Wednesday, October 6, 2010

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.

Tuesday, October 5, 2010

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.

Monday, October 4, 2010

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!

Sunday, October 3, 2010

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.

Thursday, September 30, 2010

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.

Wednesday, September 29, 2010

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.

Tuesday, September 28, 2010

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.

Monday, September 27, 2010

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.

Sunday, September 26, 2010

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.

Thursday, September 23, 2010

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.

Wednesday, September 22, 2010

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.

Tuesday, September 21, 2010

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.

Monday, September 20, 2010

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.

Sunday, September 19, 2010

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.

Thursday, September 16, 2010

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

Support becomes resistance and vice versa...

10582, 10634, 10673 Resistance on the YM Emini Futures

10565, 10522, 10498, 10451, 10437, 10405, 10397, 10365, 10286, 10223 Supports

Trade smart and trade well!

Not seeing much change for equity. Expecting a gap and crap and close week at the lows. I could be wrong but that is what I am seeing.

YM: 10634 - 10582 highest odds short FTU. 10365 highest odds long FTD.

Wednesday, September 15, 2010

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

Support becomes resistance and vice versa...

10498, 10522, 10555, 10582, 10634, 10673 Resistance on the YM Emini Futures

10477, 10437, 10405, 10397, 10365, 10286, 10223 Supports

Trade smart and trade well!

YM: 10555 excellent spot to consider short. 10582 highest odds short FTU. 10498 aggressive short FTU. 10365 highest odds long FTD.

TraderSmarts Numbers for the YM Emini Futures - Tuesday September 15, 2010

Support becomes resistance and vice versa...

10437, 10465, 10522, 10582, 10634, 10673 Resistance on the YM Emini Futures

10397, 10365, 10286, 10223 Supports

Trade smart and trade well!

YM: 10465 excellent spot to consider short. 10582 highest odds short FTU. 10365 highest odds long FTD.

Monday, September 13, 2010

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

Support becomes resistance and vice versa...

10464, 10490, 10522, 10634, 10673 Resistance on the YM Emini Futures

10451, 10405, 10397, 10365, 10286, 10223 Supports

Trade smart and trade well!

YM: 10522 highest odds short FTU. 10365 highest odds long FTD.

Sunday, September 12, 2010

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

Support becomes resistance and vice versa...

10498, 10522, 10634, 10673 Resistance on the YM Emini Futures

10451, 10405, 10397, 10365, 10286, 10223, 10153 Supports

Trade smart and trade well!

YM: 10522 highest odds short FTU. 10365 highest odds long FTD.

Hey all you cheap bastards using my NUMBERS for free. Stop being cheap. Subscribe and get ES, 6E, and CL as well:
http://tradersmarts.blogspot.com/p/subscribe.html

Friday, September 10, 2010

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

Support becomes resistance and vice versa...

10370, 10397, 10405, 10455, 10477, 10522 Resistance on the YM Emini Futures

10333, 10286, 10223, 10153, 10071 Supports

Trade smart and trade well!

YM: 10455 highest odds short FTU. 10223 highest odds long FTD.

Thursday, September 9, 2010

How I Handle Contract Rollover

Rollover day gives a lot of people headaches. Here is how I decide when to switch to the new contract. If I am keying off a 4 minute chart I wait until the new contract has more volume in the current 4 minute candle than the old contract - then I switch. Simple. I don't worry about which contract has more volume for the day. I want to know that what I am trading at the current moment is the most liquid.

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

Support becomes resistance and vice versa...

10330, 10362, 10405, 10455, 10477, 10522 Resistance on the YM Emini Futures

10286, 10223, 10153, 10055 Supports

Trade smart and trade well!

YM: 10455 highest odds short FTU. 10153 highest odds long FTD.

Rollover day. How I decide to switch is the following. If I am keying off a 4 minute chart I wait until the new contract has more volume in the current 4 minute candle than the old contract - then I switch. Simple. I don't worry about which contract has more volume for the day.

Wednesday, September 8, 2010

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

Support becomes resistance and vice versa...

10384, 10405, 10451, 10477, 10522 Resistance on the YM Emini Futures

10352, 10321, 10286, 10232, 10153 Supports

Trade smart and trade well!

YM: 10384 good spot to consider short. It is also the bull bear line in the sand today. Over and holding and have to be thinking short squeeze and under and holding and have to be thinking for a move back to 10150. 10321 good spot to consider long. 10153 highest odds long FTD. 10522 highest odds short FTU.

Monday, September 6, 2010

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

Support becomes resistance and vice versa...

10451, 10477, 10522 Resistance on the YM Emini Futures

10405, 10348, 10286, 10232, 10153, 10118, 10086 Supports

Trade smart and trade well!

YM: 10522 highest odds short FTU. 10451 good spot to consider short. 10286 highest odds long FTD.

Thursday, September 2, 2010

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

Support becomes resistance and vice versa...

10303, 10327, 10377, 10455, 10477 Resistance on the YM Emini Futures

10272, 10232, 10153, 10118, 10086, 10045, 10023, 9968 Supports

Trade smart and trade well!

YM: 10455 highest odds short FTU. 10153 highest odds long FTD.

Wednesday, September 1, 2010

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

Support becomes resistance and vice versa...

10272, 10299, 10327, 10377, 10455, 10477 Resistance on the YM Emini Futures

10232, 10153, 10118, 10086, 10045, 10023, 9968 Supports

Trade smart and trade well!

YM: 10144 highest odds long FTD. 10455 - 10477 and 10327/10377 excellent areas to consider short.

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

Support becomes resistance and vice versa...

10119, 10144, 10172, 10225, 10243, 10272, 10327 Resistance on the YM Emini Futures

10086, 10045, 10023, 9964, 9928, 9863, 9829 Supports

Trade smart and trade well!

YM: 9863 - 9829 highest odds long FTD. 10045 area to consider long on pullback. 10225 - 10243 highest odds short FTU.