Emini Identity Crisis…
As a trader, who are you?
By that I mean what is your “style”?
There is no one right methodology or system that fits everyone, and certainly none that I know of that works all the time.
It’s like a golf swing; watch the pros at the U.S. Open this week and you will notice what I mean. These are the best of the best, and they are all using their own unique swings and styles to the best of their ability.
Can we expect to do differently in our chosen line of work?
A very smart trader @Ratiotrader remarked about being long still from 04. Many good traders play position and scalp trading. They have one account for position, and stay long if the premise is still valid. Then they scalp short in the other. You can do that with a synthetic by using options as well in one direction.
Many traders prefer to go home flat, and try to flip their mind and stay with the Intraday swings. I usually prefer that approach, always looking for the primary trend trades. Another strategy is if you were long from 04, cash in your 20 points, and then rebuy scaling in begining at the 14 (gap fill) to 11 area. Just throwing a few ideas at you.
Another great trader I have discovered on Twitter is @TradetheCycles. If you want to broaden your knowledge base, learn from as many different styles as you can, and incorporate ideas into your own system.
Decide who you are as a trader, then be true to yourself.
I will be adding their websites to our resource page for your convenience.
A few of my thoughts today:
“I cannot imagine a more difficult open.”
“Options expiration is not for newbies or the faint of heart.”
“Short side is presumed scalping.”
“The challenge this morning is Breakout on the Daily vs Resistance zone 23.5 (60% weekly RT).”
The longs could have, but didn’t, jam the trade to the next potential resistance level beginning at 25.
The pot was simmering with both sides in hot water until the longs finally blinked and gave up some ground grudgingly teasing everyone with the half gap play.
The double top held eventually for the gap and the Pivot test. That 11 defense was important, and the Longs survived the late day slaughter by holding. Any day low was available if the 11 area (Pivot and 60% ID RT) let go. Note the 2:30 turn around.
The ramp ended at the “20” area, respecting the previous resistance just above. The magnet area of 15 was destined after the 17 pivot broke.
Please pass it on, we are working behind the scenes to be ready for those of you who want to learn the Eminiwizard Trading system. It’s not perfect, but it works. Just common sense sequence trading with a few key ideas.
Happy Father’s Day to all.
I welcome comments and ideas. I am not a know it all; I still make my share of mistakes just ike you.
I am a Humble student of Angels and Demons. I don’t have all the answers, but I have learned a few things along the way.
A few charts for perspective: