TraderSmarts Numbers for the YM Emini Futures - Tuesday June 1, 2010

TraderSmarts Numbers for the YM

10112, 10162, 10214, 10322*, 10375, 10451 Resistance on the YM Emini Futures

10075, 10016, 9932*, 9844, 9777 Supports

Trade smart and trade well!

YM: 9932 highest odds long FTD. 10016 2nd highest odds long FTD. 10075 agressive long. 10322 highest odds short FTU. 10112 agressive short.

Qualities of Top Traders

1. Patience

"The waiting is the hardest part" - Tom Petty

"Patience pays. Wait. Let the hand of God work for you. One who has created you let Him create all the environments, circumstances, and facilities & faculties" - Yogi bhajan

I don't know about you but I trade to put food on the table for my family. In the long run if f I don't make money – we don't eat. A lot of trading is waiting. Waiting for the best trade to come to you, waiting for your scales to be hit, waiting for final target to be hit, etc. If you are impatient you lack the ability to wait for these things. If you are trading for excitement or thrills then you will find yourself taking stupid trades out of a need for action and in return you will not experience the results you desire. Much better to head to Vegas or go bungee jumping. Before I put ONE DOLLAR at risk I want to be sure that the odds are stacked in my favor. You won't find me trading out of boredom, or taking a low odds trade because I feel the need to do "something". I am fine being flat. You should learn to love the waiting – the waiting is what enables you to make the money.

2. Decisiveness.

"It's better to be boldly decisive and risk being wrong than to agonize at length and be right too late" - Anonymous

"Procrastination in the name of reducing risk actually increases risk" - Colin Powell

"Take time to deliberate, but when the time for action has arrived, stop thinking and go in" - Napoleon Bonaparte

"In any moment of decision, the best thing you can do is the right thing, the next best thing you can do is the wrong thing, and the worst thing you can do is nothing" - Theodore Roosevelt

If you have the patience to wait for your setup then you better have the decisiveness to GET IN THE TRADE once price comes to you and your entry parameters are present. How many people wait for the trade to come and then when it arrives start analyzing if they should take it? When the trade has arrived it is time for action, not analyzation. This is what preparation is for. If you have done your homework there is no need for hesitation – you already know what to do. At the same time trading is not static. There are times when the odds are high that the market will reverse before your final target is hit. Do you have the decisiveness to reverse the position or flatten when this situation is present? It has been said that the number one ingredient to being a great trader is the trading guts to pull the trigger as soon as a reverse is anticipated. Be decisive.

3. Gratitude.

Wanna thank you, Wanna thank you

Freedom in stride, love, peace of mind

We just wanna give Gratitude - Earth Wind & Fire

Thank you, Lord, for what you've done for me

Thank you, Lord, for what you're doing now

Thank you, Lord, for ev'ry little thing

Thank you, Lord, for you made me sing - Bob Marley

"He is a wise man who does not grieve for the things which he has not, but rejoices for those which he has" – Epictetus

If you book 10 points on the day are you the type of trader that is mad about the 15 pts left on the table or grateful about the 10 you pocketed? A consistently profitable trader is a continuously grateful trader. When you are grateful for what you have you operate out of a state of abundance. How many times have you become upset about missing a trade you were waiting for, or about how far a position ran after you got out, or about getting stopped at the extreme of a move only to see the trade reverse in your favor? It happens to all of us and we all do it. It is normal to think we should have booked more profits or done better - that is a characteristic of most traders - we are never satisfied and always think we can improve on our performance.  The key is to be thankful and grateful for what we do get. By maintaining a thankful and grateful mindset it opens the way for abundance and blessings to come into your life.

More will be added but thought I would share as they are written…

TraderSmarts Numbers for the YM Emini Futures - Friday May 28, 2010

TraderSmarts Numbers for the YM

10251, 10298, 10375*, 10451*, 10471, 10497 Resistance on the YM Emini Futures

10202, 10176, 10075*, 10030, 10009, 9932 Supports

Trade smart and trade well!

YM: 10219 was highest odds short FTU for Wednesday. We got a reversal at 10212 and then 10215 FTU. Then we blew through 10219 with 10 min to the close. Obviously you don't take that short after resistance just under the 10219 two times and then the move into it with less than 15 min to go in cash session.

Thursday highest odds short FTU is 10451 and then 10375. Highest odds long FTD is 10075. Under 10075 and holding and expecting a long squeeze to ensue.

TraderSmarts Numbers for the YM Emini Futures - Thursday May 27, 2010

Support becomes resistance and vice versa...

