TraderSmarts Numbers for the YM - Thursday December 30, 2010

Support becomes resistance and vice versa...

11616, 11578, 11553, 11538 Resistance for the YM Emini Futures

11512, 11481, 11464, 11439, 11408, 11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: Extreme: 11578 -11570 highest odds short FTU. 11231 - 11209 highest odds long FTD.  11298 another spot to consider long. Price finally touched the 11538. I am starting to look for an intermediate top to be in - I think about 11700 MAX before we see some type of correction. A quick 500 point drop down to 11100 or so would not surprise me.

Range: 11553 highest odds short FTU 11481 highest odds long FTD. 11512 aggressive long.

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 29, 2010

Support becomes resistance and vice versa...

11538, 11553, 11578, 11616 Resistance on the YM Emini Futures

11512, 11481, 11464, 11439, 11408, 11393, 11375, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: Extreme: 11578 - 11553 highest odds short FTU. 11321 - 11209 highest odds long FTD. 11298 another spot to consider long. Price finally touched the 11538 (hit 11537) on Tuesday. I am starting to look for an intermedite top to be in - I think about 11700 MAX before we see some type of correction. A quick 500 point drop down to 11100 or so would not surprise me.

Range: 11553 highest odds short FTU. 11439 highest odds long FTD. 11481 aggressive long.

Prices increase Jan 1, 2011 - Get in now and lock in current rates!
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TraderSmarts Numbers for the YM Emini Futures - Tuesday December 28, 2010

Support becomes resistance and vice versa...

11516, 11538, 11543, 11578, 11616 Resistance on the YM Emini Futures

11481, 11464, 11439, 11408, 11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: Extreme: 11578 -11553 highest odds short FTU. 11231 - 11209 highest odds long FTD. 11298 another spot to consider long. 11393 is the immediate line in the sand. Over and holding and expecting to test 11538 from here. (We are obviously holding over the 11393 from last week and I am still expecting 11538 - 11553 minimum to hit on YM)

Range: 11553 highest odds short FTU 11408 highest odds long FTD. 11439 aggressive long.

www.tradersmarts.net

TraderSmarts Numbers for the YM Emini Futures - Monday December 27, 2010

Support becomes resistance and vice versa...

11516, 11538, 11553, 11578, 11616 Resistance on the YM Emini Futures

11481, 11464, 11439, 11408, 11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: Extreme: 11578 -11553 highest odds short FTU. 11231 - 11209 highest odds long FTD. 11298 another spot to consider long. 11393 is the immediate line in the sand. Over and holding and expecting to test 11538 from here.

Range: 11512 highest odds short FTU 11439 highest odds long FTD.

www.tradersmarts.net

TraderSmarts Numbers for the YM Emini Futures - Thursday December 23, 2010

Support becomes resistance and vice versa...

11512. 11538, 11578, 11616 Resistance on the YM Emini Futures

11481, 11464, 11439, 11408, 11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: Extreme: 11578 - 11538 highest odds short FTU. 11231 - 11209 highest odds long FTD. 11298 another spot to consider long. 11393 is the immediate line in the sand. Over and holding and expecting to test 11538 from here.

Range: 11538 highest odds short FTU. 11512 aggressive short. 11439 highest odds long FTD.

http://www.tradersmarts.net/

TraderSmarts Numbers for the YM - Wednesday December 22, 2010

Support becomes resistance and vice versa...

11464. 11483, 11512, 11538, 11578, 11616 Resistance on the YM Emini Futures

11439, 11408, 11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: Extreme: 11578 - 11538 highest odds short FTU. 11231 - 11209 highest odds long FTD. 11298 another spot to consider long. 11393 is the immediate line in the sand. Over and holding and expecting to test 11538 from here.

Range: 11483 highest odds short FTU. 11408 highest odds long FTD. 11439 aggressive long.

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 21, 2010

Support becomes resistance and vice versa...

11476, 11512, 11538, 11578, 11616 Resistance on the YM Emini Futures

11439, 11408, 11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

The contract notes have been reflecting an expected increase in volatility that has not come yet. For today I will include a Range and Extreme for the contract notes for YM and ES. Make sense?

YM: Extreme: 11578 - 11538 highest odds short FTU. 11231 - 11209 highest odds long FTD.  11298 another spot to consider long. 11393 is the immediate line in the sand. Over and holding and expecting to test 11538 from here. Range: 11476 highest odds short FTU. 11375 highest odds long FTD. 11410 aggressive long.

TraderSmarts Numbers for the YM Emini Futures - Monday December 20, 2010

Support becomes resistance and vice versa...

11416, 11439, 11460, 11505, 11538, 11578

11393, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: 11578 - 11538 highest odds short FTU. 11416 aggressive short. 11231 - 11209 highest odds long FTD.  11298 another spot to consider long. 11375 aggressive long. 11393 is the immediate line in the sand. Over and holding and expecting to test 11538 from here. 

TraderSmarts Numbers for the YM Emini Futures - Friday December 17, 2010

Support becomes resistance and vice versa...

11442, 11460, 11505, 11538, 10578 Resistance on the YM Emini Futures

11424, 11392, 11375, 11353, 11320, 11298, 11252, 11231, 11209 Supports

Trade smart and trade well!

YM: 11578 - 11538 highest odds short FTU. 11231 - 11209 highest odds long FTD. 11375 aggressive long. 11392 is the immediate line in the sand. Over and holding and expecting to test 11538 from here.

TraderSmarts Numbers for the YM Emini Futures - Thursday December 16, 2010

Support becomes resistance and vice versa...

11424, 11460, 11505, 11538, 11578 Resistance on the YM Emini Futures

11392, 11353, 11320, 11298, 11252, 11231, 11209, 11189, 11161, 11130 Supports

Trade smart and trade well!

YM: 11578 - 11538 highest odds short FTU. 11231 - 11209 highest odds long FTD. 11392 is the immediate line in the sand. 11353 aggressive long. Over and holding and expecting to test 11538 from here.

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 15, 2010

Support becomes resistance and vice versa...

11424, 11460, 11505, 11538 Resistance on the YM Emini Futures

11392, 11353, 11320, 11298, 11252, 11231, 11209, 11189, 11161, 11130 Supports

Trade smart and trade well!

YM: 11538 highest odds short FTU. 11460 aggressive short. 11231 - 11209 highest odds long FTD. 11320 and lil lower early short. 11392 is the immediate line in the sand. Over and holding and expecting to test 11538 from here.

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 14, 2010

Support becomes resistance and vice versa...

11386, 11404, 11431, 11460, 11505, 11538 Resistance on the YM Emini Futures

11353, 11320, 11298, 11252, 11231, 11209, 11189, 11161, 11130 Supports

Trade smart and trade well!

YM: 11538 highest odds short FTU. 11460 aggressive short. 11231 - 11209 highest odds long FTD. 11320 and lil under aggressive long.

TraderSmarts Numbers for the YM Emini Futures - Monday December 13, 2010

Support becomes resistance and vice versa...

11353, 11383, 11407, 11431, 11450, 11505 Resistance on the YM Emini Futures

11320, 11198, 11252, 11231, 11209, 11189, 11161 Supports

Trade smart and trade well!

YM: 11431 highest odds short FTU. 11353 aggressive short. 11231 - 11209 highest odds long FTD. 11320 aggressive long.

You Don't Have to Trade

There was not a lot setting up yesterday morning as the volatility had pretty much died after the first 40 minutes of the cash session. I think a lot of newer traders (and veterans alike) have this constant feeling like they NEED to be doing something. I thought I would share this series of tweets from the Intraday Alerts with the StockTwits community and hopefully drive home the lesson that "you don't have to trade".

Not much setting up...aggressive trades only 7:07 AM Dec 10th via TweetDeck
Market is sideways 6 days in a row... 7:09 AM Dec 10th via TweetDeck

Volatility is just not there. $YM_F in a 150 pt channel for 6 days and most of that has come overnight LOL = not much setting up. about 24 hours ago via TweetDeck

If you take out the o/n moves market in a 50 pt cash session range. about 24 hours ago via TweetDeck

When volatility contracts it leaves aggressive trades. You can force things but aggressive trades CAN lead to aggressive losses. about 23 hours ago via TweetDeck

So many people feel the need to DO SOMETHING. I am content to sit back and WAIT for the market to come to me. about 23 hours ago via TweetDeck

Notice that #1 is patience for a reason :) http://tradersmarts.blogspot.com/2010/05/qualities-of-top-traders.html about 23 hours ago via TweetDeck

Then we had a member ask "what do you do, specifically, to encourage/enforce that feeling of contentment to sit and wait?" This is so important. My reply was to think about the losses that can occur by being an idiot. But then I thought about it and I like to focus on the affirmative so I said it is probably better to focus on what practicing patience will do for your trading and all the benefits it will bring. Which made me think of a video from a while back that was circulating on Twitter and the wonderful line at the end of it: "If you're afraid to fall you fall because you're afraid. Everything is choice".

This is so true. EVERYTHING is choice. You can CHOOSE to be an idiot or you can CHOOSE to make smart decisions. You can CHOOSE to have patience or you can CHOOSE to sabotage your trading. What is the first thing you need in order to CHOOSE? Awareness. Awareness of self.

There is a great line from "Joe Versus the Volcano" (great movie highly under-rated) where Patricia (Meg Ryan) is talking to Joe (Tom Hanks) and she states: "My father says almost the whole world's asleep. Everybody you know, everybody you see, everybody you talk to. He says only a few people are awake. And they live in a state of constant, total amazement."

Be aware. Choose to execute patience in your trading. Be awake. Choose to live life like a child "in a state of constant total amazement".

Here is the video:


Here is the link to the audio (I couldn't find the video) of the line from "Joe Versus the Volcano":
http://www.mindspring.com/~waponi/wav/awake.wav

Update: 10/13/2012 I found the video...

TraderSmarts Numbers for the YM Emini Futures - Friday December 10, 2010

Support becomes resistance and vice versa...

11336, 11353, 11374, 11407, 11431, 11450, 11505 Resistance on the YM Emini Futures

11310, 11298, 11280, 11231, 11209, 11189, 11161 Supports
Trade smart and trade well!

Trade smart and trade well!

YM: 11431 highest odds short FTU. 11353 aggressive short. 11231 highest odds long FTD. 11280 aggressive long.

TraderSmarts Numbers for the YM Emini Futures - Thursday December 9, 2010

TraderSmarts Numbers for the YM

11343, 11374, 11407, 11431, 11450, 11505 Resistance on the YM Emini Futures

11310, 11298, 11280, 11231, 11209, 11189, 11161 Supports

Trade smart and trade well!

YM: 11431 highest odds short FTU. 11231 highest odds long FTD. 11297 aggressive long.

Contract Rollover is today. The TS #'s are for the front month contracts.

How I handle contract rollover: http://tradersmarts.blogspot.com/2010/09/how-i-handle-contract-rollover.html

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 8, 2010

Support becomes resistance and vice versa...

11344, 11385, 11402, 11422, 11463, 11505 Resistance on the YM Emini Futures

11298, 11265, 11252, 11233, 11209, 11197, 11168, 11129, 11108, 11091, 11045, 11015 Supports

YM: 11505 highest odds short FTU. 111384 excellent spot to consider short. 11210 highest odds long FTD. 11265 - 11233 excellent spot to look for long

TraderSmarts Numbers for the YM Emini Futures - Tuesday December 7, 2010

Support becomes resistance and vice versa...
11382, 11411, 11422, 11463, 11505 Resistance on the YM Emini Futures

11349, 11338, 11298, (11265, 11252, 11242), 11209, 11197, 11168, 11129, 11108, 11091, 11045, 11015 Supports
Trade smart and trade well!

YM: 11505 highest odds short FTU. 11422 - 11411 good spot to to consider short. 11209 highest odds long FTD. 11265 - 11252 excellent spot to look for long.

TraderSmarts Numbers for the YM Emini Futures - Monday December 6, 2010

Support becomes resistance and vice versa...

11353, 11379, 11411, 11422, 11463, 11505 Resistance on the YM Emini Futures

11338, 11298, 11273, (10252 -10242), 11209, 11197, 11168, 11129, 11108, 11091, 11045, 11015 Supports

Trade smart and trade well!

A feel for the Intraday Alerts

This is part of an email I got yesterday from a potential subscriber (and friend on Twitter). I get multiple variations of this question ALL the time so instead of having to rewrite a similar answer for each email I figured I would make a blog post that I can direct people to :)

Here was the question:

Could you tell me a little bit about your Live Intraday alerts. Specifically what I would like to know is are you calling out areas as they happen, or are there discussions involving potential buy/sell zones ahead of time and reasons for the trade, risk etc…

Answer:

I try to set up the trade ahead of time like this "Stalking long/short (whatever contract we are trading) at X, stop is Y, first scale is Z". I think it is important for subscribers to be able to evaluate the risk ahead of time and see if they want to take the trade. This is how most of the trades are laid out. That being said there are times that I will see something fast and enter fast and say "long/short (whatever contract we are trading) at X, stop Y". In these instances price may have moved for or against my entry so it could either give you a more favorable entry or less favorable entry :) For the most part though you will get the trade set up ahead of time so you can decide if the trade risk fits your risk parameters and make the decision to take the trade or not.

Here is an example of a GC trade we took on Thursday 12/2/2010:

Stalking long GC 1391.1 & 1389.6 Stop is under and holding 1389 7:47 AM Dec 2nd via TweetDeck

Here comes GC Thursday, December 02, 2010 8:12:10 AM via TweetDeck

Long 1391.1 GC Thursday, December 02, 2010 8:13:32 AM via TweetDeck

First scale on GC is 1392.8 Thursday, December 02, 2010 8:15:12 AM via TweetDeck

First scale filed on GC out 1/4 + 17 ticks Thursday, December 02, 2010 8:18:49 AM via TweetDeck

Next scale is 1394.2 GC leaving 1/2 on to trail to hopefully over 14K Thursday, December 02, 2010 8:19:43 AM via TweetDeck

2nd scale filled on GC + 31 ticks at 1394.2 Thursday, December 02, 2010 8:21:26 AM via TweetDeck

Peeled another 1/8 1399.3 GC Thursday, December 02, 2010 8:24:43 AM via TweetDeck

+ 82 ticks GC 3/8 left... waiting for the buy stops over 14K. Who remembers extended target from yesterday? Thursday, December 02, 2010 8:26:05 AM via TweetDeck

Taking off another 1/8 1401.1 for 100 ticks if get chance and then another 1/8 at 1406 ish leaving 1/8 for 1413 extended target. GC 8:43 AM Dec 2nd via TweetDeck

Sigh unreal out of last 3/8 GC for scratch Thursday, December 02, 2010 9:57:34 AM via TweetDeck

Should have trailed that bad trade mgt on my part GC Thursday, December 02, 2010 9:58:31 AM via TweetDeck

And that was the GC trade. Could have managed the last 3/8 of position better but you get the point about about how I try to lay things out in advance for subscribers.

Trade smart and trade well!

TraderSmarts Numbers for the YM Emini Futures - Friday December 3, 2010

Support becomes resistance and vice versa...

11353, 11388, 11411, 11463, 11505 Resistance on the YM Emini Futures

11320, 11298, 11273, (10252 -10242), 11212, 11197, 11168, 11129, 11108, 11091, 11045, 11015 Supports

Trade smart and trade well!

NFP @ 5:30 AM PST.

Another white candle on daily and we have Three White Soldiers.

YM: 11505 highest odds short FTU. 11411 - 11388 good spot to consider short. 11265 - 11252 highest odds long FTD. 11298 aggressive long.

TraderSmarts Numbers for the YM Emini Futures - Thursday December 2, 2010

Support becomes resistance and vice versa...

11242 - 11252, 11273, 11325 - 11315, 11360, 11411 Resistance on the YM Emini Futures

11212, 11197, 11168, 11129, 11108, 11091, 11045, 11015 Supports
Trade smart and trade well!

Three White Crows on deck?

YM: 11411 highest odds short FTU. 11325 - 11315 good spot to consider short. 11108 highest odds long FTD. 11168 an excellent spot to consider long.

http://www.tradersmarts.net/

TraderSmarts Numbers for the YM Emini Futures - Wednesday December 1, 2010

Support becomes resistance and vice versa...

11015, 11032, 11058, 11091, 11129, 11197, 10242 - 10250 Resistance on the YM Emini Futures

10994, 10975, 10940, 10897, 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11242 and 11129 highest odds areas to consider short FTU. 11032 - 11015 aggressive short. 10820 - 10794 highest odds long FTD. 10897 an excellent spot to consider long.

http://www.tradersmarts.net/

TraderSmarts Numbers for the YM Emini Futures - Tuesday November 30, 2010

Support becomes resistance and vice versa...

11059, 11091, 11112, 11129, 11153, 11197, 11242, 11261, 11273, 11293, 11322 Resistance on the YM Emini Futures

11027, 11000, 10975, 10940, 10897, 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11129 highest odds and also an aggressive short FTU. 11091 good area to consider short. 10820 - 10794 highest odds long FTD. 10897 an excellent spot to consider long.

http://www.tradersmarts.net/ If you use the YM TS #'s - don't be cheap!

TraderSmarts Numbers for the YM Emini Futures - Monday November 29, 2010

Support becomes resistance and vice versa...

11091, 11112, 11129, 11153, 11197, 11242, 11261, 11273, 11293, 11322 Resistance on the YM Emini Futures

11059, 11027, 11000, 10975, 10940, 10897, 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11129 highest odds and also an aggressive short FTU. 11091 good area to consider short. 10897 highest odds long FTD. 10940 excellent spot to consider long.

http://www.tradersmarts.net/

What I Am Thankful For...

As many of you know I make a habit out of being "Thankful" and nothing changes on Thanksgiving. I am so thankful first and foremost for God and all the blessings that he has bestowed up on me. Without God I would be nothing. I am thankful for my wife who is my life partner and best friend. She makes every day beautiful, even the tough days. I am thankful for our three incredible children who are a delight and joy and light in my life. It is not always easy having three so close in age (sometimes complete chaos in our house) but it is always worth it! I am thankful for my 19 year old and all the magnificent times that we have shared. I am thankful for my father who is no longer with us but who taught me many things and who inspired my interest in psychology and I am thankful for my mother who has always stood by me and who taught me from an early age what it means to have integrity and to love people. To all of my close friends and confidants who make me a better person I am eternally thankful.

I am thankful for all of my subscribers and blog readers and each and every one of you who I have met and become friends with through this medium we call Twitter and StockTwits. It has truly been a rewarding experience and I am so thankful and grateful to know you all.

Have a very Happy Thanksgiving and wishing much Peace and Prosperity to you and your family!

All the best,

TraderSmarts

Thank You Lord by Bob Marley http://tinysong.com/jXWx

Updated TraderSmarts Numbers for the YM Emini Futures - Wednesday November 24, 2010

Support becomes resistance and vice versa...

