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03-23-2022, 11:52 PM
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#3556
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Registered User
Join Date: Sep 2007
Location: Boston+Ocala
Posts: 23,764
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Quote:
Originally Posted by PaceAdvantage
SELL ES @ 4506.00
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great trade. it will be interesting the rest of this week because window dressing starts. in the past 25 years, the window dressing bias has been to the upside, which might change for this month of March. Ordinary after a weak volume day i would try to lean in the opposite direction, but this time around i would be very skeptical and the action the next few days might release the information you need going forward. THERE IS NO LAW THAT SAYS THAT WINDOW DRESSING CAN'T HAVE A DOWNWARD BIAS TO IT!
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03-24-2022, 11:32 AM
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#3557
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Veteran
Join Date: May 2021
Location: NYC
Posts: 1,554
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S&P at a resistant level of 4500....
Goes up from here ...start singing for 4800
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03-24-2022, 01:41 PM
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#3558
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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Kind of a not-so-perfect H&S pattern setting up on S&P...
Anyhoo...no trades for me yesterday...looks like no trades today either...hmmm...
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03-24-2022, 01:42 PM
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#3559
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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Quote:
Originally Posted by geroge.burns99
S&P at a resistant level of 4500....
Goes up from here ...start singing for 4800
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Futures (ES) hit the 4500 level around noon and hasn't been able to go past since...
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03-24-2022, 03:18 PM
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#3560
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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I may have a trade coming up...looks like it's possible as of now...should know more after 3:30... 
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03-24-2022, 03:42 PM
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#3561
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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never mind...didn't happen
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03-24-2022, 03:46 PM
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#3562
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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I changed my mind
LONG ES @ 4503.25
STOP @ 4482.75
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03-24-2022, 03:52 PM
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#3563
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Veteran
Join Date: May 2021
Location: NYC
Posts: 1,554
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Quote:
Originally Posted by PaceAdvantage
I changed my mind
LONG ES @ 4503.25
STOP @ 4482.75
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So in this your saying that you placed a trade @ 4503
And if it hits 4482 you cash out ?????
What happens if it doesnt get there ..you lose?
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03-24-2022, 03:53 PM
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#3564
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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Quote:
Originally Posted by geroge.burns99
So in this your saying that you placed a trade @ 4503
And if it hits 4482 you cash out ?????
What happens if it doesnt get there ..you lose?
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It says I placed a trade at 4503.25
If it drops to 4482 I lose around 20 points
I didn't put in a profit target. I don't use profit targets.
I get out when I get out...that's the secret sauce
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03-24-2022, 03:55 PM
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#3565
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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You have to stop thinking this is some magical instrument.
It is a futures contract.
It trades just like a stock.
You buy at one price, you sell at another. You profit if it goes up.
You short at one price, you cover at another. You profit if it goes down.
Nothing hard here to figure out.
Just google E-MINI S&P FUTURES
They've been around forever.
I'm trading the S&P 500 via the E-mini futures
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03-24-2022, 03:57 PM
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#3566
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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it's at 4508.25 right now. I bought at 4503.25. I am up 5 points.
Each point is worth $50 profit per contract, thus if I bought 1 contract, I am up $250 at the moment
($50 per point X 5 points X 1 contract)
Last edited by PaceAdvantage; 03-24-2022 at 03:59 PM.
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03-24-2022, 04:02 PM
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#3567
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Veteran
Join Date: May 2021
Location: NYC
Posts: 1,554
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Quote:
Originally Posted by PaceAdvantage
It says I placed a trade at 4503.25
If it drops to 4482 I lose around 20 points
I didn't put in a profit target. I don't use profit targets.
I get out when I get out...that's the secret sauce
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Still dont get it.....you lose 20 points?
I guess some You Tube on the way....
I know about your disclaimer so I will never send the cops over
But I just wanna learn 
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03-24-2022, 04:02 PM
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#3568
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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It doesn't cost you $4503.25 to buy 1 contract either. So it's not like a stock in that regard.
For every contract you want to buy, you must have $12,500 in your account (or only $500 per contract if you are going to day trade).
Thus, if you have a $20,000 account, you could theoretically buy 40 contracts if you wanted to (but that would be insane).
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03-24-2022, 04:03 PM
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#3569
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Veteran
Join Date: May 2021
Location: NYC
Posts: 1,554
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Quote:
Originally Posted by PaceAdvantage
it's at 4508.25 right now. I bought at 4503.25. I am up 5 points.
Each point is worth $50 profit per contract, thus if I bought 1 contract, I am up $250 at the moment
($50 per point X 5 points X 1 contract)
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O...so the 4482 is when your out and you cant lose anymore....
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03-24-2022, 04:05 PM
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#3570
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PA Steward
Join Date: Mar 2001
Location: Del Boca Vista
Posts: 88,642
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Quote:
Originally Posted by geroge.burns99
Still dont get it.....you lose 20 points?
I guess some You Tube on the way....
I know about your disclaimer so I will never send the cops over
But I just wanna learn |
Yeah, if I buy at 4503.25 and I sell at 4482.75, I have lost 20.5 points
4503.25 - 4482.75 = 20.5 points.
I went LONG. I bought. Thus I want the price of the contract to GO UP.
If it goes DOWN by 20.5 points after I buy it, and I sell, I lost 20.5 points.
4503.25 - 4482.75 = a 20.5 point loss
What's not to get?
If I buy a stock at 100 and I sell it at 80, I lost 20 as well...same thing.
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