CoiledMarkets.com/Blog

Half of the failures in life come from pulling one’s horse when he is leaping
[Thomas Hood, 1799-1845]

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07:51:59 {austinp1} <<Timed Camera (1.0s) On>>

07:52:52 {austinp1} as noted in last night’s workshop, I’m not interested in emini trades until the pit session begins

08:46:09 {S} AP – been having quite a bit of success with the NQ in the early morning / 10pm range, and a lot of it thanks to the new “mechanical” approach to trading. It has allowed me to keep the winners going, and cutting losers short at better loss points (or breakeven). Something I was having a significant amount of trouble with prior to watching that video.

08:47:03 {S} It has been extremely helpful to give me my first profitable weeks in quite some time. Thanks!!!!!!!

09:19:05 {austinp1} “S”… appreciate the valued feedback

09:19:25 {austinp1} I myself have made more money per contract with fewer trades in NQ vs ES this week

09:21:56 {S} the NQ has treated me very well since I started trading it the past week. much nicer charts to work with, and a lot less of the BS pullbacks/flip-flops.

09:36:32 {austinp1} buying NQ 2542 / ES 1318

09:36:50 {austinp1} both pullbacks to yesterday patterns

09:39:17 {austinp1} NQ short 2538

09:39:34 {austinp1} -4pts on long, net-short reverse below key break

09:39:55 {austinp1} short 1316.50 ES

09:40:05 {austinp1} -1.5pt long, net-short on reverse

09:40:26 {austinp1} tried to flip NQ at 2540 but no fill

09:40:56 {austinp1} NQ stop 2539

09:42:34 {austinp1} ES out 1318

09:42:39 {austinp1} -1.5 / -3pt

09:42:48 {austinp1} NQ out

09:42:59 {austinp1} usual early whips

09:43:03 {austinp1} same story for weeks now

09:44:58 {austinp1} NQ short 2540

09:45:08 {austinp1} 1st pullback

09:45:39 {austinp1} ES in the middle of open range

09:46:02 {austinp1} NQ stop 42.50

09:46:17 {austinp1} selling ES 1317 zone on break confirm

09:51:15 {austinp1} NQ stop 2540 / ES stop 1318

09:51:20 {austinp1} chop or go from here

09:59:09 {austinp1} short 1316 > stop 18

10:01:22 {D} Took +8 points from the NQ on that downward ride. The NQ is now officially my best friend.

10:01:39 {austinp1} man-love for the symbol

10:02:07 {D} It’s a veritable bromance.

10:02:12 {austinp1} lolol

10:02:42 {D} As far as I’m concerned, the ES can eat Austin’s red hot shorts.

10:02:59 {austinp1} you mean the ones with yellow piping down the sides?

10:03:12 {austinp1} old-school gym shorts style?

10:03:19 {D} Let us never speak of them again.

10:03:33 {austinp1} huge lol!

10:05:26 {austinp1} ES: -1.5, -1.5, +2, -2

10:05:38 {austinp1} NQ: -4pt, +12pt

10:05:51 {austinp1} one symbol dropped, one symbol chops

10:06:01 {austinp1} chart view explains all

10:07:10 {austinp1} personally speaking, I know beyond shadow of a doubt I can make all the money I ever need trading NQ alone, ES is irrelevant to me

10:07:57 {austinp1} not to say I’m done trading ES, but why bother running 100 yards uphill when I can run 100 yard on flat ground for the same prize at finish line?

10:08:46 {EA} NQ can absorb a fair amout of volume

10:09:03 {austinp1} NQ short 2540 > stop 43

10:09:07 {D<EN>} if u add a couple extra contracts on the NQ it comes out about the same in the end, and it is generally easier to trade imho

10:09:16 {austinp1} ES short 1318 > stop 1319

10:09:23 {austinp1} final trades of the day for me

10:09:36 {EA} yep, just a little higher comm

10:09:36 {austinp1} worst-case will be +5pt NQ / -4pt ES

10:09:51 {austinp1} best-case potential is to be determined

10:10:16 {austinp1} higher commish on 1/2 the total trades

10:10:23 {D} Totally agree with Doc

10:10:32 {austinp1} I like straight charts

10:10:36 {austinp1} I cannot lie

10:11:31 {austinp1} just call me sirtradesalot

10:11:51 {austinp1} NQ stop 2538

10:12:34 {austinp1} +2pts NQ

10:12:50 {austinp1} -4 / +12 / +2 = +10pts NQ cumulative

10:13:31 {austinp1} +$200 per contract on three turns = $66.67 per?

10:13:45 {austinp1} minus round-turn costs, that ain’t bad

10:14:03 {D} AP, did you short the second pullback in the NQ?

10:14:35 {austinp1} yes, yellow box arrowed [live streaming charts]

10:14:46 {D<EN>} hey if the ADR is 50 plus pts on NQ u should be able to pick of 10 !

10:14:59 {austinp1} no kidding there

10:15:26 {D<EN>} gotta quit hitting the exclamation key

10:15:26 {austinp1} +40pts cumulative in four days on my side

10:15:45 {austinp1} I can live with that average

10:16:12 {Q} shouldn’t yellow box be earlier?

10:16:37 {austinp1} that was a signal, too

10:16:43 {austinp1} I marked my third turn

10:16:51 {Q} sorry

10:16:58 {austinp1} you better be!

10:17:08 {austinp1} asking such a dumb, stupid question

10:17:23 {austinp1} are you from New York state or something?

10:17:33 {Q} some kind of state

10:17:39 {austinp1} oh… me too

10:17:47 {austinp1} <blushing with embarrasment>

10:18:18 {austinp1} +2pts ES

10:18:34 {austinp1} needed one – two more ticks to lock +3pts

10:18:55 {P} ap, this [pattern] at 2540.50, pattern confirm if we get a 2 tick close correct?

10:18:59 {austinp1} went exactly +3.25 from fill

10:20:32 {austinp1} still banging pulbacks at 2540 stall

10:21:41 {austinp1} NQ +10pt / ES -1pt cumulative

10:21:47 {austinp1} I’ll continue to work with ES

10:21:59 {austinp1} also prepping to get on a plane at 6am tomorrow

10:22:16 {austinp1} I should probably print out my itinerary, pack and stuff like that sometime today

10:34:18 {austinp1} what can’t go down will go up… day four

10:34:42 {austinp1} 2540 and 1318 were key pivotals

10:37:48 {austinp1} ES long 1319 > out 1322

10:38:02 {P} ap, your 2540 area identification helped me take 4nq pts long at 41, great find Thank You ! .

10:38:07 {austinp1} went +3.75 in favor of prestaged breakout

10:38:33 {austinp1} had I traded NQ further, prestaged buy of mine would have been 2542

10:38:46 {austinp1} +10pts NQ / +2pts ES

10:39:03 {austinp1} +40 NQ / +11 ES this week… and my week is complete

10:40:39 {P} good point, went in a bit soon.

10:40:49 {austinp1} oh, that worked

10:41:03 {austinp1} I just tend to stage breakouts a bit past prior stalls

10:41:33 {austinp1} that’s where the other side’s stops are clustered… once broken, they fuel the new move

10:42:36 {P} right on, u also mentioned that in a few video’s I gotta start paying attention more.

10:43:01 {austinp1} yes… pay attention!

10:43:17 {austinp1} don’t make me yell at you like I did with “Q” <huge lol>

10:44:08 {P} sometimes thats all that works so yelling is good

10:44:38 {austinp1} I never yell at my team

10:44:58 {austinp1} I’m the smiling & laughing drill sgt

10:45:21 {am} well u dont yell at eagles.. u sqwuak.. Laughing out loud !

10:45:39 {austinp1} I do often yell at my dogs when they are rolling in nasties

10:45:48 {austinp1} which happens way too often this time of year

10:47:13 {D} Hey, keep it down. I’m trying to count all my NQ points here.

10:49:49 {austinp1} you crack me up

10:50:41 {D} Just want to send you off with a smile on your face, AP.

10:53:40 {austinp1} NQ 2540 zone in play again

10:53:47 {austinp1} ditto ES 1318

11:35:11 {austinp1} pinch-squeeze + patterns in NQ and ES [as shown in eagle room]

11:35:33 {austinp1} NQ 2538 / ES 1317.50 are the sell zones

11:51:52 {Q} btw I am on flight path for airport, about 5 mi out…yellow house, hot tub. I’ll leave the lights on.

11:53:40 {austinp1} I’ll be there at 4:30am tomorrow, Q

11:53:54 {austinp1} will you have the coffee on?

12:03:00 {austinp1} 11:35:33 {austinp1} NQ 2538 / ES 1317.50 are the sell zones

12:03:16 {austinp1} now trading NQ 2524 and ES 1312

12:12:40 {austinp1} another +10pts NQ / +4pts ES (or better each side) was there in that sequence for the lunch crew

===

A rather unremarkable day. Just business as usual playing our cash-collecting game in CM EagleTeam fashion

Trade To Win
Austin

Last week’s sell every blip higher has reversed to this week’s buy every dip lower.  That in turn created yet another trade-sequence opportunity for active traders What cannot go down will squeeze up in near-term oversold conditions. It goes without saying that plenty of newbie and neophyte traders who have no clue about what they’re doing kept selling into that late-day ramp. The masses always do.

As for our team here, crystal-clear CM “key-reverse” patterns long signals @ NQ 2520 and ES 1304 (not shown) rose to 2550 and 1318 highs, respectively. Both of those textbook pattern sequences will be part of our focus in tonight’s EagleTeam training, start time 5pm for all active team members.

Suffice it to say that plenty of opportunity existed for anyone to wrest some amount of solid profits from either/or emini symbol today.

The live show starts at 5pm… looking forward to looking over some charts with you then

Trade To Win
Austin

07:55:50 {austinp1} Great Morning!

07:56:09 {austinp1} <<Timed Camera (1.0s) On>>

08:58:29 {austinp1} just like yesterday’s final-hour drop and pop…

08:58:53 {austinp1} if it weren’t for breaking rumors or news, there would be nil movement at all

08:59:39 {austinp1} the whole game right now is trading the chop, tread water around it much as possible and wait for the next rumor-news blurb out of europe to push direction

08:59:57 {austinp1} like it or not… market action and day trading really is that simple right now

09:00:17 {austinp1} hours of chop, minutes of program spikes and slams

09:00:24 {austinp1} 100% euro-news driven

09:00:32 {austinp1} welcome to circa 2012

09:53:03 {austinp1} prestaged long NQ 2518 / ES long 1308

09:53:10 {austinp1} usual -$100 initial stops

09:53:27 {austinp1} my first trade attempts of this day

09:53:51 {austinp1} NQ engaged

09:54:10 {austinp1} ES adjust to 1307 long

09:55:45 {austinp1} ES engaged

09:56:39 {austinp1} as noted here yesterday morning… if the opening period of pit session whips and slaps like it has for weeks now, I’m sitting out the early churbulence

09:56:53 {austinp1} I may be a somewhat slow learner… but I ain’t stupid

09:57:12 {austinp1} will look for my one & done trade profits where long-hanging fruit is ripe

09:57:50 {austinp1} why purposely trade in known chop-wash conditions?

09:58:02 {austinp1} we got all day to find one profitable trade

09:58:05 {austinp1}

10:02:02 {austinp1} NQ long 2518 > out 2528.50

10:02:22 {austinp1} ES long 1307 > out 1310

10:02:47 {austinp1} per the trade management plans

10:03:14 {austinp1} sideways volatility conditions persist

10:23:15 {austinp1} almost 1st hour complete… still no directional push yet

10:23:20 {austinp1} sideways volatility

10:26:48 {austinp1} +3pts ES / +5pts NQ cumulative

10:27:02 {austinp1} next pinch-squeeze = next point of interest for me

10:49:39 {austinp1} opening hour buzz chop, then algo surge moves

10:49:45 {austinp1} every day, lately

10:50:11 {austinp1} partway to my daily objective

10:50:28 {austinp1} next squeeze = pattern sequence continues the workday of mine

11:07:27 {austinp1} long NQ 2511

11:07:31 {austinp1} stop 2506

11:07:47 {austinp1} long ES 1300

11:07:54 {austinp1} stop 1298

11:15:05 {austinp1} awaiting latest congestion to resolve

11:15:14 {austinp1} be that minutes or hours from now

11:27:58 {austinp1} I’m in walk-around mode, mostly out of the office while trades languish