10105, 10148, 10219*, 10298, 10375* Resistance on the YM Emini Futures

10075, 10009, 9971, 9932*, 9844, 9777, 9667, 9596 Supports

Trade smart and trade well!

YM: This 10230 is still in play. 10219 (This illusive 10230 target) is highest odds short FTU. IF shorting this 10219 the reversal needs to be FAST. If it is not a fast reversal high potential for a squeeze to the higher Numbers. Look to scale to hedge and lock in profits. Highest odds long FTD 9932.

TraderSmarts Numbers for the YM Emini Futures - Wednesday May 26, 2010

TraderSmarts Numbers for the YM

10149*, 10202, 10227*, 10380 Resistance on the YM Emini Futures

10074, 10035, 9973, 9922, 9844, 9777, 9667 supports.

Trade smart and trade well!

YM: 10149 highest odds short FTU. 10227 (This illusive 10230 target) now becomes 2nd highest odds short FTU. IF shorting this 10227 the reversal needs to be FAST. If it is not a fast reversal high potential for a squeeze to the higher Numbers. Look to scale to hedge and lock in profits. Highest odds long 10035 and then 9922.

TraderSmarts Numbers for theYM Emini Futures - Tuesday May 25, 2010

TraderSmarts Numbers for the YM

9960, 10013, 10045*, 10105, 10155, 10230, 10322, 10380 Resistance on the YM Emini Futures

9865*, 9844*, 9777*, 9667*, 9596 Supports

Trade smart and trade well!

YM: 11045 highest odds short FTU. Highest odds long FTD starts at 9865.

TraderSmarts Numbers for the YM Emini Futures - Monday May 24, 2010

Support becomes resistance and vice versa...

10230, 10322, 10380*, 10416, 10547 Resistance on the YM Emini Futures

10152, 10106 – 10095*, 10047, 10016, 9960*

Trade smart and trade well!

YM: 10380 highest odds short FTU. Highest odds long FTD is 10106 - 10095 and 9960.

TraderSmarts Numbers for the YM Emini Futures - Friday May 21, 2010

Support becomes resistance and vice versa...

10152*, 10204, 10230*, 10322, 10372, 10416, 10547 Resistance on the YM Emini Futures

10047, 9922*, 9865, 9596 Supports

Trade smart and trade well!

YM: 10152 and 10230 highest odds short FTU. Over 10230 and holding and huge squeeze potential. Highest odds long FTD is 9922. 11047 a place to consider long FTD.

New Blog Post - Why You Should Get Rid of Your 1 Minute Chart

Be sure to see the comment I left in the comments of above post.

TraderSmarts Numbers for the YM Emini Futures - Thursday May 20, 2010

Support becomes resistance and vice versa...

10416, 10446*, 10516, 10547, 10620*, 10688 Resistance on the YM emini Futures

10370, 10322, 10248, 10176*, 10136*, 10108, 10047 Supports

Trade smart and trade well!

YM: 10446 and 10620 highest odds short FTU. 10176 and 10136 highest odds long FTD. If I am not already short I will consider longs at 10322 and 10248 as well.

New Blog Post - Why You Should Get Rid of Your 1 Minute Chart

TraderSmarts Numbers for the YM Emini Futures - Wednesday May 19, 2010

TraderSmarts Numbers for the YM

10463, 10516*, 10547*, 10603, 10688 Resistance on the YM Emini Futures

10364*, 10322, 10248*, 10176, 10108, 10047 Supports

Trade smart and trade well!

YM: 10516 and 10547 highest odds short FTU. 10364 and 10248 highest odds long FTD.

New Blog Post - Why You Should Get Rid of Your 1 Minute Chart

Why You Should Get Rid Of Your 1 Minute Chart

Three things kill newer traders and they are all related: Having too small of an account, not really defining and accepting risk, and focusing on every tick. All of these things will cause you to trade scared. And we all know that scared money never wins.

If you are struggling to be a consistent trader one of the best things you can do is get rid of your 1 minute chart. A one minute chart causes you to put too much emphasis on every tick. This makes you more likely to be whipsawed on a trade. It will give you unnecessary stress, and in turn cause you to panic out of GOOD trades. It doesn't have to be this way.

New traders come in and think that they have to try to capture every tick. So what better way to do that than to watch the 1 minute chart – after all it shows every tick, right? Of course you could drive yourself really crazy and watch a single tick chart LOL. We laugh but how hard would it be to trade off of a SINGLE tick chart. Nearly impossible right? The same holds true if the ONLY thing you are watching is a 1 minute.