11075, 11088, 11115, 11132, 11167, 11197, 11242, 11261, 11273, 11293, 11322 Resistance on the YM Emini Futures

11027, 11000, 10975, 10940, 10897, 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11322 highest odds short FTU. 11088 good area to consider short. 10897 followed by 10794 highest odds long FTD.

Updated TraderSmarts Numbers for the YM Emini Futures - Tuesday November 23, 2010

Support becomes resistance and vice versa...

11322, 11293, 11273, 11261, 11242, 11197, 11167, 11148 Resistance on the YM Emini Futures

11115, 11091, 11075, 11047, 11010, 10975, 10940, 10897 Supports
Trade smart and trade well!

YM: 11322 highest odds long short FTU. 11197 excellent spot to consider short. 10897 highest odds long FTD. 11091 good spot to consider long.

http://www.tradersmarts.net/

Updated TraderSmarts Numbers for the YM Emini Futures - Monday November 22, 2010

Support becomes resistance and vice versa...

11242, 11261, 11273, 11293, 11322 Resistance on the YM Emini Futures

11197, 11184, 11148, 11100, 11075, 11047, 11010, 10975, 10940, 10897 Supports

Trader smart and trade well!

YM: 11322 highest odds short FTU. 11293 - 11261 excellent spot to consider short. 11010 highest odds short FTU. 11148 excellent spot to consider short.

Updated TraderSmarts Numbers for the YM Emini Futures - Friday November 19, 2010

Support becomes resistance and vice versa...

11172, 11197, 11222, 11242, 11261, 11292 Resistance on the YM Emini Futures

11138, 11084, 11043, 11010, 10995, 10975, 10940, 10897 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11292 - 11261 highest odds short FTU. 11242 good spot to consider short. 11010 highest odds long FTD. 11084 excellent spot to consider long.

http://www.tradersmarts.net/

Updated TraderSmarts Numbers for the YM - Thursday November 18, 2010

Support becomes resistance and vice versa...

11076, 11129, 11168, 11197, 11222, 11242, 11261, 11292 Resistance on the YM Emini Futures

11043, 11010, 10995, 10975, 10940, 10897 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11129 highest odds short FTU. 11097 excellent spot to consider short. 10897 highest odds long FTD. Aggressive long 11010 - 11004

TraderSmarts Numbers for the YM Emini Futures - Wednesday November 17, 2010

Support becomes resistance and vice versa...

11010, 11043, 11076, 11129, 11168, 11197, 11222, 11242, 11261, 11292 Resistance on the YM Emini Futures

10995, 10975, 10940, 10897, 10859, 10820, 10794 Supports

Trade smart and trade well!

YM: 11129 highest odds short FTU. 11076 excellent spot to consider short. 10897 highest odds short FTD.

http://www.tradersmarts.net/

TraderSmarts Numbers for the YM Emini Futures - Tuesday November 16, 2010

Support becomes resistance and vice versa...

11168, 11197, 11222, 11242, 11261, 11292, 11333, 11359, 11405, 11437, 11470, 11477 Resistance on the YM Emini Futures

11129, 11085 - 11075, 11043, 10995 Supports

Trade smart and trade well!

YM: 11261 highest odds short FTU. 11197 good early spot to consider short. 10995 highest odds long FTD. 11085 - 11075 and 11043 excellent spots to consider long.

www.tradersmarts.net

TraderSmarts Numbers for the YM Emini Futures - Monday November 15, 2010

Support becomes resistance and vice versa...

11197, 11242, 11261, 11292, 11333, 11359, 11405, 11437, 11470, 11477 Resistance on the YM Emini Futures

11168, 11129, 11085 - 11075, 11043, 10995 Supports

Trade smart and trade well!

YM: 11261 highest odds short FTU. 11197 good early spot to consider short. 10995 highest odds long FTD. 11085 - 11075 excellent spot to consider long.

http://www.tradersmarts.net/

How to use the TraderSmarts Numbers in tandem with your own areas of support & resistance.

It may surprise some to know that I have subscribers who use the TraderSmarts Numbers strictly for confirmation. These subscribers get their own support / resistance areas everyday. I encourage this! So why would you want to use the TraderSmarts Numbers if you get your own areas?

Well for one thing the TraderSmarts Numbers are extremely accurate! It is not uncommon for a TraderSmarts Number to be the high or low to the tick, or within a few ticks, of an intraday rotation, or of the actual high / low of the day. So what is the best way to use the TraderSmarts Numbers in tandem with your own numbers? The following is one way I recommend:

1. Without looking at the TraderSmarts Numbers you get your own areas for support / resistance for the next trading session (part of your nightly homework).

2. After you get your own areas you go through the TraderSmarts Numbers and compare with the areas you came up with. If a TraderSmarts Number lines up with your own area you put an asterisk next to your own number or designate it in some way. You give this area added significance for the following session. If it lines up with a "Highest Odds Short FTU or Highest Odds Long FTD" or an area I talk about in the contract notes you give it even more of an added significance.

3. The next step is key and there are two ways to do it depending on where you are at with your own areas:

A) If you are extremely confident in your own areas you ignore all the TradersSmarts Numbers during the following session that don't line up with your own. Don't even look at them don't know them. Don't confuse yourself.

or

B) If you are just starting to create your own areas or not so confident in them then you include the TraderSmarts Numbers that don't line up with your own areas as "areas to pay attention to" for the following session as well.

4. Then after the day is over you go through the charts and see how price reacted at your areas and at the TraderSmarts Numbers. This is only for review. If price reacted at a TraderSmarts Number that you didn't have see if you can see something that you didn't see before as to why that area would be significant.

Doing this will help you learn to create your own areas of support / resistance. If you already create your own areas of Support / Resistance then using the TraderSmarts Numbers in conjunction with your own areas will provide added confirmation prior to the next trading session of significant areas that you need to be paying attention to.

This confirmation and confluence alone can be an invaluable asset to your trading and is the reason I have subscribers who use the TraderSmarts Numbers strictly for this purpose!

