Will also be looking at the Gap Close to see if buyers jump on board but that's a tick away from 1326 anyway so not exactly a plan changer.

Yesterdays POC was 1318.25, so again people might have that as a target, something to bear in mind.

Shore – 1335, 1341, 1349
Long – 1320, 1226

BEWARE FALSE BREAKOUTS!!!
 
DionysusToast said:
Agree with this - one of the biggest mistakes people make is trying to make huge profits on one lot trades.

This often ends up in targets & small stops which does nothing but chip away at your account over time.

It's the account size that does it. People can only 'afford' to trade 1 lot, they have a goal to retire on a $5k account. So they aim for 10 points a day on their 1 lot instead of just trying to become a really good trader with a track record that could be used to approach a private fund/prop shop for money.
Click to expand...

Yes, this and Rob's post puts a very different slant on things.
So much so that i'm off to the mountain for some introspection.
 
DionysusToast said:
Agree with this - one of the biggest mistakes people make is trying to make huge profits on one lot trades.

This often ends up in targets & small stops which does nothing but chip away at your account over time.

It's the account size that does it. People can only 'afford' to trade 1 lot, they have a goal to retire on a $5k account. So they aim for 10 points a day on their 1 lot instead of just trying to become a really good trader with a track record that could be used to approach a private fund/prop shop for money.
Click to expand...

it is certainly possible to 'retire' starting with a v.small account. You need a solid edge and iron discipline. Most people dont come equipped with the tools to do the job hence they fail and the horrible ride starts when the emotions and account balance go up and down more time than jordans knickers. come on england.
 
ChocolateDigestive said:
it is certainly possible to 'retire' starting with a v.small account. You need a solid edge and iron discipline. Most people dont come equipped with the tools to do the job hence they fail and the horrible ride starts when the emotions and account balance go up and down more time than jordans knickers. come on england.
Click to expand...

I don't think it is at all. Still, we may be comparing apples to oranges.

I'm talking about people with a $5k account that think they can make $2-3k a month to live on.

To do so you would not just need a 'solid edge and iron discipline', you'd need to be one of the best traders on the planet - in which case you'd have the sense to get the track record required to get properly funded.

So - the very fact that someone tries to do such a thing tells us they are not able to.
 
DionysusToast said:
Friday 15th June


Shore – 1335, 1341, 1349
Long – 1320, 1226
Click to expand...

BTW - I think I meant 1326 above - looks like we got a little bounce from there.

Volume is crappy, I won't trade this till after the 9:55 announcements.

We do have an new area building up for rejection though a 1330....

6-15-20129-32-43AM.png


Wait for the news, innit...
 
Wasn't confident about this from the start - took a smaller position and got wiggled out of it for -3 ticks.

Basically, it's the reversal I was hoping for from my last post - it went a little higher than I thought but did make the turn.

6-15-201210-03-31AM.png


Had I not second-guessed myself, I'd be getting target 2 any time now.

So - sitting on my hands, trying not to jump on a trade now. I think I missed the opportunity of the day there...
 
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