Emini Day Trading Diary

5 min Emini Nasdaq 100

Hi,

How is it going lately?

There are several signals from stochastics and short-term MACD but when considered together with other technical indicators, these are not valid signals...

First, look at the first signal from stochastics when it cut down the overbought region, can we go short? No! price is above the moving averages and moving averages are slanting up.

Next, look at the second signal from stochastics when it cut up the oversold region. OK, this time round, since price is above the moving averages, we can go long...

But, look at the moving averages,, they are flat... and we are nearly the closing bell.. do you think we have enough time for price to stage a rebound?? No trade today.

Posted by Michael Taylor at 5:41 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

We might be at a turning point these next few days. If price does not fall down again, it will continue to go up for another few more days, continuing the uptrend. No trade today, prices are just hovering up and down around the moving averages which are flat. Bollinger bands are flat as well. Short-term MACD is hovering around the zero line as well. You can tell that this is no condition for trading.

Posted by Michael Taylor at 5:52 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Price fromed a rare double top today and there was no way I could stay out of the market.. At the same time, stochastics cut down the overbought region..

I shorted 1 contract at 1953 and another 2 contracts at 1936 when price broke through the moving averages.. I exited when market closed at 1921 with profits of $1240.

Yes, that felt good!

Posted by Michael Taylor at 5:51 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going lately? Apparently the upward trend is slowing down now.. Price have short bodies enclosed in a narrow bollinger bands.
Do you think it is wise to trade the market today? The answer is obvious. No Trade today.

Posted by Michael Taylor at 5:41 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going? Price gapped down today again..is this the start of a new downtrend? Let's wait and see for a few more days. I have said time and again that the apparent uptrend could not continue forever, there must be a technical correction somewhere.. We are going to wait for this to happen.

However as you probably know by now, there is nothing 100% sure in trading... We can have a hypothesis and wait for the market to work itself out. Be prepared mentally when it comes and take advantage of it.

Posted by Michael Taylor at 5:45 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going lately? The market is characteristed by narrow ranges recently.. It is increasing difficult to make money in such a market until a clear trend appears.
The trade today depends on a bounce in stochastics and bollinger band compression.. I longed 1contract at 1347 when price rebounded from the moving averages.

I exited only at 1354 when stochastics started to cut down the signal line again.. with profits of $140.

Posted by Michael Taylor at 5:36 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Amazing price has continued the uptrend.. Is it going to sky rocket all the way back to 2000 ? I don't know...
What I do know is that there is a very obvious uptrend today and if I were to enter the market, it would have to be long..

I longed 1 contract at 1338 when price rebounded from the moving averages with stochastics turning up from the oversold region. Notice also that price broke through the opening price.
I exited at 1352 when stochastics cut back the overbought line with profits of $280.

Posted by Michael Taylor at 5:58 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

Market is at sort of a crossroad now having a rally for the past month.. It could not keep on going up forever.. So there is this minor correction today..

Price gapped down.. but it immediately made attempts to cover the gap..However, price action there after is mixed at best.. although at around 14:30
we get a signal from stochastics cutting up the oversold line and short-term MACD cutting the signal line, price is below the moving averages and this
is not the right time to go long --> NO TRADE TODAY.

Posted by Michael Taylor at 5:05 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going lately? What goes up must come down... prices have been climbing and climbing and it is not entirely impossible if we see a correction here.

Price gapped down today and covered up in midday trading session...Moving averages are extremely flat and bollinger bands are narrow..

This is the first and most important signal that caution me against entering the market.. No trade today.. We should wait until there are clearer signals from the market.

Posted by Michael Taylor at 5:14 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going? price ended the day slightly higher today.. But is this an uptrend or is the uptrend coming to and end??

The market has been rallying over the past one month... It can't just keep on going up and up forever.. This is my long term view..

On the day trading basis, we have short-bodied candlesticks enveloped in narrow bollinger bands..These are not ideal trading conditions..

No trade today.

Posted by Michael Taylor at 5:50 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going lately? Price gapped up by around 18 points today... It went further up in an effort to reach new highs...

Were you tempted to go LONG in this situation? If you observe carfully, you see that stochastics is not giving a signal during this price climb...

Price then fell and found support at the moving averages and stochastics formed a double bottom, this seems to be a good signal to go LONG,
but, price action is characterized by short candle bodies... Do you want to take unnecessary risk that might not be rewarded? Not me..

No trade today!! In fact price is trading tight in a range of around 10 ponts. It is impossible to make money here.

Posted by Michael Taylor at 5:13 PM | Permalink | Comments (0) | TrackBacks (0)

5 min Emini Nasdaq 100

Hi,

How is it going lately? Market has been up for the past few days.. Has the market suddenly regained confidence of the stimulus packages? Or is this the precursor to further drop in the worst recession in a hundred years? We won't know and there is no way to know..

We trade on a day to day basis and what we don't really try to predict the future. Today there is a chance to go long.

I longed one contract at 1285 when price bounced up from the moving averages and stochastics turned up... I exited when price reached the high formed at the opening.. price movements seem to slow and it was a natural step to take.. I exited at 1296 with profits of $220.

Posted by Michael Taylor at 5:49 PM | Permalink | Comments (0) | TrackBacks (0)