Trade smart and trade well!

www.tradersmarts.net

6E Trade

We are long 2X now off these 6E lows and sitting risk free in trade. TS #'s 1.3584 and 1.3572. These were the highest odds long FTD since last night. All are welcome come get on board:

www.tradersmarts.net

Here is the trade sequence:

Here comes 1.3584 - 1.3572 6E. That was highest odds long FTD today. I'm not in front of screens so can't get stop but should be good long. about 6 hours ago via TweetDeck

Back and in front of the charts. Stop on the 6E trade is under and holding 1.3550 about 5 hours ago via TweetDeck

There is no standard stop. Please read this if you have not: http://bit.ly/dhGwo8 RT @mattgulb: @TSTRADES what is standard stop? about 5 hours ago via TweetDeck

Long 6E 1.3584 will add 1.3572 about 1 hour ago via TweetDeck

First scale is 1.3595 about 1 hour ago via TweetDeck

Out 1/4 1.3595 + 11 about 1 hour ago via TweetDeck

Next scale is 1.3606 about 1 hour ago via TweetDeck

2nd scale filled out another 1/4 + 22 at 1.3606 about 1 hour ago via TweetDeck

Filled on add at 1.3572 6E 35 minutes ago via TweetDeck

Bailed on the 1.3584 at 1.3594 for + 10 and leaving on the 1.3572 29 minutes ago via TweetDeck

Next scale is 1.3616 and I will take of 3/8 of the 1.3572 there if get the chance. 28 minutes ago via TweetDeck

Hard stop at - 2 ticks on the 1.3572 long. Brackets working scale at 1.3616, next scale TS # 1.3638, TS # 1.3652 and 1.3708 22 minutes ago via TweetDeck

Scale filled out 1/4 + 44 at 1.3616 less than a minute ago via TweetDeck

Heading to bed. Brackets will take me out of rest. Goodnight! less than 10 seconds ago via TweetDeck

Good morning! Friday, November 12, 2010 6:09:39 AM via web

6E trade was closed o/n. Out 2nd 1/4 + 64 at 1.3638, out 1/4 + 80 at 1.3652, and out last 1/4 + 136 at 1.3708. Friday, November 12, 2010 6:10:08 AM via web

Trade smart and trade well!

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Updated TraderSmarts Numbers for the YM - Friday November 12, 2010

Support becomes resistance and vice versa...

11213, 11242, 11275, 11292, 11329, 11359, 11405, 11437, 11470, 11477 Resistance on the YM Emini Futures

11174, 11129, 11118, 11085 - 11075, 11043 Supports

Trade smart and trade well!

YM: 11359 highest odds short FTU. 11129 - 11118 highest odds long FTD.

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Updated TraderSmarts Numbers for the YM Emini Futures - Thursday November 11, 2010

Support becomes resistance and vice versa...

11306, 11342, 11360, 11377, 11405, 11438, 11470, 11477, 11558, 11594 Resistance on the YM Emini Futures

11283, 11238, 11222, 11198, 11174, 11129, 11075 Supports
Trade smart and trade well!

YM: Just over 11342 is the highest odds and most aggressive short FTU. 11198 - 11175 highest odds long FTD. 10477 - 10470 is where I like short over that.

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Updated TraderSmarts Numbers for the YM - Wednesday November 9, 2010

Support becomes resistance and vice versa...

11335 - 11342, 11360, 11377, 11405, 11438, 11470, 11477, 11558, 11594 Resistance on the YM Emini Futures

11283, 11238, 11222, 11198, 11174, 11129, 11075 Supports

Trade smart and trade well!

YM: 11342 - 11335 highest odds and also the aggressive short FTU. 11222 highest odds long FTD. 11283 early aggressive long. 11198 - 11175 extreme long.
 
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Updated TraderSmarts Numbers for the YM Emini Futurs - Tuesday November 9, 2010

Support becomes resistance and vice versa...

11377, 11405, 11438, 11470, 11477, 11558, 11594 Resistance on the YM Emini Futures

11358, 11342, 11283, 11238, 11222, 11198, 11174, 11129 Supports

Trade smart and trade well!

YM: Anticipating a move up to 11477 - 11470 highest odds short FTU. 11437 early spot to consider short. 11222 highest odds long FTD. 11283 early spot to consider long.

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Some thoughts on the Intraday Alerts

Just sent this to someone who inquired about the Intraday Alerts and thought it would make a good blog post. A lot of people struggle with patience and consistency - this details some of my thoughts on the alerts...

My philosophy for this service can be summed up as trade less, make more. Today I only gave an alert on 1 trade which was short ZB. It was the best thing setting up. We only took 1 tick of heat after entry (initial risk was - 8 ticks and holding)...though we did have to wait awhile for final target to be hit! I left by about 11 AM PST with the remarks that we may have to wait until Europe tonight to get better/bigger setups. There was just not a lot setting up. There was lots of trades that you could have taken in the middle but I want to be alerting what I think are the "highest odds" trades.

A lot of people want to try to capture every tick but all you need is 1 - 2 highest odds trades a day to become consistently profitable. In this business, for the most part, you increase your earnings by hiring more employees (increasing your size) not by taking more trades. Usually taking more trades leads to a decrease in profitability. Of course I will alert things like aggressive traders consider short here, stop here, conservative traders consider short here, stop here, etc. but if what you really want is action - head to Vegas. If you want profitability need to be disciplined.

Also see the blog post: Qualities of Top Traders

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TraderSmarts Numbers for the YM Emini Futures - Monday November 8, 2010

Support becomes resistance and vice versa...

11364, 11377, 11405, 11437, 11470, 11477, 11558, 11594 Resistance on the YM Emini Futures

11342, 11283, 11238, 11222, 11198, 11174, 11129 Supports

Trade smart and trade well!

YM: 11477 - 11470 highest odds short FTU. 11437 early spot to consider short. 11222 highest odds long FTD. 11283 early spot to consider long.

TraderSmarts Numbers for the YM Emini Futures - Friday November 5, 2010

Support becomes resistance and vice versa...

11382, 11399, 11437, 11470, 11477, 11558, 11594 Resistance on the YM Emini Futures

11365, 11342, 11283, 11238, 11198, 11174, 11129 Supports

Trade smart and trade well! 

YM: 11477 - 11470 highest odds short FTU.  11437 early spot to consider short.  11198 highest odds long FTD. 11283 early spot to consider long.

TraderSmarts Numbers for the YM Emini Futures - Thursday November 4, 2010

Support becomes resistance and vice versa...

11175, 11191, 11224, 11255, 11280, 11288, 11342, 11381 Resistance on the YM Emini Futures

11128, 11100, 11079, 11033, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11288 - 11280 highest odds short FTU. 11128 - 11100 aggressive long. 11079 highest odds long FTD. 11342 - 11381 is HUGE and an extreme on any reaction.

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TraderSmarts Numbers for the YM Emini Futures - Wednesday November 3, 2010

Support becomes resistance and vice versa...