11:28:08 {austinp1} if stopped, resetting prestaged longs

11:28:20 {austinp1} if trades work, accomplished mission for the day

11:28:39 {austinp1} other than that, the world awaits next euro-blab to push markets

11:38:28 {austinp1} 5min charts tell all: dead chop, brief algo blips

11:38:43 {austinp1} no one is trading, no oscillations, no swings, dead tapes

11:40:59 {austinp1} 0pt NQ and +1pt ES

11:41:09 {austinp1} worst-case will be -5pt NQ and -1pt ES

11:41:22 {austinp1} best case will be something greater than current tally

11:42:34 {austinp1} in & out of office from now until 2pm

12:44:22 {austinp1} back…

12:45:27 {austinp1} long NQ 2506

12:45:43 {austinp1} long ES 1297.50

12:45:46 {austinp1} usual srops

12:45:50 {austinp1} stops, too

12:46:07 {austinp1} see if the next chop=bang sequence happens to be up

12:47:54 {austinp1} 11:41:09 {austinp1} worst-case will be -5pt NQ and -1pt ES

11:41:22 {austinp1} best case will be something greater than current tally

12:54:41 {austinp1} NQ has made no smooth swings at all so far today

12:54:44 {austinp1} ES made one

12:54:58 {austinp1} congestive lower, overall

13:04:50 {austinp1} ES stop 1296.50

13:05:31 {austinp1} NQ stop 2505

13:05:55 {austinp1} dead tapes

13:05:56 {austinp1} again

13:06:58 {austinp1} this is exactly like the usual last two weeks in august type markets

13:07:17 {austinp1} looks like latre summer came real early this year

13:07:56 {hn} maybe we’ll have inverse behavior in August

13:08:04 {hn} hopefully

13:08:10 {austinp1} praying for that

13:08:13 {austinp1} and earlier

13:17:19 {austinp1} par stops on both

13:30:55 {austinp1} 12:45:27 {austinp1} long NQ 2506

12:45:43 {austinp1} long ES 1297.50

13:31:11 {austinp1} stops NQ 2511 / ES 1300.50

13:34:17 {austinp1} +3pts ES / +4pts cumulative

13:34:37 {austinp1} spiked up = chopped back too fast for me to react any higher on a trail

13:34:45 {austinp1} staccato, range-dead tapes

13:35:18 {austinp1} nil oscillations, damn little life

13:35:30 {austinp1} how I miss the real volatility of 2007 – 2008

13:35:37 {austinp1} and even the first half of 2009

13:36:17 {austinp1} it’s a chicken-pick for profits game now

13:40:09 {austinp1} NQ stop 2516.50

13:40:16 {austinp1} in case of slippage

13:44:52 {austinp1} +10pts NQ / +10pts NQ cumulative

13:45:12 {austinp1} that’s enough dancing around in the congestive chop for me today

13:45:33 {austinp1} I’ll leave the remaining vast wealth potential to everyone else who cares more than I do

13:45:58 {austinp1} +9pts ES / +30 NQ pts cumulative week

13:46:07 {austinp1} one day left to pad or shave those stats

13:46:23 {austinp1} we’ll see how it all unfolds by tomorrow’s end of trading

===

As noted quite often here lately, there really isn’t much new ground to comnment on. Markets remain in the same stop 7 go mode that they have all year and quite frankly from late 2011 onward.

My own personal solution to that is remaining patient as possible for crisp setups, and exiting aggressibely for modest profits when available. That approach has gleaned +$600 per NQ contract and +$450 per ES contract in three sessions this week. One more trading day to go may back off that peak a bit, or add to it measurably.

Just business as usual inside chop & go markets

Trade To Win
Austin

10:13:17 {austinp1} long ways from here to 4:15pm

10:13:34 {austinp1} could be minutes, could be hours before the next setup of interest to me confirms

10:13:45 {austinp1} passive chart-watching, walk around mode now

10:16:25 {austinp1} last week and this week so far are nothing more than phyiscal reminders of why I lost all interest in trying to figure out “trends” or directional bias

10:16:41 {austinp1} last week the ES got sold into slavery on every blip higher attempt

10:16:47 {austinp1} this week, it’s a straight arrow up

10:17:17 {austinp1} nothing more than a senseless, computerized game where trends and bias mean nothing from one day to another

10:17:52 {austinp1} the job is to sit down with a clear mind, work around the squeeze – pattern sequences and forget about all else

10:18:07 {austinp1} it’s been rendered meaningless by the world of algos

10:30:25 {E-A} I will be happy when the CL decides to wake up from rollover

10:32:43 {austinp1} funky markets right now, E-A

10:32:53 {austinp1} acts like late August periods

10:33:50 {E-A} yes, I agree…like a volatility switch being turned on and then off

10:35:02 {E-A} NQ does seem to be weaker than ES thus far today

10:35:12 {austinp1} lagging

10:35:15 {E-A} yes

10:35:29 {austinp1} something is boosting ES in narrow-sector fashion

10:35:39 {E-A} yes, my thought exactly

10:35:47 {austinp1} I don’t care enough to look, but maybe financials

10:36:03 {austinp1} doesn’t matter enough to me for me to expend the energy

10:36:22 {E-A} yes, I agree…just do something in a structured fashion

10:37:08 {austinp1} pinch-squeeze = pattern

10:37:12 {austinp1} all I care about

10:37:49 {austinp1} until then, markets are of no interest to me

10:38:01 {austinp1} soon as the next sequence confirms, I am highly interested

10:38:43 {austinp1} ES setup confirmed

10:39:31 {austinp1} NQ setup confirmed

10:51:15 {austinp1} NQ short 2552 / ES short 1322 prestaged orders

10:51:23 {austinp1} usual stops automated if filled

11:07:19 {austinp1} NQ tripped and chopped out for -5pts

11:07:24 {austinp1} same trade reset

11:09:33 {austinp1} a majority of my summertime trading is going to consist of breakout/breakdown orders prestaged

11:10:06 {austinp1} it has already begun

11:11:41 {austinp1} ES did the single stretch algo spike this morning

11:11:52 {austinp1} NQ remains in a total chop-wedge, no movement yet

11:14:12 {hn} total garbage across the tapes except for maybe beans and metals

11:14:50 {austinp1} modern markets demand more long-term patience than ever before

11:18:51 {E-A} ugly

11:33:55 {austinp1} price is congested at session highs

11:34:33 {austinp1} selling ES 1324 / NQ 2554 prestaged

11:34:35 {austinp1} usual stops

11:35:01 {austinp1} -5pts NQ / 0pts ES cumulative

11:35:59 {austinp1} the scenario of failed up = probable down if it unfolds

11:36:16 {austinp1} in other words, I am trading a potential scenario preplanned

12:03:23 {austinp1} strategic pattern sequence short trades engaged

12:05:29 {E-A} CL did provide .50 but in really choppy fashion

12:06:29 {austinp1} no kidding

12:06:56 {austinp1} CL has been brutal hard work the past several sessions, and I didn’t even look at it on rollover Friday

12:07:20 {Eric-A} yes

12:08:12 {E-A} ES/NQ look good

12:08:52 {austinp1} 11:34:33 {austinp1} selling ES 1324 / NQ 2554 prestaged

12:08:58 {austinp1} ES stop 1319.00

12:09:33 {austinp1} NQ stop 2449

12:09:35 {E-A} I got 4 of those in the ES and tightened up

12:09:44 {austinp1} that works

12:11:06 {E-A} probably ends my day

12:12:47 {austinp1} ES out 1319 for +5pts

12:12:54 {austinp1} definitely ends my day there

12:12:54 {E-A} yep

12:12:58 {austinp1} mission accomplished

12:13:05 {E-A} NQ should have been good for 10

12:13:13 {austinp1} NQ remains… breakeven at worst-case

12:13:50 {E-A} nice inverted cup

12:13:55 {austinp1} NQ pulled back and holding bottom of open range

12:14:00 {E-A} on the 5MIN

12:14:07 {austinp1} ES reflexing off top of open range

12:14:19 {E-A} yes, I see that

12:14:54 {austinp1} NQ trade went +11pts from entry to peak low

12:15:01 {austinp1} I’m trailed at +5pts

12:15:07 {E-A} NQ swapped back and forth between leading up and lagging down

12:15:11 {austinp1} see how it unfolds

12:21:24 {austinp1} +5pts NQ / 0pts NQ cumulative

12:21:38 {austinp1} yesterday was +20pts, so no complaints

12:21:47 {austinp1} NQ is congestive and wedged today

12:21:52 {austinp1} it’s turn to range-chop

12:22:22 {austinp1} workday is complete for me… my reward is freedom from further charting factory work

