TraderSmarts Numbers for the YM Emini Futures - Thursday December 31, 2009

Hope everyone had a GREAT 2009 and looking forward to an even better 2010! Last trading day of the year today - enjoy it!

Support becomes resistance and vice versa...

10513, 10531, 10585, 10622 Resistance on the YM Emini Futures

10491, 10466, 10433, 10371, 10309 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back inside the key range of 10313 - 10625. As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 30, 2009

Trading is so thin this week - time is best spent on review and 2010 planning/goals.

Support becomes resistance and vice versa...

10513, 10531, 10585, 10622 Resistance on the YM Emini Futures

10466, 10433, 10371, 10309 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back inside the key range of 10313 - 10625. As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 29, 2009

Trading is so thin this week - time is best spent on review and 2010 planning/goals.

Support becomes resistance and vice versa...

10513, 10531, 10585, 10622 Resistance on the YM Emini Futures

10466, 10433, 10371, 10309 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back inside the key range of 10313 - 10625. As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Monday December 28, 2009

Support becomes resistance and vice versa...

10513, 10531, 10585, 10622 Resistance on the YM Emini Futures

10466, 10433, 10371, 10309 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back inside the key range of 10313 - 10625. As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 23, 2009

Support becomes resistance and vice versa...

10449, 10474, 10513, 10531 Resistance on the YM Emini Futures

10419, 10404, 10375, 10309, 10281, 10225 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

Last week we took out 10313 to the downside. I mentioned in the Friday post: "We took out 10313 yesterday (Thursday) for the first time. I am on high alert for potential for things to get ugly fast. Keying on if we hold under 10313."

Then on Friday at the open of the cash session we made a pop to and then plunge from 10313 - The exact number I have been keying on. IMO this is VERY TELLING.

Now we are back above 10313 and pushing towards the 10468 number overnight. Will 10313 hold? Will 10625 be taken out to the upside? Any thoughts?

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 22, 2009

Support becomes resistance and vice versa...

10404, 10419, 10449, 10531 Resistance on the YM Emini Futures

10309, 10281, 10225, 10152 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

Last week we took out 10313 to the downside. I mentioned in the Friday post: "We took out 10313 yesterday (Thursday) for the first time. I am on high alert for potential for things to get ugly fast. Keying on if we hold under 10313."

Then on Friday at the open of the cash session we made a pop to and then plunge from 10313 - The exact number I have been keying on. IMO this is VERY TELLING.

Now we are back above 10313. Will it hold?

TraderSmarts Numbers for the YM Emini Futures - Monday December 21, 2009

Support becomes resistance and vice versa...

10329, 10346, 10365 Resistance on the YM Emini Futures

10279, 10225, 10193, 10158, 10098 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

As I have been saying the thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

Last week we took out 10313 to the downside. I mentioned in the Friday post: "We took out 10313 yesterday (Thursday) for the first time. I am on high alert for potential for things to get ugly fast. Keying on if we hold under 10313."

Then on Friday at the open of the cash session we made a pop to and then plunge from 10313 - The exact number I have been keying on. IMO this is VERY TELLING.

TraderSmarts Numbers for the YM Emini Futures - Friday December 18, 2009

Support becomes resistance and vice versa...

10329, 10365 Resistance on the YM Emini Futures

10285, 10250, 10193, 10167 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

We took out 10313 yesterday for the first time. I am on high alert for potential for things to get ugly fast. Keying on if we hold under 10313.

TraderSmarts Numbers for the YM Emini Futures - Thursday December 17, 2009

Support becomes resistance and vice versa...

10366, 10394, 10424 Resistance on the YM Emini Futures

10338, 10295, 10276, 10244, 10186, 10167 Supports

Under 10313 and potential to get ugly. Also Key for CIT.

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 16, 2009

Support becomes resistance and vice versa...

10416, 10449, 10485, 10531 Resistance on the YM Emini Futures

10397, 10338, 10295, 10276, 10186 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 15, 2009

Support becomes resistance and vice versa...

10485, 10531, 10576, 10610 Resistance on the YM Emini Futures

10423, 10388, 10338, 10295 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Monday December 14, 2009

Support becomes resistance and vice versa...

10483, 10531, 10576, 10622 Resistance on the YM Emini Futures

10423, 10410, 10383, 10277 Supports

Trade Smart and trade well

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

How Do You Trade?

Just curious how people determine their trade entries? Lately, on StockTwits, and thanks in large part (okay solely) to FuturesTrader71, there has been a lot of talk and discussion about the VPOC and volume profiles. I wonder what people did before this? When FT71 first started posting his information and his blog it made a lot of sense to me as I noted in the comment section of his first post because our approach, while different in some ways for sure, is very similar. I have always defined areas before the day (what has evolved into the TraderSmarts Numbers) where I want to, as FT71 says, "do business". I have been doing this for years.

I have always been a fader. Almost all of my entries are fades either against the dominant trend or fading a countertrend move in the direction of the dominant trend. I will fade extremes looking for an intraday CIT or fade looking for a normal rotation - depending on the situation, or on trend days fade a countertrend move against the trend to trade in the direction of the underlying trend. This whole concept of trading rotations against key levels to me makes perfect sense. It is how I have always traded. That being said there are many different ways to trade. How do you trade? Or how did you trade before FT71 introduced the volume profile and VPOC concept? Please comment below. Looking forward to reading…

Anatomy Of A Trade – My Trading On StockTwits 12/09/2009

Thought I would write a post about the trades I tweeted live on StockTwits on 12/09/2009 taking you through my thought process as I entered, managed, and exited the trades. Hopefully this will be helpful to some subscribers and blog readers. It might be beneficial to right click on the charts and open them in a new window on another screen so you can follow along.

The first thing I noticed in the morning and what I tweeted was this:

TraderSmarts Dec. 09 at 10:50 AM # $TRIN nice and bullish today

Those that follow me know that I like to use the TRIN. Granted it doesn't work as well as it did pre fall 2008 but I still watch it. With a bullish TRIN reading I knew I wanted to look for longs. At 7:50 when I tweeted the above the market was breaking out (A). It went up and tested the key 10313 level I have been talking about and then failed and started retracing. Notice how it couldn't close over 10313 on the 4 min chart the first time up (B). The opportunity was there to fade the 10313 area but with a bullish TRIN I wanted to be long. The first TraderSmarts Number below was 10285. This also happened to be in line with the waist of the last 30 and 60 minute big bodied candles that had just closed (WAIST on the middle chart). Looked like a good spot to me to go long first time down if we got a retrace which we did (C):

TraderSmarts Dec. 09 at 11:38 AM # Long $YM_F TraderSmarts 10285

The YM made an initial low at 10283 and as is customary I quickly booked some profits (D):

TraderSmarts Dec. 09 at 11:44 AM # Out 1/3 +11 at 10296 $YM_F

I then noted that the CL was banging the lows. Lately oil and the market have been in sync so I knew it would be hard for the market to get traction long with oil plunging (didn't spell banging right but you get the point):

TraderSmarts Dec. 09 at 12:03 PM # $CL_F baning lows

Then I noticed the same potential bullish pattern I had tweeted the other day and tweeted it again:

TraderSmarts Dec. 09 at 12:33 PM # Another potential Rising Three Methods on 30 min $YM_F

The YM then made a lower low while the TRIN had ticked up quite a bit. I decided to lighten up a little bit on the next pop (E):

TraderSmarts Dec. 09 at 12:35 PM # Lightening up a lil bit sold half of 2nd 1/3 + 7 at 10292 $YM_F Want a push UP right here....