This really affects 1 -2 lot small traders who are struggling to be consistent to begin with. Trading a 1 lot is at least 2X as hard as trading a 2 lot for the simple fact that you are either all in or all out – you can't scale. How do you panic out of trades with a 1 minute chart? Because it causes you to do stupid things like move your stop to b/e too soon or get out before your target is hit.

Say you have a certain level you want to long or short and your "standard" stop is 20 ticks. For this example say you want to short 10540 YM. The market moves up and you get short 10540. Quickly the market moves 8 ticks in your favor right out of the gate. Watching every tick you think to yourself I'll move my stop to b/e so I don't give any back. The market then moves to 10543 and stops you out. (This all happens in 2 one minute candles btw). From there the market moves to 10535 and you go "damn it I got whipsawed" so you short again at 10540 on the next move up. This time the market keeps going up to 10552 and now you are really pissed. Not only did you get whipsawed but now you are in a 12 tick "loser". Since you are watching every tick on the DOM and the 1 minute chart you are getting more and more agitated and the need to get back to b/e is growing stronger. The market moves 4 more ticks against you to 10556 (4 ticks from your stop) before moving SWIFTLY in your favor down to 10528. Now that you have a 12 tick winner you think okay I'm not going to get stopped b/e again so you move your stop to - 5 from your normal - 20 tick stop. The market moves back up and takes you out at 10546 – 1 tick over your new stop before dumping down to your eventual target at 10480.

What would have been a good trade (60 ticks of profit), and never would have hit your normal 20 tick stop, manages to turn into a loser. Two times. This kind of thing, and worse, happens all the time.

I use a 4 minute chart for my entries and exits. Sometimes I will go off the 2 min. For whatever contract I trade I have the 2/4/10/30/60 up intraday. The 2/4 is like a path through the forest and the 30/60 is the forest. If you needed to get from one side of the forest to the other you could just hop on any path and hope you make it, but wouldn't it be better if you could stand on top of a cliff and see where each path leads before you get on it? That is what the 30/60 minute charts are for intraday – which way is the market leading?

*In the example above I mentioned a 20 tick stop. For the record I do NOT advocate using a standard stop for every trade. This may work for some people but I have found it doesn't work for me. For me every trade is unique, and therefore deserves a unique stop. As a general rule though if you are trading the YM and going all in on your entry (not pairing into a position) for an intraday trade a stop somewhere between 13 -30 ticks should be sufficient. In really fast markets (fall 2008) that number is obviously higher.

TraderSmarts Numbers for the YM Emini Futures - Tuesday May 18, 2010

Support becomes resistance and vice versa...

10620, 10653, 10688*, 10744, 10787*, 10837, 10926 Resistance on the YM Emini Futures

10579, 10514*, 10364*, 10322, 10248 Supports

Trade smart and trade well!

YM: Highest odds short FTU is 10688 and 10787. Highest odds long FTD is 10514 and then 10364.

1.2283 TraderSmarts Number for the 6E

TraderSmarts Numbers for the YM Emini Futures - Monday May 17, 2010

Support becomes resistance and vice versa…

10653, 10688, 10744, 10787, 10837, 10926 Resistance on the YM Emini Futures

10514, 10456, 10364, 10322, 10248 Supports

Trade smart and trade well!

YM: Whoever managed to short the 10773 - 10837 range did nicely on Friday. 10688 then 10653 highest odds short FTU. 10456 then 10364 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Friday May 14, 2010

TraderSmarts Numbers for the YM

10773 – 10794, 10823, 10837, 10926, 10996 Resistance on the YM Emini Futures

10686, 10633, 10540, 10456 Supports

Trade smart and trade well!

YM: From Thursday: First close over the 10794 - 10773 Key Range since the "crash" last Thursday. Logic would say that IF we are to move up to higher areas from here then THAT key range would be support now.

YM closed at 10773 on the dot. Does this become support or do we move lower now? Friday holds the answer. I am viewing the entire area of 10773 - 10837 as a zone to try shorts for a potential move down to the low 10600's and lower. Over 10837 and I most likely won't short until 10926 or a little higher. Highest odds long FTD is 10540 and then 10456.

TraderSmarts Numbers for the YM Emini Futures - Thursdy May 13, 2010

Support becomes resistance and vice versa...

10880, 10926, 10996, 11049 Resistance on the YM Emini Futures

10837, 10794 – 10773, 10759, 10704, 10633, 10540 Supports

Trade smart and trade well!

YM: First close over the 10794 - 10773 Key Range since the "crash" last Thursday. Logic would say that IF we are to move up to higher areas from here then THAT key range would be support now. Highest odds long FTD is that range and then 10704. Highest odds short FTU is 10926 and then the highest two TraderSmarts Numbers.

