Turned 26 today, and decided to sleep in since I was up till 2 AM last night finishing some web dev work, and late night reading (check out the Success and Motivation post on Mark Cuban's Blog). As mentioned in yesterday's post, Max Pain Theory predicted price to be in the $87 area for SPY (870s for S&P500 Index). I don't really have much faith in Max Pain, but it's good for entertainment value, and price did come down to 876.75, so maybe I should continue to track it over the next few months and see if it's worth a look. I was busy with web development a good part of the week, and trading was not the main focus. I plan on wrapping up the Web Dev stuff over the weekend so I can focus on trading next week. Ended the week with a net gain of +17.25 pts trading 3 out 5 days, with one of those days dedicated to experimentation. I have high hopes for next week's results.
ES (Daily) - Price still within bullish channel, and 876 low from 05/04/09 was held today.
My views on trading the E-Mini S&P 500 Futures utilizing Price Action, Market Structure, Volume/Market Profile and the Auction Market Process. Visit www.EMiniPlayer.net for Daily Key Support/Resistance Zones, Trade Plan and Educational Recaps.
Friday, May 15, 2009
Friday 05/15/09 - No Trades
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Happy Birthday :)ReplyDelete
Nice charts and commentary.
Have a great weekend.
26? Hmmmm. I wonder where I'd be today if I got started at age 26. I think at that time the total number of contracts traded (cumulative since day 1) in the ES was about 4. Well, better late than never.ReplyDelete
LOL...better late than never is right Chuck!ReplyDelete
On a more serious note, in spite of the risks involved in any type of trading that will always be with us, I hope you younger traders realize how good you have it. Being able to start at any early age is a tremendous advantage for your future. When I graduated from college the early stages of the internet, as we know it today, was still about 10 years into the future. There were no daytraders unless you worked in the pits. There were no discount brokers, direct access, or even eminis. To be a "trader" you picked up a phone and called a broken and paid maybe $50 commission for 100 shares of stock. Today we have super-fast direct access, super cheap commissions and over-kill of technical analysis indicators that couldn't be run on the "old" computers of the 80's, and more different financial instruments to pick from than you will ever need. And now we have the micro currency futures that a new person can trade with real money and not hardly feel a ding on a trade that doesn't work. I encourage you younger traders to "work smart" and take advantage of the opportunity. Life will creep up on you faster than you think.ReplyDelete