Didn't get the push up I was looking for and instead got failure. We then made a third new low (F) and attempted to pop again. The TRIN was fluctuating between bullish and bearish readings. I tweeted that I was still expecting this down channel to snap up:

TraderSmarts Dec. 09 at 1:30 PM #Expecting this down channel to snap up here eventually. We shall see if patience pays. $YM_F

After the third low of the downtrend I knew that the next low was either likely to be the low of the move or it was going to get flushed and we were likely to dump through the morning lows probing for stops. By this point the trade was going against me however I had already booked profits on half of the 10285 long. The initial premise of the trade (long 10285 on retrace and then push back through highs with a bullish TRIN) was not working out and we were now in a controlled down channel with the TRIN fluctuating from bearish to bullish. I was comfortable adding to the position to better my cost basis but needed a hard stop in place knowing a push to new lows was possible. The next TraderSmarts Number below was 10258. I looked at the chart and saw the back to back big bodied candles (G) with high volume. The waist of those candles was right in line with TraderSmarts 10258. More confluence and a great place to add to the position. I noticed the low on the previous day's open was 10240 (Z on the middle chart) and that it was the highest volume 30 min candle since. If we got under that I wanted to be out. I added a full position at 10258 (H) and tweeted this:

TraderSmarts Dec. 09 at 1:43 PM # Added TraderSmarts 10258. 10268 C/B now on current position. Will stop out under 10240 area $YM_F

This left me with a full position at 10258 and a half position left from 10285. I answered a subscriber's tweet asking when I was expecting the controlled downtrend to snap:

TraderSmarts Dec. 09 at 1:47 PM # @bkkumar Time will tell. $TRIN has reverted to bearish and price is going against me. Still in a controlled downtrend though. $YM_F

The YM put in a low at 10255 (H) and started to bounce. We made a move for the top of the downtrend channel again and I quickly took a -9 point loss on the second half left long from 10285 (I). This was a net scratch on the 10285 long leaving me with the long from 10258 to work with:

TraderSmarts Dec. 09 at 2:04 PM # Sold the 2nd half from 10285 for - 9 at 10276 for a scratch on the 10285 position. Still have the 10258 long $YM_F

TraderSmarts Dec. 09 at 2:05 PM # At the downtrend line right here. This is CRITICAL. $YM_F

At this point we were either going to break the downtrend and pop or fail. I moved my hard stop up to 1 tick below the 10255 low for a very manageable -4 pt stop if we failed and put in some staggered orders to scale out at profits and walked away for a bit. Sometimes the best thing to do is stop watching. The market is going to do what it wants to do regardless of if you are watching every tick or not:

TraderSmarts Dec. 09 at 2:08 PM # Hard stop at 10254 now on the 10258 position. Tired of watching this be back in a bit. Staggered orders to scale 10258 long higher $YM_F

TraderSmarts Dec. 09 at 2:10 PM # To me trading is about first defining and then managing risk. If you do that profits will take care of themselves. $YM_F

The YM snapped up out of the controlled downtrend (finally) and then made a PERFECT test of the downtrend line (J) and popped NICELY. I scaled out 1/3 of the 10258 long at 10293 (K) which was right in the thick of the price action from earlier in the session:

TraderSmarts Dec. 09 at 2:38 PM # Sold 1/3 + 36 at 10294 from 10258 $YM_F

I tweeted that I was targeting 10308 on the 2nd 1/3 but forgot to put the $YM_F symbol. 10308 was also right in the thick of the morning range when 10313 failed on the initial morning pop. When we took out 10300 (L) I took profits on the 2nd 1/3 position:

TraderSmarts Dec. 09 at 3:04 PM # Sold 2nd 1/3 + 50 at 10308. 1/3 Left from 10258 long and riding. $YM_F RT @TraderSmarts: Targeting 10308 for 2nd 1/3

We blasted through 10313 to 10320 and I tweeted my targets for the last 1/3 position:

TraderSmarts Dec. 09 at 3:10 PM # Over 10313 and holding and targeting new HOD on last 1/3 long. 10331, 10348, and 10395 the next $YM_F TraderSmarts Numbers

When we blasted over 10330 I sold half of the last 1/3 on the test of 10330 (M). 10331 was the next TraderSmarts Number on the day over 10285:

TraderSmarts Dec. 09 at 3:26 PM # Sold 1/2 of last 1/3 + 72 at 10330 $YM_F 16.6% of position left from 10258. Targeting 10348 + on remaining.

As the cash session closed I closed out half of the 16.6% remaining (N) still leaving 8.3% on for a chance at the 10348 TraderSmarts Number:

TraderSmarts Dec. 09 at 3:59 PM # Out half of the 16.6 remaining + 67 at 10325. 8.3% left see if we can hit 10348 in next 15 min $YM_F

Anything can happen in the last 15 minutes and the market gets less liquid as time goes on so I just locked in profits as we started to dump (O):

TraderSmarts Dec. 09 at 4:05 PM # Out last 8.3% + 64 at 10322. Trade closed. .$YM_F

Having a plan, defining your risk ahead of time, and then managing that risk is the key to me. I always know before I enter a trade what my maximum loss will be if the worst case scenario plays out (defining your risk) and what areas I want to scale out at if the trade moves in my favor. If you are comfortable with both it makes trading much easier. Hope you enjoyed the anatomy of my trade. As always trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Friday December 11, 2009

Support becomes resistance and vice versa...

10410, 10449, 10531 Resistance on the Ym Emini Futures

10395, 10338, 10304, 10275, 10208, 10177

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels.Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Thursday December 10, 2009

Today is rollover. The TraderSmarts Numbes are baed on the new contract.

Support becomes resistance and vice versa...

10355, 10410, 10430, 10488 Resistance on the YM Emini Futures

10338, 10295, 10276, 10240, 10212, 10177, 10128 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels.Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Number for the YM Emini Futures - Wednesday December 9, 2009

Support becomes resistance and vice versa...

10285, 10331, 10348, 10394 Resistance on the YM Emini Futures

10258, 10220, 10177, 10128 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels.Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 8, 2009

Support becomes resistance and vice versa...

10430, 10477, 10531, 10606 Resistance on the YM Emini Futures

10396, 10373, 10354, 10315, 10277, 10222, 10177

Trade smart and trade well

Same range, similar levels.

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.htmlWe are now back to and have traded higher then the Pre-Thanksgiving levels.

Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Monday December 7, 2009

Support becomes resistance and vice versa...

10396, 10430, 10477, 10531 Resistance on the YM Emini Futures

10377, 10354, 10313, 10277, 10242 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

Why I Have Subscribers

I got a great email the other day from a new subscriber and I want to share it with you. Hopefully his email, and my response, will reveal a few things. He was replying to the "SCREENSHOT" email. Subscribers will know what I am talking about.

The new subscriber’s email included this:

“Thanks but don't SPAM me Please”

I felt obligated to reply. This is what I wrote:

LOL Yeah Ken you don't have to worry about that :)

That promotion for "Trader Interviews" is the ONLY thing in my autoresponder email queue right now besides the "Am I following you on Twitter?" Out of every 100 trading related things that I could promote to my subscribers (and there are a LOT) 99 of them are GARBAGE and I won't put my name behind junk.

Anyway here is the screenshot:
LINK TO SCREENSHOT HERE

CHEERS!

TraderSmarts

We have since exchanged a few emails, we've discovered we both prefer the YM to the ES, and I think he realizes that I am not trying to spam him with junk :)

So what is the point of having a subscriber list for my blog if I am not trying to sell or promote things? The number one reason is because with a blog, aside from the comments section, it is a one-way conversation. I have no idea who my specific readers are (other than the vague information provided by analytics). Having subscribers, on the other hand, enables me to engage my readers and speak to them one on one. And they can contact me as well if they wish. It is like Twitter. It enables me to meet and ultimately connect with my readers.

Now let me be clear. I am not blatantly against selling or promoting things. Things are bought and sold every day. This is a society that is based on the idea of buying and selling. You pay for goods and services that you want and need. Nothing wrong with that—just the way it is.

So if I find something worth letting subscribers know about, then I will. Fact is, though, I’ve had the subscriber list now since July 2009 and I am writing this in December 2009 (so for 5 months) and as mentioned above, I only have 1 thing in my email queue as a promotion. And I can assure you that is NOT due to a lack of things to promote. It is because in the trading profession, there is a LOT of garbage and useless information being hawked and I will NOT put my name behind junk. Literally out of every 100 things that come across my desk, 99 of them are GARBAGE.

Just FYI, the one promotion that I have done so far was for Trader Interviews because I think it is a cool site. I love the “Market Wizards” books, and the concept for Trader Interviews is the same. This is something I can stand behind. If you have not already and want to check it out, feel free to use this affiliate link: http://www.traderinterviews.com/amember/go.php?r=251&i=l5 It will take you to 5 free interviews (you have to opt in – but Tim doesn’t spam you either) and if you eventually subscribe to Tim’s site, I will get a small one-time payment for the referral.

Anyway the point of this post is not to promote the one promotion I have done but rather to point out why I have a subscriber list (detailed above) and what you will get being my subscriber:

1. TraderSmarts Numbers for the YM, ES and GC delivered to your email every day before the market opens

2. Notified when a new post on the blog other than the TraderSmarts Numbers is posted (like this one) or the daily charts I sometimes post and analyze, etc.

3. An occasional offer for something that I think is worthwhile—so far, one thing in five months.

What you will not get is spammed by me to buy, try, test, subscribe, etc., to every worthless trading-related thing that I could promote.

Hopefully this has clarified why I have a subscriber list and what you will and will not get by being a subscriber. Oh yeah, and if you know of something WORTHWHILE (that 1 in 100 thing) to offer to my subscribers, please feel free to email me about it.

All the best,

TraderSmarts

TraderSmarts Number for the YM Emini Futures - Friday December 4, 2009

Support becomes resistance and vice versa...

10355, (10387 - 10396), 10435, 10477, 10531 Resistance on the YM Emini Futures

10338, 10277, 10238, 10214, 10176 Supports

I'm bearish below 10355 and 10313 is key for the big pic.

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the EXACT 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Thursday December 3, 2009

Support becomes resistance and vice versa...

10494, 10531, 10572, 10618 Resistance on the YM Emini Futures

10449, 10425, 10354, 10277, 10246 Supports

Trade smart and trade well!

It is worth noting that we broke down (Thanksgiving Dubai news) from the EXACT 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

We are now back to and have traded higher then the Pre-Thanksgiving levels. Still we are INSIDE the key area from the 10/25/09 post. The thing I am keying on now is what area is taken out first and held below or above. Downside at 10313 or upside at 10625. This will be a telling clue IMO as to probability of CIT.

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 2, 2009

Support becomes resistance and vice versa...

10477, 10431, 10572, 10618 Resistance on the YM Emini Futures

10448, 10391, 10354, 10315, 10252 Supports

Trade smart and trade well!

It is worth noting that we broke down from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 1, 2009

Support becomes resistance and vice versa...

10352, 10388, 10408, 10452, 10531 Resistance on the YM Emini Futures

10315, 10283, 10262, 10214, 10135, 10092, 10052 Supports

10330 Area is HUGE and can be viewed as a line in the sand.

Trade smart and trade well!

It is worth noting that we broke down from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

TraderSmarts Numbers for the YM Emini Futures - Monday November 30, 2009

Support becomes resistance and vice versa...

10334, 10349, 10365, 10408, 10452, 10531Resistance on the YM Emini Futures

10296, 10266, 10214, 10135, 10092, 10052 Supports

Trade smart and trade well!

It is worth noting that we broke down from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

TraderSmarts Numbers for the YM Emini Futures - Friday November 27th 2009

Support becomes resistance and vice versa...

10234, 10267, 10338, 10415, 10450 Resistance on the YM Emini Futures

10177, 10092, 10052, 10008 Supports

Trade smart and trade well!

It is worth noting that we broke down from the exact 10468 level I mentioned on 10/25/09. See the last paragraph in this post: http://tradersmarts.blogspot.com/2009/11/updated-look-at-daily-chart-of-ym-emini.html

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

10437, 10471, 10531, 10582 Resistance on the YM Emini Futures

10421, 10398, 10362, 10286, 10203 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Tuesday November 24, 2009

Support becomes resistance and vice versa...

10403, (10426 - 10439), 10471, 10531 Resistance on the YM Emini Future

10383, 10366, 10338, 10297, 10272, 10246, 10203, 10177 Supports

Trade smart and trade well

TraderSmarts Numbers for the YM Emini Futures - Monday November 23, 2009

Support becomes resistance and vice versa...

10366, 10383, 10397, 10454, 10531 Resistance on the YM Emini Futures

10326, 10301, 10286, 10273, 10252, 10203, 10177 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Friday November 20, 2009

Support becomes resistance and vice versa...

10329, 10365, 10377, 10383, 10454 Resistance on the YM Emini Futures

10286, 10255, 10234, 10195 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Thursday November 19, 2009

Support becomes resistance and vice versa...

10383, 10406, 10454, 10493, 10515 Resistance on the YM Emini Futures

10377, 10344, 10305, 10266, 10234 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Wednesday November 18, 2009

Support becomes resistance and vice versa...

10383, 10410, 10434, 10454, 10493 Resistance on the YM Emini Futures

10335, 10277, 10235 Supports

Trade smart and trade well!

Please subscribe to ensure TraderSmarts Numbers for the YM, ES, and GC sent before the open everyday.

TraderSmarts Numbers for the YM Emini Futures - Tuesday November 17, 2009

Support becomes resistance and vice versa...

10368, 10383, 10422, 10454 Resistance on the YM Emini Futures

10338, 10305, 10264, 10247, 10213, 10174 Supports

Trade smart and trade well!

Updated: A Look at the Daily Chart of the YM Emini Futures - 11/16/2009

On October 25th I wrote a blog post detailing my thoughts on the big pic. We have reached one of the two key areas I was focusing on for a major CIT. I am intently watching the current price area for signs of an imminent CIT. It may or may not happen here. Above is the updated chart of what price action has done since the October 25th blog post and below is the orignal post and chart intact.

FROM OCTOBER 25, 2009:


We are experiencing what could be described as topping action in the major indices. As I mentioned in a tweet on Friday we have had 3 months of negative divergence on the daily chart. I wouldn't be surprised to see the Dow make a swift drop down to about 9500 from here and then one final push to new highs around the 10468 area before doing the final CIT (change in trend) and heading back towards the March 2009 lows. I have been calling for 10313 - 10625 for some time now and I still think that this area, at a minimum, will be tested before we finally roll over. This is the overall price action I see playing out in the longer term.

Keep in mind that money in trading is made not by being right in your predictions but by being on the right side of the price action. This is just what I see happening. It could or could not happen. I will not try to force my will on the market. The best traders I know don't care what the market is going to do...they just know what THEY are going to do if the market does A or if the market does B. Much better to be prepared to act on what the market does than to try to predict what it is going to do. All that being said the above is my forecast of how I see price action playing out from here.

Note: The black line on the chart is the OVERALL price direction I am anticipating. I do not think we will go straight down like the black line in the chart. Obviously price will ebb and flow, the main point is that the 10313 - 10625 price area should be touched to the upside before we have a major CIT. By major CIT I mean that once price reaches this major CIT area the march lows should be in play before any new highs.

The other area I have been keying on for a major CIT is 11250 - 11875. So, in conclusion, I will be expecting a rather fast move down to 9500 or so from here, then a move back to 10468 or so. Once we are at the 10468 area I will reassess the situation and most likely either anticipate a major CIT is in the works or be on the lookout for 11250 - 11875 as the major CIT area and then a move back towards the March 2009 lows.

TraderSmarts Numbers for the YM Emini Futures - Monday November 16, 2009

Support becomes resistance and vice versa...

10338, 10383, 10422 Resistance on the YM Emini Futures

10247, 10213, 10174, 10123, 10110 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Friday November 13, 2009

Support becomes resistance and vice versa...

10223, 10283, 10338, 10394 Resistance on the YM Emini Futures

10186, 10175, 10137, 10105, 10008 Supports

Trade smart and trade well!

Sorry I forgot to post here this morning. Please subscribe to ensure TraderSmarts Numbers for the YM, ES, and GC before the market opens everyday.