TraderSmarts Numbers for the YM Emini Futures - Wednesday May 12, 2010

Support becomes resistance and vice versa...

10704, 10759, 10773 – 10794*, 10837, 10926 Resistance on the YM Emini Futures

10603, 10540, 10508*, 10456*, 10400, 10364 Supports

Trade smart and trade well!

YM: The 10773 - 10794 zone has proven itself HUGE. Highest odds short FTU is this zone on Wednesday. Tuesday we took out that zone and got the reversal at the 10837. Anything over 10794 has squeeze potential of 300 pts higher. Highest odds long FTD is 10508 and then 10456. 10540 is a decent long FTD.

TraderSmarts Numbers for the YM Emini Futures - Tuesday May 11, 2010

Support becomes resistance and vice versa...

10682, 10773 – 10787, 10837, 10926, 10996, 11049 Resistances on the YM Emini Futures

10603, 10540, 10508, 10456, 10400, 10364 Supports

Trade smart and trade well!

YM: The 10773 - 10787 zone was excellent resistance FTU and proved resistance all day. This zone is still important going into Tuesday. I won't say it is highest odds FTU again but it deserves respect. 10926 highest odds short FTU. Anything over 10787 still has squeeze potential. Highest odds long FTD is 10540, 10508 and then 10456.

Important Note about the TraderSmarts Numbers for the YM - Monday May 10, 2010

I have chosen not to post the TraderSmarts Numbers for the YM again today for the same reason as Friday. You can read that note HERE. When the volatility dies down a bit I will be back to posting as normal. Thanks for your understanding.

Important Note About the TraderSmarts Numbers for the YM - Friday May 7, 2010

Due to the nature of the move Thursday there are IMPORTANT trading notes that go along with each contract I cover for members (YM/ES/6E/CL). I also covered the NQ and TF for members as they are relevant to trading Friday. You really need to see the notes for the other contracts to grasp the entire picture of the YM Numbers for Friday.

Because of this I feel like it would be irresponsible to post the TraderSmarts Numbers for the YM without posting the market commentary and the notes for all the contracts, and it would not be fair to paying subscribers to post those notes here, so there will be no post tonight. Thank you for your understanding. I may elect to post the entire member email after the day is over.

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Thursday May 6, 2010

Support becomes resistance and vice versa…

10836, 10863, 10926, 10975, 10996, 11049 Resistance on the YM Emini Futures

10773, 10724, 10689, 10633 Supports

Trade smart and trade well!

YM: As long as we are under 10996 I want to be shorting pops. Only longs I will take FTD will be at extremes. 10863 and 10926 best odds short FTU. 10863 will be the spot IF we are to get a hard selling day. IF we pop to 10975 I will short it FTU. 10773 was money for long on Wednesday. Thinking the lower numbers will be in play Thursday.

TraderSmarts Numbers for the YM - Wednesday May 5, 2010

Support becomes resistance and vice versa…

10894, 10926, 10975*, 10996, 11049 Resistance on the YM Emini Futures

10836, 10773, 10724, 10689, 10633 Supports

Trade smart and trade well!

YM: As long as we are under 10996 I want to be shorting pops. Only longs I will take FTD will be at extremes. Most likely the 10724 and under. Highest odds short FTU is 10975.

TraderSmarts Numbers for the YM Emini Futures - Tuesday May 4, 2010

Support becomes resistance and vice versa...

11052, 11095*, 11130, 11234 Resistance on the YM Emini Futures

11037, 11013, 10975, 10945, 10921, 10888, 10861 Supports

Trade smart and trade well!

Markets are coiling up on the daily chart. Which way do we get the break? I am going to have to say down at this point. 1145 - 1155 on the ES makes sense to me. We shall see. Keep in mind we have higher squeeze targets if the test of yesterday's key areas on YM/ES is successful. We are at it on YM 11047.

YM: Under 11037 and holding and I want to be shorting bounces. The 10894 (Number from chart on blog) - 10861 is a HUGE area but right under the consolidation on the daily. Highest odds short FTU is 11095.

TraderSmarts Numbers for the YM Emini Futures - Monday May 3rd, 2010

Support becomes resistance and vice versa...

11021, 11047*, 11083*, 11124 Resistance on the YM Emini Futures

10946, 10888, 10861, 10773, 10724, 10689 Supports

Trade smart and trade well!

YM: TraderSmarts Number 10916 was the low to the TICK last Wednesday so pay attention there as well as 10894 from the chart on blog. The 10894 - 10861 is a HUGE area. 11047 and 11083 best odds for short FTU.