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11-03-2009, 03:41 PM
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Quote:
Originally Posted by iceoverflow
The chart that I put up previously, the ES9Z, is the December contract for the S&P 500. This market is volatile and moves fast so I recommend trading forex or equities over this for a new trader. When this market goes up it is always preceded by dollar weakness. This market goes up, dollar goes down, oil goes up. It is all correlated.
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Ah, got you... I was just wondering what the ESMini was. For me I only trade forex for now, I have an account here in US and a Metatrader 4 account in Malaysia so I can trade gold my favorite  Made a nice profit today it shot up from 1055.40 to now 1083.85 Was looking at Futures and options for a new hobby have not decided yet maybe after the first of the year....
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Last edited by fxmicroman; 11-03-2009 at 03:44 PM..
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11-03-2009, 04:14 PM
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Quote:
Originally Posted by fxmicroman
Ah, got you... I was just wondering what the ESMini was. For me I only trade forex for now, I have an account here in US and a Metatrader 4 account in Malaysia so I can trade gold my favorite Made a nice profit today it shot up from 1055.40 to now 1083.85 Was looking at Futures and options for a new hobby have not decided yet maybe after the first of the year.... |
Great trade, awesome! I love gold and oil. Gold is not as erratic and better to trade, for me oil is just short term trading. Options are awesome, I love them and have made lots of money with them. A great way to play a move and mitigate your risk. I have only used options in the equities markets. The current futures broker that I am using has money managers that use a lot of options on futures contracts. They send me their thoughts so it will be interesting to see their perspectives on this. I used to love to trade gold and es. I wanted to focus solely on forex and now am beginning to branch out again. With the new margin changes leverage won't be too different from futures to forex.
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11-03-2009, 05:47 PM
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Quote:
Originally Posted by iceoverflow
Great trade, awesome! I love gold and oil. Gold is not as erratic and better to trade, for me oil is just short term trading. Options are awesome, I love them and have made lots of money with them. A great way to play a move and mitigate your risk. I have only used options in the equities markets. The current futures broker that I am using has money managers that use a lot of options on futures contracts. They send me their thoughts so it will be interesting to see their perspectives on this. I used to love to trade gold and es. I wanted to focus solely on forex and now am beginning to branch out again. With the new margin changes leverage won't be too different from futures to forex.
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i love options also. i just picked up some contracts today in RIMM. bought at
.50 now up .75. not bad for a couple of hours. i'll be holding on to them for a couple of more days hopefully doubling my money. had a bad morning trading this morning got stopped twice for a 30 pip loss in the AUD.USD.
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11-03-2009, 06:00 PM
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Quote:
Originally Posted by iceoverflow
I began trading the esmini this week and must say it is a great compliment to Forex. I played eur/usd and eur/gbp for a total of 30 pips together, in and out of eur/usd in less than ten minutes, eur/gbp less than five. I am still long gbp/usd and see a better gain, but might change if price drops anymore from here.
My es strategy is very short term. My Forex strategy got longer long term than I am used to coming from equities and futures. I am trying to implement a better short term strategy for Forex. Forex is a bit slower than trading the ES and so I need to take that into account. So far today I have done 5 trades on the ES for a combined less than 5 minutes, I have done two trades in Forex that are a multiple of that, the third I am still in so I am not going to count it. I am also more familiar with the ES so it is not fair for me to count percentage gains and strategy against each other, the only thing I can is to compare markets and strategies from a risk:reward perspective. They both have their pros and cons. I have rules for both. I put my rules on my wall although they are part of my plan. My plan is a file on my computer, so this forces me to view my rules and also the quotes help out too.
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which broker/program are you using to trade esmini. been thinking about getting into futures.
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11-03-2009, 06:23 PM
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Quote:
Originally Posted by ealarcon
which broker/program are you using to trade esmini. been thinking about getting into futures.
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Expo Futures, I like their platform. Play with their demo and get a feel. I recommend playing with as much demo futures accounts as you can. Get a feel for the different software and the markets.
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11-03-2009, 06:41 PM
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thanks, demo all the way, until i am ready! i don't like throwing my money away!
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11-03-2009, 06:54 PM
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Quote:
Originally Posted by ealarcon
thanks, demo all the way, until i am ready! i don't like throwing my money away!
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I agree my friend. Making money is too much fun to throw it away.
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11-04-2009, 09:50 AM
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Woke up to some great trades. eur/usd up gbp/usd up aud/usd up aud/jpy up sgd/jpy up. Lots of consolidation yesterday. This could be the beginning of the rip your face off rally. Warren Buffet buying BNI was very bullish for the market and now bad news is being shaken off.
Here is my gbp/usd chart. Tight consolidation on the 15 minute chart of which I look at for price action. The higher timeframes were bullish. Eur/USD did the same thing.
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11-04-2009, 02:59 PM
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bearish dollar is working out here. Buffet buying BNI marked a bottom yesterday. Today's FOMC announcement confirmed the base put in yesterday and will take the dollar lower I think. EUR/USD back to 150, gold to the moon; now waiting for UK numbers tomorrow. If they can talk about inflation and subdue the bank sector over there I see good things for longs. PMI above 50, no reason to be bearish I think. Risk appetite is back and the short term fat lady has sung, blue horseshoe hates the dollar!
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11-04-2009, 10:18 PM
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Todays research is interesting. Greenland is opening up its natural resources in January. They have oil and precious metals that could rival China. Greenland will get half the proceeds while the Danish government will get the other half. This is supposed to double the GDP of Greenland, which right now a little over a quarter comes from Danish subsidies. So this will be a slow process, but definitely could be a game changer over time. The DKK could be interesting over the next few quarters.
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11-05-2009, 07:38 AM
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The BOE was good overall I think for the market. They are not putting out as much money as expected which is good. I went long eur/jpy which looked to be setting up and a few minutes after I went long shot out of the gate like a horse hooked up to a coffee IV! Forget allstate, I am in good hands with Euro, haha!
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11-05-2009, 07:43 AM
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I would be calling for a rally to 137, but I want to be out before nfp tomorrow. Trading the nfp number is like sword fighting with a rubber sword while your opponent has a read one. Lots of chances of bad things occurring.
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11-05-2009, 09:24 AM
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OIS spreads narrowing good for market and shows confidence.
And volatility heading lower, this is a 2 year weekly chart
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11-06-2009, 08:54 AM
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After the nfp drop in oil I went long cad/jpy at this fib level. The new safe haven is gold and not usd or jpy. Gold never even budged when everything was falling. Gold futures up right now, but not as much as we were when the numbers came out. This might be too early of an entry, but we will soon see.
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11-08-2009, 07:21 PM
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I got stopped out of the cad/jpy friday before the close. I was hoping for a big bounce. 20 pips we got and then fell, but it is holding the 61.8% fib level currently. l also went long the eur/usd around the time I went long the cad/jpy. We bounced off a pivot on the es after nfp and I felt very confident about the dollar going down. It was an odd close with the market up and the dollar up slightly. I flattened the eur/usd at the gap today, looking for a gap fill. I know the s&p fills its gap 100% of the time. I assume that Forex does as well. It does not necessarily have to fill today, but I am confident that it will. I will trade the euro this week in that I don't want to be long when important news comes out.
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