TraderSmarts Numbers for the YM Emini Futures - Thursday Novermber 12, 2009

Support becomes resistance and vice versa...

10240, 10264, 10298, 10353, 10394 Resistance on the YM Emini Futures

10220, 10193, 10163, 10139, 10081, 10033 Supports

Trade smart and trade well!

Scott Lui - I will never forget you friend

A good friend passed on Friday and the funeral was Tuesday. I didn't feel like trading or doing the TraderSmarts Numbers the past couple days and so I didn't. My friend left behind a wife and two young twin daughters who will turn two in December. Scott was the most genuine guy you could ever meet with a hilarious sense of humor. He will be greatly missed. Please keep his wife and twin girls in your prayers.

TraderSmarts Numbers for the YM Emini Futures - Monday November 9, 2009

Support becomes resistance and vice versa...

10052, 10114, 10194 Resistance on the YM Emini Futures

10007, 9968, 9916, 9870, 9765 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Friday November 6, 2007

Support becomes resistance and vice versa...

9938, 9963, 9980, 10059, 10114 Resistance on the YM Emini Futures

9918, 9869, 9805, 9739, 9640, 9494 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Thursday November 5, 2009

Support becomes resistance and vice versa...

9750, 9814, 9850, 9871 Resistance on the YM Emini Futures

9738, 9699, 9640, 9606, 9555, 9446 Supports

Trade smart and trade well!

Gold Contract - GC

How many swing traders do we have here?

Just wondering if anybody caught the move in GC from the successful test of 1030 to the 1093 target I have been mentioning since October 6th? The move happened FAST.

From the low (test of 1030) on 10/28 - 10/29 to the 1093 target hit today 11/4 - this move happened in 6 trading days. 63 points in the GC available for the taking. Who got it?

As always trade smart and trade well!

TraderSmarts

TraderSmarts Numbers for the YM Emini Futures - Wednesday 11/4/2009

Support becomes resistance and vice versa...

9765, 9794, 9855, 9880, 9960 Resistance on the YM Emini Futures

9739, 9710, 9678, 9654, 9606, 9555, 9425 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Tuesday 11/3/2009

Support becomes resistance and vice versa...

9766, 9794, 9832, 9880, 9960 Resistance on the YM Emini Futures

9724, 9696, 9664, 9640, 9606, 9555, 9468, 9412 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Monday 11/2/2009

Support becomes resistance and vice versa...

9710, 9764, (9783, 9794), 9818 Resistance on the YM Emini Futures

9664, (9632 - 9626), 9577, 9495 Supports

Trade smarts and trade well!

TraderSmarts Numbers for the YM Emini Futures - Friday 10/30/2009

Support becomes resistance and vice versa...

(9909 - 9922), 9960, 1039, 1088 Resistance on the YM Emini Futures

9880, (9818 - 9809), 9751, 9688

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Thursday 10/29/2009

Support becomes resistance and vice versa...

9742, 9759, 9775, 9808, 9882 Resistance on the YM Emini Futures

9708, 9688, 9614 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9817, 9854, 9883, 9899, 9960, 10039, 19122 Resistance on the YM Emini Futures

9744, 9688, 9616 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9858, 9883, 9922, 9964, 1039, 10122 Resistance on the YM Emini Futures

9808, 9766, 9723, 9688, 9612 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9986, 10039, 10111, 10134 Resistance on the YM Emini Futures

9844, 9808, 9766, 9688 Supports

Trade smart and trade well!

A Look at the Daily Chart of the YM Emini Futures - 10/25/2009

We are experiencing what could be described as topping action in the major indices. As I mentioned in a tweet on Friday we have had 3 months of negative divergence on the daily chart. I wouldn't be surprised to see the Dow make a swift drop down to about 9500 from here and then one final push to new highs around the 10468 area before doing the final CIT (change in trend) and heading back towards the March 2009 lows. I have been calling for 10313 - 10625 for some time now and I still think that this area, at a minimum, will be tested before we finally roll over. This is the overall price action I see playing out in the longer term.

Keep in mind that money in trading is made not by being right in your predictions but by being on the right side of the price action. This is just what I see happening. It could or could not happen. I will not try to force my will on the market. The best traders I know don't care what the market is going to do...they just know what THEY are going to do if the market does A or if the market does B. Much better to be prepared to act on what the market does than to try to predict what it is going to do. All that being said the above is my forecast of how I see price action playing out from here.

Note: The black line on the chart is the OVERALL price direction I am anticipating. I do not think we will go straight down like the black line in the chart. Obviously price will ebb and flow, the main point is that the 10313 - 10625 price area should be touched to the upside before we have a major CIT. By major CIT I mean that once price reaches this major CIT area the march lows should be in play before any new highs.

The other area I have been keying on for a major CIT is 11250 - 11875. So, in conclusion, I will be expecting a rather fast move down to 9500 or so from here, then a move back to 10468 or so. Once we are at the 10468 area I will reassess the situation and most likely either anticipate a major CIT is in the works or be on the lookout for 11250 - 11875 as the major CIT area and then a move back towards the March 2009 lows.

TraderSmarts Subscriber Numbers for the YM, ES, & GC

These are the TraderSmarts Numbers sent to subscribers overnight. Please subscribe in the upper right hand corner of this blog to ensure TraderSmarts Numbers sent before the cash open...

Support becomes resistance and vice versa...

TraderSmarts Numbers for the YM

10174, 10138, 10111, 10056, 10020, 9984, 9963, 9905

TraderSmarts Numbers for the ES

1111.25, 1105.5, 1097.75, 1091.75, 1087.75, 1083.5, 1080.5, 1078.5,

TraderSmarts Numbers for the GC

1093, 1074.4, 1066.6, 1061.9, (1058.4 - 1057.3), 1051, 1046.1, 1039.5
If it can hold over 1030 then 1093 is the eventual target. Speed doubled after the Oct 6 move.

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9949, 9960, 10014, 10029, 10111, 10143 Resistance on the YM Emini Futures

9905, 9890, 9833, 9801, 9767, 9721, 9692 Supports

Trade smart and trade well

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

10044, 10111, 10154 Resistance on the YM Emini Futures

9995, 9974, 9953, 9914, 9884 Supports

Trade smart and trade well!

TraderSmarts Subscriber Numbers for the YM, ES, & GC

These are the TraderSmarts Numbers sent to subscribers overnight. Please subscribe in the upper right hand corner of this blog to ensure TraderSmarts Numbers sent before the cash open...

Support becomes resistance and vice versa...

TraderSmarts Numbers for the YM

10044, 9969, 9947, 9929, 9888, 9866, 9806, 9733

TraderSmarts Numbers for the ES

1097, 1092.5, 1086.25, 1083, 1079.5, 1074.75, 1067

TraderSmarts Numbers for the GC

1074.4, 1062.5, 1058, 1053.7, 1050.8, 1045.5, 1038.7
If it can hold over 1030 then 1093 is the eventual target. Speed doubled after the Oct 6 move.

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9933, 9958, 9981, 10019, 10044 Resistance on the YM Emini Futures

9898, 9882, 9855, 9808 Supports

Trade smart and trade well!

Random Thought

If you approach life like a "know it all" then what is left for you? Much better to appproach life like a little child and be eager to learn and grow.

TraderSmarts Numbers for the YM Emini Futures

Suppport becomes resistance and vice versa...

9930, 9952, 9994, 10019, 10044 Resistance on the YM Emini Futures

9891, 9882, 9837, 9806 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9922, 9958, 9999 Resistance on the YM Emini Futures

9898, 9834, 9808, 9766 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

These were the TraderSmarts Numbers for the YM Emini Futures sent to subscribers before the open. Please subscribe to ensure you receive the TraderSmarts Numbers before the open.

Support becomes resistance and vice versa...

9922, 9898, 9858, 9829, 9809, 9798, 9746, 9688, 9619

Trade smart and trade well!

TraderSmrts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9747, 9764, 9834, 9855, 9898, 9922 Resistance on the YM Emini Futures

9720 - 9710, 9634, 9450 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9687 - 9673, 9648 - 9635, 9578 Supports on the YM Emini Futures

9784, 9855, 9922 Resistance

Trade smart and trade well!

TraderSmarts Subscriber Numbers Again Today...

Here are the TraderSmarts Numbers for the YM, ES, & GC sent to subscribers overnight. Please sign up to ensure TraderSmarts Numbers sent before the market open every trading day...

Support becomes resistance and vice versa...

TraderSmarts Numbers for the YM

9922, 9855, 9765, 9688, 9652, 9638, 9600, 9568, 9494

TraderSmarts Numbers for the ES

1062, 1054.5, 1052.5, 1048, 1045, 1042.50, 1038.5

TraderSmarts Numbers for the GC

1072, 1066, 1060.5, 1053.9, 1047, 1035, 1028.8, 1022

Now if it can hold over 1030 then 1093 is the eventual target. Speed has just increased

(From previous day: Over 1016 and holding with 1019.5 as KEY and a 30 pts higher is the target - TARGET HIT.)

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Again posting the TraderSmarts Numbers that were sent to subscribers overnight - a lot going on this week! Gold made the move up to the 1046 target area I have been mentioning recently (see subscriber emails or previous posts).

Support becomes resistance and vice versa...

TraderSmarts Numbers for the YM

9714, 9642, 9601, 9567, 9554, 9531, 9511, 9496, 9424

TraderSmarts Numbers for the ES

1054.5, 1047, 1041.5, 1038, 1035, 1031.5, 1026.5, 1023

TraderSmarts Numbers for the GC

1046, 1035, 1027.2, (1018.5 - 1017.9), 1013.7, 1010.9, 1008.6
Over 1016 and holding with 1019.5 as KEY and a 30 pts higher is the target

Trade smart and trade well!

Please subscribe in the uppper right hand corner of this blog to ensure TraderSmarts Numbers delivered before the open every morning.

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9528, 9567, 9667 Resistance on the YM Emini Futures

9457, 9408, 9375, 9360 Supports

Trade smart and trade well!

Please subscribe in the uppper right hand corner of this blog to ensure TraderSmarts Numbers delivered before the open every morning.

TraderSmarts Subscriber Numbers for the YM, ES, and GC

A lot going on and forgot to update the blog this AM, sorry, so as a bonus posting the TraderSmarts Numbers that were sent to subscribers overnight:

Support becomes resistance and vice versa...

TraderSmarts Numbers for the YM

9694, 9610, 9567, 9547, 9518, 9488, 9438, 9377*, 9333

TraderSmarts Numbers for the ES

1043, 1040.5, 1036.75, 1032.75, 1024.5, 1016.25, 1014.75

TraderSmarts Numbers for the GC

1013.7, 1010.5, 1007.6, 1005.8, (1004 - 1002.9), 1001.9, 993.8, 989.6, 980.7, (978 - 976)
Over 1016 and holding with 1019.5 as KEY and a 30 pts higher is the target

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9610, 9671, 9727, 9808, 9858, 9929 Resistance on the YM Emini Futures

9573, 9533, 9476 Supports

Trade smart and trade well!

Please subscribe in the upper right hand corner of this blog to receive TraderSmarts Numbers for the ES, YM, and GC before the open every trading day

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9578, 9610, 9628, 9670 - 9678, 9703, 9742, 9808 Resistance on the YM Emini Futures

9533, 9478, 9418, 9393 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9743, 9824, 9836 - 9844, 9888 Resistance on the YM Emini Futures

9705, 9675 - 9667, 9634, 9578 Supports

Trade smart and trade well!

Please subscribe in the upper right hand corner of this blog to receive TraderSmarts Numbers for the ES, YM, and GC before the open every trading day

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance anf vice versa...

9768, 9792, 9824, 9888 Resistance on the YM Emini Futures

9727, 9711, 9667, 9639, 9596, 9578, 9533 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9674, 9724, 9802 Resistance on the YM Emini Futures

9627, 9610, 9555, 9428 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9742, 9768, 9824, 9888, 9929 Resistance on the YM Emini Futures

9671, 9627, 9610*, 9562, 9434* Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9780, 9833, 9888, 9929 Resistance on the YM Emini Futures

9756 - 9744, 9710, 9671, 9627 Supports

Trade smart and trade well!

Please sign up in the upper right hand corner of this blog to ensure TraderSmarts Numbers for the YM, ES, and GC sent before the market opens every trading day

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9744, 9797, 9833, 9929 Resistance on the YM Emini Futures

9717, 9671, 9627, 9576 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9732, 9759. 9778. 9797. 9833. 9888, 9929 Resistance on the YM Emini Futures

9686, 9627, 9576 Supports

Trade smart and trade well!

Please sign up in the upper right hand corner of this blog to ensure TraderSmarts Numbers for the YM, ES, and GC sent before the market opens every trading day.

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9745, 9774, 9797, 9833, 9929 Resistance on the YM Emini Futures

9370, 9710, 9667, 9633, 9576, 9482 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9735, 9757, 9797, 9833 Resistance on the YM Emini Futures

9706, 9664, 9649, 9576 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9652, 9686, 9714, 9757 Resistance on the YM Emini Futures

9631, 9600, 9576, 9494 Supports

Trade smart and trade well!

9663 was a target from yesterday that has been hit

TraderSmarts Numbers for the YM

Support becomes resistance and vice versa...

9588, 9610, 9634, 9686 Resistance on the YM Emini Futures

9544, 9482, 9434, 9375, 9346 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9515, 9553, 9579 Resistance on the YM Emini Futures

9470, 9434, 9375, 9346 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9585, 9610, 9644, 9686 Resistance on the YM Emini Futures

9558, 9526, 9511, 9470, 9453, 9409 Supports

Trade smart and trade well

TraderSmarts Numbers for the YM

Contract rollover is today. I usually switch to the new contract when it has more volume than the old contract. You can tell by looking at two identical timeframe charts and comparing volume. Usually this happens within the first hour after the 9:30 EST open.

Support becomes resistance and vice versa...

9515, 9533, 9558, 9590, 9610, 9634 Resistance on the YM Emini Futures

9499, 9455, 9417, 9333 Supports

Trade smart and trade well!

Please sign up on the upper right hand corner of this blog to receive TraderSmarts Numbers for the YM, ES, and GC before the market opens every day!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9547, 9570, 9610, 9634 Resistance on the YM Emini Futures

9501, 9483, 9472, 9460, 9417, 9380, 9325, 9244 Supports

Trade smart and trade well!

Please sign up on the upper right hand corner of this blog to receive TraderSmarts Numbers for the YM, ES, and GC before the market opens every day!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9493, 9552 Resistance on the YM Emini Futures

9434, 9414, 9373, 9346, 9244 Supports

Trade smart and trade well!

TraderSmarts Update and Numbers for the YM Emini Futures

Welcome to the world baby boy Lance! Our third child was born on Monday August 31, at 2:52 PM! Sorry for the missed posts - we were attending to the TraderSmarts family!

As a bonus today I am posting the TraderSmarts Numbers sent to subscribers this morning. Please sign up on the upper right hand corner of this blog to receive TraderSmarts Numbers for the YM, ES, and GC before the market opens every day!


TraderSmarts Numbers for the YM

(9456 - 9453), 9433, (9414 - 9409), 9398, 9375, 9333, 9284, 9262*, 9222, 9144

TraderSmarts Numbers for the ES

1014.75, 1011.75, 1008.75, 1000.75, 992.5, 986.25, 976.5

TraderSmarts Numbers for the GC

989.6, 985, 977.7, 968, 959.9, 953.5, 946.8, 944.2, 941, 928,

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

As a bonus for today I'm posting the TraderSmarts Numbers that were sent to subscribers for the YM, ES, and GC. Please sign up to receive TraderSmarts Numbers via email before the market opens every trading day!

Support becomes resistance and vice versa...

TraderSmarts Numbers for the YM

9617, 9564, (9552 - 9547), 9513, 9500, 9485, 9453, 9432, 9375, 9293, 9272, 9222

TraderSmarts Numbers for the ES

1043, 1035.25, 1029.75, 1027.25*, 1025.5, 1014.75, 1011.75, 1008.25, 1003.25, 1000

TraderSmarts Numbers for the GC

989.6, 985, 977.7, 968, 964.8, 959.9, (954.2 - 953.2), 949.4, 946.8, 933.5

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa....

9555, 9576, 9598, 9609, 9636, 9688, 9734

9511, 9453, 9397, 9375, 9293

Trade smart and trade well!

*TraderSmarts Numbers for the YM, TF, and GC were sent to subscribers at 5 AM Pacific Time. Please sign up for FREE to ensure you receive TraderSmarts Numbers before the open. With the hedge fund and everything else going on I may not get to posting here until the deadzone. Because of requests from current subscribers and poll results - starting on Monday we will be sending TraderSmarts Numbers for the ES!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9511, 9540, 9569, 9609, 9636, 9688 Resistance on the YM Emini Futures

9453, 9422, 9397, 9375, 9293 Supports

Trade smart and trade well

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9590, 9609, 9636, 9683* Resistance on the YM Emini Futures

9555, 9519, 9506, 9453, 9397, 9375, 9293 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9609, 9650, 9683*

9550, 9533, 9511, 9474, 9453, 9397, 9375, 9333, 9293

Trade smart and trade well!

*TraderSmarts Numbers for the YM, TF, and GC were sent to subscibers around 5 AM Pacific Time. The 9609 upside target from yesterday has been hit.

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9609, 9650, 9683* Resistance on the YM Emini Futures

9535, 9507, 9480, 9454, 9414, 9375, 9348, 9313, 9293, 9241 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM, TF, and GC were sent to subscribers at 5 AM Pacific time

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

Sorry for the delay in posting today. It has been crazy around here working on a lot of things. The TraderSmarts Numbers for the YM, TF, and GC were sent to subscribers around 5 AM Pacific Time - please subscribe to receive the numbers early.

The market is up nicely today. The TRIN is SICKLY bullish. I will be shocked if we don't get a bil move today before rolling over. 9525 - 9535 is the zone to watch on YM.

Also please take a moment to vote in the web poll to the right. It ends today!

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9333, 9375, 9393, 9414, 9444, 9535 Resistance on teh YM Emini Futures

9289, 9270, 9257, 9241, 9178, 9140, 9062 Supports

Trade smart and trade well!

*TraderSmarts Numbers for the YM, TF, and GC were sent FREE to subscribers at 5:15 AM Pacific Time

Tradersmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9152, 9173, 9183, 9202, 9211, 9257, 9293 Resistance on the YM Emini Futures

9101, 9062, 8986, 8909 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9150, 9179, 9212, 9257 Resistance on the YM Emini Futures

9131, 9100, 9062, 9018, 8909 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa....

9140, 9174, 9229, 9293, 9316, 9333, 9357, 9375 Resistance on the YM Emini Futures

9062, 9019, 8968 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9384, 9414, 9430, 9453, 9492, 9531 Resistance on the YM Emini Futures

9370, 9354, 9338, 9314, 9257, 9179 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9395, 9414, 9453, 9531 Resistance on the YM Emini Futures

9321-9316, 9267, 9191 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9244, 9251, 9257, 9266, 9375 Resistance on the YM Emini Futures

9219, 9205, 9191, 9179, 9062 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9305, 9325, 9355, 9375, 9414, 9453 Resistance on the YM Emini Futures

9284, 9277, 9238, 9218, 9179, 9101 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9317, 9332, 9369, 9383, 9453 Resistance on the YM Emini Futures

9264, 9238, 9218, 9101, 9063 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9316, 9330, 9349, 9375, Resistance on the YM Emini Futures

9296, 9277, 9257, 9234, 9206, 9192, 9160, 9140 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9296, 9335, 9368-9375 Resistance on the YM Emini Futures

9276-9270, 9257, 9226-9219, 9199, 9160, 9140 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9224, 9238, 9257, 9274, 9289, 9296, 9316, 9335, 9375 Resistance on the YM Emini Futures

9199, 9179, 9160, 9140 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9245, 9259, 9297, 9375, 9398 Resistance on the YM Emini Futures

9218 TraderSmarts Pivot

9175, 9150, 9107, 9064, 9024 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9218, 9240, 9259, 9297, 9375, 9398 Resistance on the YM Emini Futures

9178, 9164, 9107, 9064, 9024, 8995 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9126, 9140, 9160, 9218, 9375 Resistance on the YM Emini Futures

9082, 9050, 9016, 8994 Supports

Trade smart and trade well!

See my note on Twitter from last night re: ES

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9005-9013, 9061, 9070, 9126 Resistance on the YM Emini Futures

8990, 8906, 8894, 8850, 8750* Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9070, 9084, 9126, 9185, 9249

9013, 8990, 8972, 8895, 8850, 8750*

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

9062, 9101, 9126, 9185, 9249 Resistance on the YM Emini Futures

9019, 8898, 8888, 8818, 8750* Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8995, 9008, 9063, 9101 Resistance on the YM Emini Futures

8971, 8906, 8888, 8850, 8750* Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8891, 8906, 8939, 8981, 9024, 9059, 9101 Resistance on the YM Emini Futures

8868 TraderSmarts Pivot

8845, 8818, 8782, 8750*, 8707 Supports

**Special Note**

If you notice I only posted 2 resistance numbers for today. With the 8906 number hitting I am NICELY short. I think this could be the top of this move before we go test the 8515 - 8359 zone.

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8870, 8906 Resistance on the YM Emini Futures

8828, 8782, 8705, 8650 Supports

Trade smart and trade well!

8750 is Key

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8868, 8890, 8906, 8939, 8981 Resistance on the YM Emini Futures

8810, 8778, 8760, 8705, 8651 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8750, 8788, 8808, 8828, 8866 Resistance on the YM Emini Futures

8707, 8691, 8682, 8658, 8623, 8555 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8710, 8734, 8750, 8787 Resistance on the YM Emini Futures

8630, 8578, 8515, 8470 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8578, 8594, 8632, 8668, 8710 Resistance on the YM Emini Futures

8539, 8515, 8470, 8435, 8351 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8448, 8470, 8495, 8527, 8594, 8632 Resistance on the YM Emini Futures

8380 TraderSmarts Pivot

8350, 8310, 8282, 8248, 8208 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8343, 8359, 8394, 8435, 8470 Resistance on the YM Emini Futures

8271, 8235, 8208, 8168, 8130, 8083 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8151-8160, 8203, 8281, 8313 Resistance on the YM Emini Futures

8110 TraderSmarts Pivot

8083, 8055, 8008, 7968, 7930, 7878 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8110, 8146, 8164, 8203 Resistance on the YM Emini Futures

8044, 8008, 7969, 7930, 7878 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8213, 8260, 8277, 8357 Resistance on the YM Emini Futures

8159, 8105, 8078-8068, 8008 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8159, 8217, 8273, 8322, 8344, 8359 Resistance on the YM Emini Futures

8110, 8088, 8047, 8008, 7966, 7878 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8273, 8316, 8354, 8410 Resistance on the YM Emini Futures

8210, 8148, 8110, 8088 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8205, 8222 -8232*, 8267, 8306, 8343 Resistance on the YM Emini Futures

8159, 8134, 8110, 8088 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8358, 8372, 8394, 8420, 8435, 8470 Resistance on the YM Emini Futures

8322, 8261, 8203, 8166, 8128 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8485, 8498, 8522, 8555, 8594 Resistance on the YM Emini Futures

8406, 8382, 8364, 8346, 8281 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8515, 8555, 8588 Resistance on the YM Emini Futures

8472 TraderSmarts Pivot

8443, 8372, 8266 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8410, 8435, 8485, 8515, 8555 Resistance on the YM Emini Futures

8364, 8328, 8266, 8203, 8166 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8390, 8422, 8457, 8494, 8516 Resistance on the YM Emini Futures

8355, 8313, 8281, 8228, 8166, 8128 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8281, 8328-8335, 8408, 8455 Resistance on the Ym Emini Futures

8252 TraderSmarts Pivot

8228, 8203, 8166, 8128 Supports

Trade smart and trade well

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8338, 8358, 8389, 8406, 8463, 8529 Resistance on the YM

8313 TraderSmarts Pivot

8291, 8247, 8203, 8166, 8128 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8338, 8368, 8381, 8434, 8470, 8515 Resistance on the YM Emini Futures

8275. 8242, 8203, 8166, 8128 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8393, 8422, 8452, 8470 Resistance on the YM Emini Futures

8355, 8340, 8320, 8281, 8242 Supports

Trade smart and trade well!