12:22:29 {austinp1} play time has officially arrived

===

It’s five o’clock somewhere

Trade To Win
Austin

11:32:32 {austinp1} ES on sell signal 1305 right here

11:35:05 {austinp1} NQ [in CM Patterns trade sequence]

11:35:21 {austinp1} 2509.50 is the sell zone

11:35:42 {austinp1} ES 1308 and NQ 2515.50 are buy zones

11:38:43 {austinp1} long NQ 2515 and ES 1306

11:38:52 {austinp1} right here, both

11:39:04 {austinp1} NQ textbook breakout buy

11:39:26 {austinp1} ES failed break down, successful break back in

11:39:57 {austinp1} sells are 2509+ and 1304 respectively below

12:17:33 {austinp1} NQ hits RM #1

12:21:15 {austinp1} 11:38:43 {austinp1} long NQ 2515 and ES 1306

12:21:26 {austinp1} NQ stop 2525.50

12:24:51 {austinp1} NQ is happy – happy – happy today

12:26:07 {austinp1} NQ stop 28.00

12:27:11 {austinp1} a lot of chart research this weekend suggests to me that on average, the NQ confirms fewer signals than ES and profits from way more

12:27:23 {austinp1} in other words, less noise, more truth in the price action

12:27:47 {austinp1} I looked at a lot of different NQ chart going back two months

12:27:50 {austinp1} a lot of charts

12:28:06 {austinp1} stop 2530.50

12:32:10 {austinp1} NQ out 2535 / +20pts = +$400 per contract

12:32:26 {austinp1} one & done with NQ today

12:32:46 {austinp1} missed the early surge higher… but that never matters to me

12:33:04 {austinp1} I only need to catch one swing somewhere in the day, and the day is good

12:35:50 {austinp1} ES long 1306 => trailed out 1309 for +3pts / +2pts cumulative

12:36:31 {austinp1} three earier ES trades went -1pt, -2pt, +2pt

12:36:58 {austinp1} then I missed out on upside burst… blew thru intended buy signals

12:42:34 {austinp1} as we can see from each 5min chart view… NQ is much straighter than ES

12:42:40 {austinp1} usually the case

===

Stock indexes opened the pit session in sideways volatility fashion, then blew straight upwards from the open-range breaks. Each gave continuation long signals from strategic pullbacks to key support, pretty much business as usual.

The lone difference was NQ being much straighter in price action behavior than ES, which is almost always the case. It also covered more range than ES did, which is not always the case.

As I’ve said in public repeatedly for many years now: the NQ is by far smoothest and trendiest emini symbol of all. In my opinion it is an excellent choice for all emini traders, and especially so for those who find the TF, ES or others not making upwards progress in the trading account.

Sometimes the lone barrier between failure and success is a slightly better behaving market

Trade To Win
Austin

“Know thyself means this, that you get acquainted with what you know, and what you can do”  [Menander, 342 BC-291 BC]

Most traders like contests, like to compete, like to see who can do what. Well, now that I have small-gains trading nailed down and sewn up, it’s time for me to enter a trading contest myself.

Actually, the trading contest I’m about to enter has a competing field of one: myself. The goal is to book +5pts (or greater) ES in the least amount of trading time possible. The prize? Freedom from further work and freedom to go off and enjoy life for the balance of each day.

It goes without saying that anyone else is completely free to manage their trading business any way they deem fit. For those who enjoy the servitude of screens all day, there are open markets of some sort or symbol somewhere to oblige their desires accordingly.

For those who operate their trading operation as a cash-flow business to sponsor free time to pursue other enjoyable past-times… me to!

Day after week after month, simple plan: book five, continue to add size 

Trade To Win
Austin