11191, 11224, 11255, 11280, 11288, 11342, 11381 Resistance on the YM Emini Futures

11155, 11121, 11079, 11033, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11288 - 11280 highest odds short FTU. 10940 - 10897 highest odds long FTD. 11121 aggressive long. 11342 - 11381 is HUGE and an extreme on any reaction.

www.tradersmarts.net - don't be cheap!

TraderSmarts Numbers for the YM Emini Futures - Tuesday November 2, 2010

Support becomes resistance and vice versa...

11129, 11145, 11191, 11255, 11270, 11288, 11297 Resistance on the YM Emini Futures

11079, 11033, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11191 aggressive short, again. 11297 - 11270 highest odds short FTU. 10940 - 10897 highest odds long FTD. 11033 aggressive long. 

TraderSmarts Numbers for the YM Emini Futures - Monday November 1, 2010

Support becomes resistance and vice versa...

11169, 11191, 11255, 11270, 11288, 11297 Resistance on the YM Emini Futures

11129, 11082, 11058, 11001, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11191 aggressive short. 11270 highest odds short FTU. 10940 - 10897 highest odds long FTD. 11082 aggressive long.

What is a Swing Trade?

What is a swing trade? To me a swing trade is simply a trade that has a target that will most likely take more than one day to hit. If my target is going to be hit during the same day that I put the trade on that is what I call an intraday trade. When some people think "swing" they think about a trade that lasts weeks or months. It can be that but it doesn't have to be. The important characteristic is the size of the price move from entry to last scale or close, not length of time in the trade. In my book, the faster the move happens the better!

TraderSmarts Numbers for the YM Emini Futures - Friday October 29, 2010

Support becomes resistance and vice versa...

11129, 11169, 11214, 11255, 11288, 11297 Resistance on the YM Emini Futures

11099, 11064, 11038, 11001, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11099 aggressive short. 11255 and just under higher the highest odds short FTU. 10940 - 10897 highest odds long FTD, again.

TraderSmarts Numbers for the YM Emini Futures - Thursday October 28, 2010

Support becomes resistance and vice versa...

11099, 11129, 11169, 11214, 11255, 11288, 11297 Resistance on the YM Emini Futures

11038, 11001, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM:  11099 aggressive short. 11038 aggressive long. 11255 and just under higher the highest odds short FTU. 10975 - 10940 highest odds long FTD, again.

TraderSmarts Numbers for the YM Emini Futures - Wednesday October 27, 2010

Support becomes resistance and vice versa...

11104, 11129, 11169, 11214, 11255, 11288, 11297 Resistance on the YM Emini Futures

11074, 11069, 11050, 11001, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM:  11129 - 11104 aggressive short. 11214 and higher the highest odds short FTU. 10975 - 10940 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Tuesday October 26, 2010

Support becomes resistance and vice versa...

11142, 11169, 11214, 11255, 11288, 11297 Resistance on the YM Emini Futures

11104, 11084, 11069, 11050, 11001, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11297 - 11288 highest odds short FTU. 11169 area to consider short. 11084 - 11050 area to consider long. 10975 - 10940 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Monday October 25, 2010

Support becomes resistance and vice versa...

11169, 11211, 11255, 11288 Resistance on the YM Emini futures

11111, 11084, 11050, 11101, 10975, 10940, 10897 Supports

Trade smart and trade well!

YM: 11255 highest odds short FTU. 11111 aggressive long. 11001 - 10975 highest odds long FTD. 

TraderSmarts Numbers for the YM Emini Futures - Friday October 22, 2010

Support becomes resistance and vice versa...

11047, 11072, 11105, 11131, 11211, 11288 Resistance on the YM Emini Futures

10975, 10937, 10859, 10820, 10794 - 10782 Supports

Trade smart and trade well!

YM: 11211 highest odds short FTU. 11001 - 10975 an area to consider long. Still expecting 10794 - 10782 to hit. That is highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Thursday October 21, 2010

Support becomes resistance and vice versa...

11076, 11133, 11211 Resistance on the YM Emini Futures

11055, 11001, 10975, 10937, 10897, 10859, 10820, 10794 - 10782 Supports

Trade smart and trade well!

YM: 11211 highest odds short FTU. 11001 - 10975 an area to consider long. Still expecting 10794 - 10782 to hit. That is highest odds long FTD.

The "BIL Move" Explained

The BIL move. A higher high or lower low usually on less volume and designed to take you (the smaller trader) out of the trade and let the big boys in the trade. Hence the name BIL move. The boys let their "brother in law" in the trade.

So if the move is going to be down and we just made a high and look to be reversing lower a BIL move would be a higher high, stopping you out and letting big boys in, before ultimately making the move down.

Note: I can not take credit for this term. It was taught to me by my friend Jan.

TraderSmarts Numbers for the YM Emini Futures - Wednesday October 20, 2010

Support becomes resistance and vice versa...

10975, 10993, 11055, 11076, 11133, 11211 Resistance on the YM Emini Futures

10937, 10897, 10859, 10820, 10794 - 10782 Supports

Trade smart and trade well!

YM:  11055 highest odds short FTU. 10993 also good area for short. 10975 an aggressive shrot. Expecting the 10794 - 10782 highest odds long FTD to hit before this move down is over.

TraderSmarts Numbers for the YM Emini Futures - Tuesday October 19, 2010

Support becomes resistance and vice versa...

11042, 11076, 11099, 11134, 11187, 11204 Resistance on the YM Emini Futures

10975, 10940, 10913, 10875, 10859, 10820, 10794 - 10782 Supports

Trade smart and trade well!

YM: 11076 highest odds short FTU. 11204 over that. 10794 - 10782 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Monday October 18, 2010

Support becomes resistance and vice versa...

10987, 11029, 11041, 11079, 11134, 11187, 11204 Resistance on the YM Emini Futures

10975, 10940, 10913, 10875, 10859, 10820, 10794 - 10782 Supports
Trade smart and trade well!

Do not be overwhelmed by the amount of TS #'s for each contract. See where we are trading and consult the TS #'s accordingly.

YM: 11079 - 11043 highest odds short FTU. 11187 over that. 10794 - 10782 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Friday October 15, 2010

Support becomes resistance and vice versa...

11082, 11134, 11160, 11204 Resistance on the YM Emini Futures

11043, 11108, 10993, 10975, 10940, 10913, 10875, 10859, 10820, 10794 - 10782 Supports

Trade smart and trade well!

YM: 11160 highest odds short FTU. 10794 - 10782 highest odds long FTD. 11082 area to consider short. 11008 area to consider long.

TraderSmarts Numbers for the YM Emini Futures - Thursday October 14, 2010

Support becomes resistance and vice versa...

11091, 11126, 11164, 11204 Resistance on the YM Emini Futures

11052, 11029, 11002, 10996, 10975, 10940, 10904, 10875, 10859, 10820, 10794, 10782 Supports.

Trade smart and trade well!

YM: 11126 highest odds short FTU. 10794 - 10782 highest odds long FTD. 10975 area to consider long especially if the 11126 has not been hit yet.

TraderSmarts Numbers for the YM Emini Futures - Wednesday October 13, 2010

Support becomes resistance and vice versa...

11126, 11091, 11048, 11029, 10996 Resistance on the YM Emini Futures

10975, 10940, 10905, 10875, 10859, 10820, 10794, 10783 Supports

Trade smart and trade well!

YM: 11048 highest odds short FTU. 10794 - 10782 and 10740 highest odds long FTD. 10905 IF it is made before 11048 hits area to consider long.

TraderSmarts Numbers for the YM Emini Futures - Tuesday October 12, 2010

Support becomes resistance and vice versa...

11052, 11029, 10996, 10975, 10942 Resistance on the YM Emini Futures

10905, 10875, 10859, 10820, 10794, 10782, 10740 Supports.

Trade smart and trade well!

YM: 11052 - 11029 highest odds short FTU. 10975 aggressive spot to consider short. 10820 area to consider long. 10794 - 10782 and 10740 highest odds long FTD.

Updated TraderSmarts Numbers for the YM Emini Futures - Monday October 11, 2010

Support becomes resistance and vice versa...

11052, 11029, 10996, 10975 Resistance on the YM Emini Futures

10942, 10905, 10875, 10859, 10820, 10794, 10782, 10740 Supports

Trade smart and trade well! 

YM: 11052 - 11029 highest odds short FTU. 10975 aggressive spot to consider short. 10859 area to consider short. 10794 - 10782 and 10740 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Friday October 8, 2010

Support becomes resistance and vice versa...

10952, 10975, 10996, 11029, 11052 Resistance on the YM Emini Futures

10914, 10882, 10820, 10794, 10782, 10740, 10712, 10695, 10657, 10582 Supports

Trade smart and trade well!

NFP at 5:30 AM PST.

YM: Still viewing 10882 as the line in the sand. 11029 - 10996 highest odds short FTU. 10952 spot to consider short. 10794 - 10782 and 10740 area to consider long.

TraderSmarts Numbers for the YM Emini Futures - Thursday October 7, 2010

Support becomes resistance and vice versa...

10940, 10975, 10996 Resistance on the YM Emini Futures

10882, 10820, 10794, 10782, 10740, 10712, 10695, 10657, 10582 Supports

Trade smart and trade well!

YM: Viewing 10882 as the line in the sand. 10975 - 10940 highest odds short FTU. 10794 - 10782 and 10740 area to consider long.

TraderSmarts Numbers for the YM Emini Futures - Wednesday October 6, 2010

Support becomes resistance and vice versa...

10882, 10940, 10975 Resistance on the YM Emini Futures

10870, 10820, 10794, 10782, 10740, 10712, 10695, 10657, 10582 Supports

Trade smart and trade well!

 

YM: 10975 - 10940 highest odds short FTU. 10794 - 10782 highest odds long FTD.

How I have been trading the 6E

Okay so this is how I have been trading the 6E for about the past 24 hours. I have been getting short in one account at my Key Areas and riding it down while moving profit stop. Then after I get short in one account I've been going long in another account - WHEN the market and my short comes to a point that is Key Support and it looks like we are going to reverse back up.

As has been the case at these areas where I get long the long trade has worked and the short trade gets profit stopped. The resiliency of the euro is amazing. Eventually here I think the short trade will keep going and the long trade will be stopped. When this happens the reversal could finally be on. Nevertheless I think we are near to at least an intermediate term top.

TraderSmarts Numbers for the YM Emini Futures - Tuesday October 5, 2010

Support becomes resistance and vice versa...

10708, 10740, 10794, 10820, 10886, 10940, 10975 Resistance on the YM Emini Futures

10695, 10657, 10582, 10537, 10497, 10378, 10290, 10245 Supports

Trade smart and trade well!

YM: 10740 - 10708 highest odds short FTU. 10537 highest odds long FTD. Will be looking at 10582.

TraderSmarts Carne Asada

Here is how I make my Carne Asada

4 lbs flank steak

1/3 cup worchestire

1/3 cup soy sauce

1/3 cup white vinegar

4 large cloves of minced garlic

juice from 6 limes

juice from 6 lemons

salt and pepper to taste

1/4 teaspoon cummins

2/3 cup olive oil

generous splash of orange juice

You can use the store bought 100% lime and lemon juice if you are feeling lazy.

Make this the night before you are going to cook it.

Take two of the big gallon size ziplock plastic freezer bags. Put one bag inside the other (in case one leaks) and put on a large plate open side up. Mince the garlic and combine all ingredients in the plastic bags. Slice the flank steak at an angle into thin strips and put each strip into the bag of marinade as you cut them off. Once the entire 4 lbs is in the bag squeeze the air out of both bags and ziplock the bags. Lift up the bag and massage the meat with your hands through the bags to get the marinade fully on all the steak. Lay the bag on it's side on the plate (so the marinade covers all the steak in bag) and place in fridge to marinate over night. In the morning massage meat again and turn the bag over.

Grill to desired doneness when time to cook.

(Cooking note: while I like my NY strip, Fillet, Ribeye, etc. much rarer I prefer this Carne Asada cooked pretty well. It will still be tender because of the overnight marination and the charbroil gives it extra flavor.)

Enjoy with pico de gallo, tortillas and frijoles borrachos!

TraderSmarts Numbers for the YM Emini Futures - Monday October 4, 2010

Support becomes resistance and vice versa...

10794, 10820, 10886, 10940, 10975 Resistance on the YM Emini Futures

10742, 10708, 10695, 10657, 10582, 10537, 10497 Supports

Trade smart and trade well!

YM: 10794 highest odds short FTU. 10537 highest odds long FTD. 10647 good spot to consider long.

TraderSmarts Numbers for the YM Emini Futures - Friday October 1, 2010

Support becomes resistance and vice versa...

10760, 10794, 10820, 10886, 10940, 10975 Resistance on the YM Emini Futures

10708, 10695, 10657, 10614, 10582 Supports

Trade smart and trade well!