Happy Father's Day!!!

Happy Father's Day to all the Fathers out there...

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8574, 8613, 8658, 8734 Resistance on the YM Emini Futures

8530, 8516, 8470, 8434, 8320 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8475, 8488, 8533, 8545, 8574 Resistance on the YM Emini Futures

8434, 8408, 8398, 8355, 8320 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8504, 8544, 8612 resistance on the YM Emini Futures

8444 TraderSmarts Pivot

8398, 8355 - 8344, 8320, 8282 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8590, 8624, 8662, 8722 Resistance on the YM Emini Futures

8574 TraderSmarts Pivot

8543, 8516, 8476, 8433 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8649 minor, 8703, 8727, 8755, 8798 Resistance on the YM Emini Futures

8594, 8516, 8476 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8702, 8750, 8772, 8803 Resistance on the YM Emini Futures

8636, 8515, 8433 Supports

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8750, 8815, 8844, 8905 Resistance on the YM

8717, 8867, 8622, 8585, 8515 Supports

Trade smart and trade well!

Above are For June Contract we will post September as volume comes in...

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8792, 8828, 8868, 8905, 8944 Resistance on the YM Emini Futures

8750 TraderSmarts Pivot

8712, 8672, 8633, 8570 Supports.

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8828, 8855, 8898, 8944 resistance on the YM Emini Futures

8750, 8697, 8612 supports.

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8714, 8743, 8000, 8869 resistance on the YM Emini Futures

8636, 8616, 8569, 8515 supports.

Trade smart and trade well!

Against the Odds - The Process of Becoming a Professional Trader

So you want to be a trader? Let’s take a look at what succeeding at this endeavor will entail and maybe I can convince you to save yourself the grief and just go get a job, keep your current job, or choose another occupation.

Of all the people who ask me about trading for a living my estimate would be that a full 100% of them are completely disillusioned about it. Fifty percent of them think that it is just easy money and that anybody can do it and the other fifty percent think that it is nothing but gambling. I can assure you that no newbie wanabee trader has any idea or appreciation of how much time, money, pain, perseverance, and work is involved in trading for a living successfully. This article is going to look at what it takes to achieve the designation of professional trader.

It is a common used statistic that 85-90% of traders lose money. This means that only 10-15% of traders are making money on a consistent basis. (First of all the percentage is not exact so to simplify in this article we will use the 90/10 ratio) So what does it take for a losing trader to move in to the category of winner?

Well for one thing think about it like this: Say there are only 100 traders in any market. That means that there are 10 traders consistently making money and 90 traders consistently losing money. In order for a trader in the 90% losing category to move into the 10% winning category and to keep the 90/10 ratio in existence one of two things needs to happen. A trader in the winning category has to drop out and there has to be a new losing trader that comes into the market to take the place of the loser that just advanced to winner OR no winning traders drop out but the loser who advanced is replaced by a proportionate ratio of new losers to keep the 90/10 ratio intact. For example starting with 100 traders, 90 being losers and 10 being winners, if 10 moved into the winning category that would mean there would now be 20 winning traders and only 80 losing traders. This would mean 20% of the traders would be consistently winning traders and 80% of the traders would be consistently losing traders. We know that this ratio is not correct so what has to happen for the 10 losing traders to move into the winning group is that an additional 100 NEW traders would have to start trading and fall into the loser category. This would give us 20 consistently winning traders and 180 consistently losing traders – the perfect 10%/90% ratio. Now suppose again that 10 of the 180 move into the winning category leaving only 170 in the losing category with 30 now in the winning category. The losing category of traders would again need an additional 100 NEW traders to start trading and be losers for the 10%/90% ratio to be intact. See where I am going with this?

The point is that for a loser to become a winner a LOT more new losers need to enter the market to keep the 90/10 ratio intact. You also have to think of it like this. If you are a winning trader, you either continue to be a winning trader, retire, or blow up and stop trading. If you are a losing trader you either advance to being a winner, continue being a loser indefinitely which requires an endless supply of capital, or blow up and stop trading. The percentages are such that losing traders are more apt to leave the markets and stop trading then winning traders are. If you are consistently winning you have no monetary reason to stop trading and every monetary reason to keep trading. Losing traders are either forced to advance to winner or stop trading when their money runs out.

So far we have focused on people that are currently trading the markets or attempting to trade the markets. Every day there are hundreds of new brokerage accounts opened by people who ASPIRE to trade the markets. We know that for every 100 new traders that come into the markets about 10 will succeed and 90 will ultimately fail. That is just the way it is.

So how hard is it to go from newbie trader to consistently profitable trader? We have all heard the analogy of how hard it is to make money trading. The great trader Jesse Livermore used to say that when people asked him how to make some quick money in the market it was akin to someone asking a doctor or lawyer how to make some quick money in surgery or the law. For anybody who has ever traded this makes perfect sense. You wouldn’t read a book on surgery over the weekend and expect to go into the operating room and perform even a simple operation on Monday morning. Yet people routinely go to a weekend seminar or read a book and expect to start extracting money from the markets on a consistent basis. This is just not realistic. The same commitment and study that it takes to become a doctor is what it will take to become a consistently profitable trader. Some would argue the same amount of money as well. Instead of paying for college and medical school we will call it market education and tuition.

Now let us take it a step further. If one sets out to become a doctor they go to college, then medical school, then graduate and either go into private practice or get a job somewhere as a doctor. That is it – mission accomplished! If ten people set out to become doctors as long as they graduate from medical school they become doctors. Becoming a doctor is based entirely on your own effort and ability. You don’t have to put other doctors out of business to become a doctor. However if ten people set out to become traders and put in the same work and study and money in the effort as the aspiring doctors do, nine have to FAIL for one to become a trader. Imagine if after completing medical school 90% of the graduating class had to FAIL at becoming doctors for you to become a doctor. Not realistic right? If that was the case I imagine nobody would ever go to medical school. Yet that is EXACTLY what has to happen for you to become a consistently profitable trader. This is because trading is a ZERO SUM GAME. Being a doctor is not. The ONLY WAY to make money trading is by taking money from other traders. You don’t make money as a doctor by taking money from other doctors. Your pay as a doctor comes from your employer, the hospital, insurance companies, and ultimately patients.

When people trade the common misconception is that they are trading the market or taking money out of the market. They are not. They are trading OTHER TRADERS and taking money from OTHER TRADERS. In order for one trader to make money another trader or group of traders needs to lose money. This is how the market works and that is why it is a zero sum game. If you are losing money in the market the market is not taking your money, other traders are taking your money.

So thinking along the lines of traders trading other traders and knowing that only ten traders succeed for every ninety that fail let us take it yet another step further and talk about position size. If ten percent of traders are consistently successful traders then that means that those ten percent of traders are controlling ninety percent of the size. The ninety percent that are losing are handing their money over to the ten percent that are winning. Obviously not on every single trade, the losers do win sometimes, just not enough to be consistently profitable. The losers have to win enough to make them think that they can cross over into the category of winner so that the winners can keep taking their money before they eventually go broke and are replaced with other losers. And the ten percent lose sometimes too, just not enough to drop them into the ninety percent that lose consistently. One of the old adages on Wall Street is follow the smart money. It would seem to me that it would be more important, and easier, to make sure you know what the dumb money is doing so you can do the opposite. On any given move ninety percent of the traders are on the wrong side of the market while ten percent of the traders are on the right side controlling ninety percent of the size. This brings us to the conclusion that there must be a LOT of 1 lot losers in the futures market and a LOT of 100 share losers in equities. Of course the percentages may not be 90/10 on any given move but over time they equal out this way to keep the 90/10 ratio intact

So what have we learned? We know that most traders fail while a few succeed. We know that the barrier to trading entry is easy. Open a brokerage account, make a deposit, and that’s it - you too can have your money taken by professional traders. Compare that to becoming a doctor where the barrier to entry is a much longer and arduous process. Realize we are talking about the barrier to ENTRY in the profession. For entry is it much easier to become a trader than a doctor. For SUSTAINED SUCCESS over long periods of time we have learned it is much easier to be a doctor. That being said trading is a great profession if you are successful and it is obvious why everyday so many new people set out to make trading their career.

The freedom trading for a living provides is unattainable in almost any other profession. You can work from home in your pajamas or anywhere in the world that has an internet connection. You can take time off whenever you want and never have to worry about a boss telling you what to do or where to be. Not to mention the money that you can make is great if you are in the ten percent of consistently profitable traders. However before you decide to embark on the journey to professional trader be sure to first weigh the costs for they are not just monetary. The damage that consistent losing and ultimately failing can do to your pocket book, your soul, your psyche, your relationships, your marriage and your family is very real and sometimes irreparable. Be sure that you can handle it. In closing, if you should decide to attempt this journey, I wish you the best of luck and good fortune along the way, and in the meantime, I will look forward to taking your money.

TraderSmarts Numbers for the YM Emini Futures

Support becomes resistance and vice versa...

8868, 8898, 8949, 8988 resistance on the YM Emini Futures.

8808, 8790, 8756, 8712 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8689, 8744, 8789, 8828 resistance on the YM Emini Futures.

8675, 8644, 8585, 8516 supports.

Trade smart and trade well!

Dow Cash Update 6/3/2009

The markets essentially traded sideways since my 5/12/09 Dow Cash Update. Starting overnight Sunday 5/31 and into Monday 6/1 we blasted through the 8515 key resistance mentioned in those updates and went virtually straight to the KEY 8750 resistance/target of the 8515 snap without so much as a pause. This 8750 area on the DOW is a KEY area. I mentioned in the 5/5/09 Market Update that I would view this area as a pure fade the first time up to it and as the next area to look for a CIT if the 8515 got taken out. That scenario is in play now.

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8716, 8758, 8777, 8808 resistance on the YM Emini Futures.

8644, 8612, 8555, 8516 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice vera...

8777, 8791, 8828, 8888 resistance on the YM Emini Futures..

8744 TraderSmarts Pivot

8691, 8655, 8616, 8555 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8636, 8671, 8707, 8744, 8777 resistance on the YM Emini Futures.

8560, 8516, 8484, 8412 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8486, 8516, 8555, 8622 resistance on the YM Emini Futures.

8410, 8362, 8329, 8281 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8320 TraderSmarts pivot

8370, 8412, 8476 resistance on the YM Emini Futures.

8273, 8234, 8203, 8166 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8463, 8516, 8585 resistance on the YM Emini Futures.

8412, 8355, 8294 supports

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8422, 8452, 8495, 8516 resistance on the YM Emini Futures.

8386, 8355, 8325, 8258 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8340, 8355, 8388, 8444 resistance on the YM Emini Futures.

8288, 8228, 8202, 8166 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8340, 8388, 8433, 8495 resistance on the YM Emini Futures.

8281, 8244, 8202, 8166, 8122 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8559, 8594, 8617, 8642, 8688 resistance on the YM Emini Futures.

8515, 8452, 8355 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8488, 8515, 8555, 8594, 8613, 8634 resistance on the YM Emini Futures.

8429, 8388, 8355, 8322 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8333, 8359, 8392, 8433 resistance on the YM Emini Futures.

8258, 8223, 8206, 8168, 8128 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8279, 8291, 8320, 8330, 8359, 8395 resistance on the YM Emini Futures.

8238, 8203, 8166, 8128, 8085 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8286, 8296, 8320, 8340, 8359, 8408 resistance on the YM Emini Futures.

8247, 8203, 8164, 8128, 8088 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8340, 8360, 8411, 8470, 8555 resistance on the YM Emini Futures.

8301, 8262, 8206*, 8128, 8047 supports.

Trade smart and trade well!

Dow Cash Update 5/12/2009

8359 and 8515 are the key support and resistance on the Dow Cash. Whichever snaps first will produce the immediate direction. As mentioned in the 5/5/09 Market Update 8515 is the top of the target zone I had for the move up. It just gave resistance a moment ago on this intraday squeeze back. You can see that the 8359 (bottom of the target zone) gave support today as the low of the day. If they want the 8750 (target of over and holding 8515) hit then they will most likely run the futures up overnight to get the Dow Cash over 8515 so it can squeeze higher.

So 8359 and 8515 are KEY. CIT should be imminent but the market is NOT behaving rationally. Look for under and holding 8359 to confirm CIT and if over 8515 and holding then 8750 area to be hit before looking for CIT

Reference the 5/5/09 Market Update.

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8457, 8494, 8518, 8534, 8562 resistance on the YM Emini Futures.

8413, 8369, 8322, 8281, 8206 supports.

Trade smart and trade well!

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8479, 8533, 8555, 8594 resistance on the YM Emini Futures

8398, 8336, 8320, 8281 , 8238 supports

Trade smart and trade well!

Happy Mother's Day!!!

Happy Mother's Day to all the mothers out there...

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8516, 8544, 8555, 8594, 8638, 8750 resistance on the YM Emini Futures

8477, 8420, 8396, 8327, 8310, 8282 supports.

Trade smart and trade well!

Market Update from 5-5-09

***This is from an email type market update that I send out periodically to certain friends, family, and associates. The first one was sent out in January of 2007 and the most recent (the one I am posting here) was sent out on the evening of 5-5-09***

Just a quick note that I have had 5/5/09 as a timing date and 8359-8515 on the Dow cash as an upside target for this move up off the March 6th lows. We are in that range of price and time squared now. We could see a CIT (Change in Trend) on the daily chart here soon. XLF had an 11.72 target that was finally hit yesterday. Since financials have been leading this market everything seems to be falling into place as far as price and time.

Keep in mind the bank stress test results are in play. These were supposed to be fully released already but were postponed. Results are known by the boys but the reality will be spun so as to not upset the public. The market is on hold for these and it may affect the timing aspect so over the 8359-8515 range and 8750 (which IMO if we get there is an area to fade) is the next level on the DOW cash where I would be looking for a CIT. Bottom line is watch for a CIT of this trend to be imminent.

TraderSmarts Emini Futures Numbers for the YM

Support becomes resistance and vice versa...

8546, 8564, 8595, 8649, 8680, 8750 resistance on the YM Emini Futures

8522, 8477, 8432, 8391, 8360, 8320 supports.

Trade smart and trade well!

Welcome to TraderSmarts

Welcome to TraderSmarts! I started this site because everyone I know is always asking me for support and resistance numbers on the emini futures and on stocks. This site is my way of giving back to those in the trading community.

Every day I will be posting my proprietary support and resistance numbers, which I call TraderSmarts Numbers, for the emini indexes and some select stocks. I specialize in trading the YM so we are going to focus on that contract at first but I also trade the ES, NQ, GC, CL, ZN, and ZB among others. You can check back here every morning for proprietary TraderSmarts Numbers. If you would like numbers for a specific market or stock just ask and I will try to accomadate.

These proprietary numbers will be the main focus at first and eventually I will share some thoughts on various aspects of trading such as mental fitness, specific techniques, lessons learned, trading journals, trading rules, interpreting data, etc. We will also do some fun things like polls, giveaways, interviews, and lots of other exciting stuff.

I look forward to sharing with you along this journey and sincerely hope that the TraderSmarts Numbers help you as much as they help me each and every trading day!