Wednesday, May 05, 2010

Emini Futures Trading - Cinco De Mayo, 2010

(QQQQ)(DIA)(SPY)

S&P 500 Emini  Futures











See what I mean? Today was a perfect example of everything I attempted to convey last night. When price approaches a Weekly Zone it can only do one of three things - Respect, Ignore, Consolidate. As you work to build a trading plan, you must decide if you are going to trade your anticipation of the reaction, or the reaction itself. If you trade the anticipation, you must be willing to not only honor your stop, but then execute in the direction that price actually confirms. Trading the reaction itself will create a higher % of winning trades but will often require a larger stop and the trade itself will have less profit potential as you burn points awaiting confirmation. Either approach is viable. Your personality and discipline level should dictate which approach is appropriate for you. The take away here is - Know what you will do before it's time to do it.

Dow Emini Futures










The ES chart above is as always, a 10k contract chart. The Dow chart is showing 30 min candles so that I can squeeze the entire week so far into 1 chart along with what has traded tonight on the Globex session. If you are trading the ES, may I suggest that you still keep your eye on the Dow Weekly Trading Zones intraday to prevent tunnel vision. You may even find that your personality and risk tolerance are better suited for trading the Dow. If so, keep your eye on the ES. The take away here - Never trade in a vacuum.

UPCOMING WEBINARS
 
Thursday May 6, 2010
Capture the Move!

Join us for a Webinar on May 6


Space is limited.
Reserve your Webinar seat now at:
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Look over the shoulder of Burton Schlichter, an experienced DT Broker and author of the “Capture the Move"  newsletter which is exclusive to Daniels Trading Clients.  He will use his trading experience to identify opportunities in todays markets and share with you his formula for trading!  Join the others who have “Captured the Move” and allow yourself to become an active trader while still maintaining a busy life.

Title:

Capture the Move! A predictive not descriptive look at today's market



Date:

Thursday, May 6, 2010



Time:

2:30 PM - 3:30 PM CDT

After registering you will receive a confirmation email containing information about joining the Webinar.


Friday May 7, 2010
Stack Trade Live Market Trading
Featuring the Price Action Setup & the NEW $MP_DMT!
Please join us Friday at 9:30 am EST for a 1 hour webinar featuring our indicators in a LIVE market environment!
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Pray Hard & Trade Safe!
CT

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