The E-Mini Pit
If you currently trade, or are interested in learning to trade, the CME E-Minis, this thread is for you. As opposed to just another market direction discussion thread, our focus here will be on providing a traders resource of specific information on the E-Minis, including discussions of brokers, trading platforms, order types, trading methodologies, money management techniques, futures-specific tax issues, etc. In addition, feel free to post your trades if you like, but please include your reasoning, so we can all learn. Links to charts, articles, seminars, and other message boards dealing with E-Minis or futures trading are encouraged. Also, please check this original post from time to time to see any new links we post here and to check out The Post of the Day, which will be selected from daily contributions to the board.
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This is a moderated thread, so please respect these few posting guidelines:
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POST OF THE DAY:
Message #163 from the-phoenix at Jan 28, 2002 8:04 PM
Example of some Tradeable FibLines from Today:
Here is the kind of stuff I look at, in addition to moving averages, pivot lines and patterns:
webdesigns1.com
1. The retrace off the 10:30 low stalled precisely at the .618 fibonacci retracement level, suggesting more downside. At this point, I was short.
2. After the gap filled and numerous moving average supports were taken out, I started looking for a low-end target based on fibos. The Nqs seem to really like 1.272 expansions, so a reasonable target for the low today was 1547, based on the 1.272 expansion of the most recent low/high pivots. I placed a buy order at 1547.5. The exact low was 1546.5 - 1 tick away from this fibo!
3. After a rounded bottom and reversal to the upside, the first resistance was the 50sma5, which hit at around 2:40 in the 1560 area. I took partial profits at 1560, with a stop on the rest under the 20sma.
4. As the rally gathered steam after 3PM, each of the major retracement levels, .500, .618, and .786 provided short-term reversals or short-scalping opportunities. (Oh, well the .786 really defined the end of day high, maybe not a scalping opp.)
I was stopped out on the rest of my long at 1563.5 on the pullback off the .618. Usually the .618 is a reasonable target to get out and I want to be out by 4PM, so I was keeping a tight stop at that point. However, I was stopped out 1 tick from the low of that pullback, which found support right at the 100sma5. Didn't have that MA in focus at that point, I guess.
Just an example of how I find fib-lines useful for identifying potential price pivots.
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Key Links for E-Mini Traders:
E-Mini Contract Specifications:
cme.com
E-Mini FAQ: cme.com
Register for Free E-Mini Real-Time Quotes:
realtime.barchart.com
E-Mini Charts (Delayed): futuresource.com
Information on Futures Brokers: elitetrader.com
Futures Trading Free Seminars: zapfutures.com
NFA Home Page: nfa.futures.org
Louis Lambrecht's Pivot Lines Spreadsheet: lvlamb.itgo.com
Tax Site for Investors and Traders: board.fairmark.com
CME 2002 Holiday Calendar: cme.com |
