Emini Podcast / The Daily Futures 10/19/11
October 19, 2011 at 4:02 PM (QQQQ)(DIA)(SPY)(GLD)(SLV)
The overnight rally in the S&P 500 Emini Futures put in yet another lower high on the hourly chart. Remember, we have been turned away from our Weekly Trading Zone @ 1230 twice now. A good portion of today's action was contained Between the Zones. As the afternoon session got underway we finally broke below the 1211/1212 WTZ when the Beige Book was released. The market recovered at the 1201/1202 WTZ, turned north and ran right back to the 1211/1212 WTZ. That's what we call Zone to Zone to Zone. In this case it was 9 points down and 9 back up. That's a round trip ticket worth 18 points. Am I suggesting you should have taken 18 points out of the market? Not at all. What I am suggesting is that price made 2 substantial moves from fixed points of support and resistance that were given to our Partner's before the opening bell on Monday.
Now that I've suggested that, I will say this -
"If you only took 1 point on the way down and 1 point on the way back up,
You're my Hero".
That's 2 points. That's a 20% return on your money with $500 intra-day margins. The most successful trader I know who has the largesse to trade thousands of contracts per day, is very happy when he nets 2 points for the day. Don't get hung up on the home run. You don't have to go Zone to Zone. Once the move is on, take a little something. That's all. No cape or tights required.
Remember, A little dab will do ya'.
So here's what the move looked like.
Do we have other tools to help you get a little here and a little there?
Of course we do.
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