Fishhead, here are a couple of trades for you.

SSI · Mar 23, 2005

remember the long corn/short wheat spread trade that i told you about, well im up almost a grand at this moment, market is open about 10 more minutes, put on at a difference of $1.36.. its now trading at $1.26, so that one is worth about a grand at the moment, we will see where it settles today..

as for the actual market, im speaking at the emini sp at the moment, im getting ready to sell this late little rally... we broke through supp at 1180-1182.50 and went down to 1168.75 today... im going to sell 1 june emini sp at the market in a moment, should be filled around 1179... going to risk to 1194 even, this will be just over yesterdays high of 1193.75, so its a trade with a risk of 15pts at $50 per pt, so $750 worth of risk, ill be staying in overnight if not stopped out.. will adjust stops accordingly.. good luck to me and i need a drop..

SSI · Mar 23, 2005

flash fills in the emini, filled short 1 june emini sp at 1179.00, placing stoploss at 1194.00 GTC order, now drop you sucker..

SSI · Mar 23, 2005

makes it hard on me to take a nap when im in an emini trade, if im really correct on this one, todays high will not be over 1182.50.. just a chart reader talking there.. will report later, forcing myself to nap, broker can call if anything happens..

Journeyman · Mar 23, 2005

can you give me the link so I can monitor this trade?

SSI · Mar 23, 2005

sure jman, go to (TFC Commodity Trading Forum), click on the intra day quote column at the top, then click index, then click emini sp 500 GBX,,, it will show almost a live quote, todays high 1180.25, todays low 1168.75, last 1177... market will close for a short while at 3:15 pm cst, then reopen and trade all night -- with another short break or two..

SSI · Mar 23, 2005

Jman, im staying overnight and will ride this trade for a while, dont know about staying for the weekend...

currently 1177, so im up $100 at the moment... this market can move, so anything can happen.. overnight will be important to me..

SSI · Mar 23, 2005

jman, down to 1175, still trading for a few more minutes, up $200 at this price, hope not any big moves tonight (unless lower).. key resistance broken today at 1180, notice it broke 1182.50-- then went down to 1168.75-- then could only rally to 1180.25 (remember i said that 1182.50 shouldnt be broken today)-- thats the rally that i sold (entry 1179).. for the life of me, cant see why guys here dont love this... seems right up there alley...

RPM · Mar 23, 2005

ssi

can you teach me how to do this stuff???

SSI · Mar 23, 2005

yes, i used to write a newsletter about this stuff.. now i only follow a few markets,, grains/meats/emini...... surprisingly it takes no where near the money to trade this, than it does stocks..

you will hear horror stories about commodity trading, but if you know how to do this, then that wont happen.. simply define all risk when entering a trade, you do this with stoplosses placed in the market,,,,, or by buying an option for insurance,,,,,

example, you could have shorted (sold) july wheat one week ago at 371 per bushel --- and bought a call option at the same time an (ATM) money btw.. or put a stoploss in the market at say 380, then your short with a defined risk...

i put the spread on at short W 371 and long C 235 btw...

ask away or email me rpm.... the emini is great for daytrading and can be done for a small amount of money... now you have to get out overnight unless you have margin money there (around $4000) per contract,,, but i can daytrade it -- only with risk of the stop in...

ask away, i love this stuff...

SSI · Mar 23, 2005

rpm, it looks like my spread is going to settle today around $1.28.. im in at $1.36, so up about $800 on 2 spreads in one week, not bad..

emini is at 1174.50, im short one from 1179.00. so currently ahead 4.50pts or $225... this is minus a $25rt comm rate, which is high compared to $10 online but for full service great broker, it is very fair... my guy monitors trades for me and knows what i look for and calls me throughout the day, when i cant watch..

Fishhead · Mar 23, 2005

Good stuff!

I definetly can see that I need to get more involved with this.

Thanks for sharing!

-F-

SSI · Mar 23, 2005

dont see how your not fish, just like anything else, lay low and pick your spots.. im a big believer in chart reading, in fact 90% of my trades are based on supp and res points on charts, along with trend...

emini is at 1175.75 (about 10min ago), most nights it wanders around on little volume... will pick up in the very early a.m. tomorrow morning..

currently have 2 open trades.

1. long july corn/short july what ($1.36), need the gap to narrow..

2. short june emini 1179.00, stoploss in at 1194.00

what im looking for tomorrow in this emini trade, is for the market to take out todays low of 1168.75, if this occurs, then and only then will i lower my stoploss from 1194 -- down to 1180.50.. of course if market moves higher tomorrow, then my stop will stay at 1194.00 and if touched then i will be out with a $750 loss... see i need the emini sp market to drop, i either make or lose $50 for every point that it moves... will update this trade around lunch tomorrow. am following the nba totals tonight..

RPM · Mar 23, 2005

ssi

first thing i need to do is build a vocabulary. several of the things you are saying mean nothing to me...

emini??? :icon_conf

SSI · Mar 23, 2005

rpm, you are aware of the dow, nasdaq and sp market, correct..

these are markets composed of individual stocks, well the sp market is composed of the top 500 stocks in the dow jones average.. the sp is currently trading at 1175.. this is a number -- just like saying the dow is trading at 10,585 or whatever it is at currently...

the emini is simply a smaller version (1/5 the size) of the sp market, the sp moves at $250 per pt and is too rich for my small player status.. however the emini moves at 1/5 of this or $50 per pt.. you see the dow/nasdaq/sp are really tradeable markets in their own right... understand a little better..

Fishhead · Mar 23, 2005

Any particular website you recommend for this type of trading........learning about it, charting it, handicapping it?

Thanks

SSI · Mar 23, 2005

just google commodity trading, we have a poster here (heart222) -- who is a commodity broker for AG Edwards and is a great guy... however i dont trade there, i trade at redlands futures and options (who clear through rjobrien)...

do not listen to a tout named ken roberts, he is good maybe for learning basics but not for real trading, maybe youve seen his ads in get rich quick ads, he wears a cowboy hat...

fish, you could learn this stuff in a week, trade stocks and commodities all day and sports all night...

RPM · Mar 23, 2005

ok, yes i know the sp.

SSI · Mar 23, 2005

fish, all jokes aside, you could take these markets and scalp them to death,, pulling 2-3 pts out -- off key numbers is no problem, if you know what your doing and have time to follow.. i cant follow tick for tick, so i choose not to daytrade but to short term trade...

Fishhead · Mar 23, 2005

SSI said:
fish, all jokes aside, you could take these markets and scalp them to death,, pulling 2-3 pts out -- off key numbers is no problem, if you know what your doing and have time to follow.. i cant follow tick for tick, so i choose not to daytrade but to short term trade...

Gonna give it a shot in time.

Currently have my eggs spread out in other ventures..........for better or worse.

---FISH---

RPM · Mar 23, 2005

ssi

perhaps you could run a daily thread in here as to what moves you make and how you are doing so we can try to learn?

Fishhead, here are a couple of trades for you.

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