August 7th, 2017 - S&P 500 e-Mini - Trading Activity - Today's Real Money Profit $0, Sim Trade Profit $7

Opening Comments

No market moving news over the weekend.
The market opened about where it closed on Friday, rallied into Friday's high and is now pulling back towards the open.

Profit Target for this week is $350 per day, once we close out the current open position.

Our weekly analysis from the forecasting service we follow, Larry Williams TV, is still indicating a near term correction based on the cycle and inter-market analysis done.

The predictions are normally pretty close, but the timing can be a bit off at times.

The sideways activity for the last 2 weeks will not last forever.
A break from that will be significant and indicative of the market direction in the near term.

Real Money Trading S&P 500 e-Mini

Short 8 contracts at an average price of 2440.00.

Continue to monitor.

The prognosis for the market is to have a correction in the near term, August is generally a choppy month which could accelerate a sell off if something breaks.

The market failed to make any sustained movement higher over the past couple of weeks and was beaten back on Friday's attempt to break higher.

The rubber band is winding up, which ever way it breaks the move could be substantial.

Simulation Trading LW Best TDOM  Bonds

We are long 1 @ 154 4/32 from 04/08/17
Stop @ 153 16/32
1st exit day is 08/08/17

Bonds re-opened the week about were they closed and are showing some weakness in the premarket trading.
Went nowhere for the rest of the day, mirrored the overall stock market, which in itself is a bit strange.

Simulation Trading S&P 500 e-Mini
Flip Trade Rule (Modified 07/08/17)
When Flipping trades we flip immediately to 5 contracts.
The target for the flip trade will be the recovery of the previous trades losses.
Profit is secondary to recovery of losses and getting flat.
This will apply to apply to all trades that do not follow through.

Trade Signals
I added an additional trade signal to the mix, the Support & Resistance Trade
This comes into play when the market encounters a support and resistance level and either bounces off or retreats from.
In this case the first naked close signal is taken as the entry point.
This signal differs from the W in that it can occur wherever support and resistance levels occur whereas the W signals generally occur at trend tops and bottoms.
For a more detailed description of all signals see the post;
My Trading Signals Explained - Updated 05/08/17 - Added Signal Support & Resistance

Signal Type
Long Signal Name
Long Signal Acronym
Short Signal Name
Short Signal Acronym
Continuation Trades
Continuation Trade – Long
Cont-L
Continuation Trade – Short
Cont-S
Trend Correction Trades
Rally off higher short-term Low – Long
HI’r-LO’s
Decline off lower short-term High – Short
LO’r-HI’s
W Trades
W Bottom – Long
W-BTM
W Top – Short
W-TOP
Support & Resistance
1st Up off Support – Long
1st UP Off SUP
1st Down off Resistance – Short
1st DWN off RES
1st 2 in a Row Trades
1st 2 in a Row Up – Long
1st 2 UP
1st 2 in a Row Down – Short
1st 2 DWN
Consolidation Trades
Consolidation Break Out – Long
Cons-BO
Consolidation Break Down – Short
Cons-BD

1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
4:25
Short
1st 2 DWN
1
2475.00
2474.00
$47
$47




1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
5:02
Short
Cont-S
1
2474.25
2473.25
$48
$95






Mixed messages coming into the open.
Took 1 contract short as statistically if any indicators are short the odds are better in that direction.

1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
8:30
Short
Open Trade
1
2474.25
2473.25
$47
$142





1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
8:38
Long
HI'r-LO's
1
2474.00
2475.00
$48
$190





1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
8:50
Long
Cons-BP
1
2475.00
2474.00
-$52
$138





No follow through to the Long side, Flip Trade.
1 Contract to Cover.
5 Contracts for Recovery.
We lost $52 on this trade, adding the commissions we need $64 to recover.
Target will be 1/2 point.

Flip Trade
Time
Trade Direction
Signal Type
#Contracts Cover
#Contracts Recovery
Entry Price
Exit Price
Trade Profit
Day Profit
9:46
Short
1st 2 DWN
1
5
2474.00
2473.50
$113
$251

1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
9:53
Long
1st UP off SUP
1
2474.50
2475.50
$35
$286
1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
10:39
Long
1st 2 UP
1
2475.50
2476.50
$47
$333
1st Trade
Time
Trade Direction
Signal Type
#Contracts
Entry Price
Exit Price
Trade Profit
Day Profit
12:13
Long
Cons-BO
1
2476.50
2476.50
-$2
$331





 No follow through to the Long side, Flip Trade.
1 Contract to Cover.
5 Contracts for Recovery.
We lost $2 on this trade, adding the commissions we need $27 to recover.
Target will be 1/4 point.

Flip Trade
Time
Trade Direction
Signal Type
#Contracts Cover
#Contracts Recovery
Entry Price
Exit Price
Trade Profit
Day Profit
14:02
Short
1st DWN off RES
1
5
2476.50
2477.75
-$324
$7
No follow through to the Short side, Flip Trade.
5 Contracts to Cover.
5 Contracts for Recovery.
Losses total $326
We need 1 1/4 points to break even.

Flip Trade
Time
Trade Direction
Signal Type
#Contracts Cover
#Contracts Recovery
Entry Price
Exit Price
Trade Profit
Day Profit
14:29
Long
Cons-BO
5
5
2477.75




Ended the day with this open position that we will deal with overnight or tomorrow.

Profit for the day is $7

Daily Summary & Charts

A very unusual day. 
Volume was extremely light at barely over 600,000 contracts.
Volatility was much lower than usual as well.
This resulted in poor follow through, especially near the end of the day.
The broader market did not share the strength with the S&P having only marginally more advancers than decliners.
NYSE actually had more declining than advancing issues.




























Was doing good until the end of the day then we fell out of bed.








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