YM: 10975 - 10940 highest odds short FTU. Will consider shorts at 10820 and 10794 as well. Will consider longs at 10708 - 10695. Under 10695 and holding and I think is a license to sell.

TraderSmarts Numbers for the YM Emini Futures - Thursday September 30, 2010

Support becomes resistance and vice versa...

10770, 10794, 10820, 10886, 10940, 10975 Resistance on the YM Emini Futures

10740, 10708, 10657, 10614, 10582 Supports

Trade smart and trade well!

Did not get the move up to 10940 YM as expected. Still expecting it.

YM: 10975 - 10940 highest odds short FTU. Looking for longs in two potential areas 107080 and 10614.

TraderSmarts Numbers for the YM Emini Futures - Wednesday September 29, 2010

Support becomes resistance and vice versa...

10794, 10820, 10886, 10940, 10975 Resistance on the YM Emini Futues

10770, 10740, 10708, 10657, 10614, 10582 Supports

Trade smart and trade well!

Expecting a move up to 10940 YM Wednesday or overnight.

YM: 10975 - 10940 highest odds short FTU. Looking for longs in two potential areas 10770 and 10708.

TraderSmarts Numbers for the YM Emini Futures - Tuesday September 28, 2010

Support becomes resistance and vice versa...

10773, 10794, 10820, 10886, 10940 Resistance on the YM Emini Futures

10740, 10694, 10657, 10603, 10582, 10543, 10515, 10494 Supports

Trade smart and trade well!

Not much change Tuesday from Monday. "The song remains the same"

YM: 10940 highest odds short FTU. 10694 - 10657 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Monday September 27, 2010

Support becomes resistance and vice versa...

10820, 10886, 10940 Resistance on the YM Emini Futures

10794, 10740, 10695, 10657, 10603, 10582, 10543, 10515, 10494 Supports

Trade smart and trade well!

YM: 10940 highest odds short FTU. 10695 and 10657 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futues - Friday September 24, 2010

Support becomes resistance and vice versa...

10639, 10662, 10733, 10784, 10805, 10842 Resistance on the YM Emini Futures

10608, 10543, 10515, 10494, 10451, 10405, 10397 Supports

Trade smart and trade well!

YM: 10805 - 10784 highest odds short FTU. 10639 and then 10662 good spots to consider short. 10543 highest odds long FTD.

Trading Psychology - FOMC 6E Trade Breakdown.

Some may remember this trade. I was targeting TS # 1.3180 on a long on 6E when 6E was coiling up big ahead of FOMC. I liked it long as long as 1.3107 held support. I had to enter a few times before I finally nailed it. The move came on the FOMC announcement and it was FAST. I longed 1.3107 and out 1.3180 on the entire unit in seconds. I did tweet the trade but had some spelling errors LOL. .

The point of this post is after I sold it the 6E continued to run another full point. I got a DM from one of my subscribers asking if I wished that I had held it long. My answer was a resounding NO and I’ll tell you why. Actually what I said was “LOL I try not to think like that - no point and only hurts trading. Always another opportunity :)”. Thought it was worthy of a blog post and here is why:

First of all there is nothing wrong with “wishing” that you had done something different. It is a natural reaction. I “wish” that I had bought HANS in 2003 for .50 and sold it in 2005 for 50 bucks. But as someone once told me: “You can wish in one hand and spit in the other – see which fills up first”.

I try to just think about it logically. It is VERY easy for “I wish” to turn into F*** M* bleep bleep bleep why the F*** did I not hold onto this longer. I just left a F****** point on the table. Then you pull out the calculator and tally up how much $$$ you “lost” by selling too early. Yes I have been there :). Let me tell you – It does NOTHING for you. In fact it hurts you more than you can know. What do you think your chances of being ready for the next trade are if you are angry about “screwing up” the last one? Exactly, not very good. In fact you are more likely to find a way to mess up the next trade and then actually take a loser because your head is not right.

In this case I had an initial target of 1.3180. I longed 1.3107 on the reaction to the FOMC announcement. When it banged 1.3180 seconds later I closed it. I got 73 ticks on a full unit with no scales. What is not to like about this? Plus who knew what it would do next? This was crazy FOMC action. It COULD have reversed the entire move back down and stopped me out. How angry would I have been then if I had not sold it all at my initial target? When the market gives you a gift you take it.

That is why when a trade is closed (win, lose, or draw) you forget it and look for the next one. Of course you try to learn from it. What did I do right? What could I have done better? But you don’t wish that you would have done something else. And you don’t berate yourself for not handling it the way you would have if you could see the chart into the future. No, the better approach is to remain THANKFUL and GRATEFUL for the profit that you did make. Or if it was a loss you are still THANKFUL and GRATEFUL for the lesson you learned and the experience you gained. This is the mindset of a champion.

Related: Qualities of Top Traders # 3 is Gratitude.

Updated TraderSmarts Numbers for the YM Emini Futures - Thursday September 23, 2010

Support becomes resistance and vice versa...

10702, 10724, 10784, 10805, 10842 Resistance on the YM Emini Futures

10662, 10634, 10601, 10543, 10494, 10451

Trade smart and trade well!

YM: 10805 - 10784 highest odds short FTU. 10543 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Wednesday September 22, 1010

Support becomes resistance and vice versa...

10724, 10784, 10805, 10842 Resistance on the YM Emini Futures

10676, 10634, 10601, 10543, 10494, 10451, 10405, 10397 Supports

Trade smart and trade well!

YM: 10805 - 10784 highest odds short FTU. 10543 highest odds long FTD. If you are looking for an aggressive long 10710.

Updated TraderSmarts Numbers for the YM Emini Futures - Tuesday September 21, 2010

Support becomes resistance and vice versa...

10676, 10744, 10784, 10805, 10842 Resistance on the YM Emini Futures

10634, 10601, 10543, 10494, 10451, 10405, 10397 Supports

Trade smart and trade well!

YM: 10805 - 10784 highest odds short FTU. 10601 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Monday September 20, 2010

Support becomes resistance and vice versa...

10543, 10582, 10634, 10673 Resistance on the YM Emini Futures

10518, 10494, 10451, 10437, 10405, 10397, 10365, 10286, 10223 Supports

Trade smart and trade well!

YM: 10634 - 10582 still highest odds short FTU. 10543 good spot to consider short. Under 10494 and holding and I want to be short for a move (initial target 10365). 10365 highest odds long FTD.