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Friday, February 26th, 2010

If you have 60 to 90 minutes a day, a computer, risk capital, the Internet, mental discipline and “Sniper Day Trading”, I believe you may have what it takes to attain financial and time freedom by Day Trading the E-Mini Futures.

Emini Course and Mentoring Program

In my Emini Trading Course, I show you how to utilize a “Sniper Trading” type approach using my tested method to earn at least 2 points per day from the markets. You could learn how to make consistent profits in good or bad markets. Our method focuses on high probability trading, delivering you your points for the day. Day trading for a living does not have to be hard, if you have the right method, plan, course of action and someone to explain it to you in a live market trading environment.

Price action, is driven by emotional buying and selling decisions for a variety of reasons, all of which are present in the current price at any given moment. Our job, is to find the turning points that exist in each session through precision market timing. These turning points are present every day the markets are open. Sniper Day trading will teach you to clearly spot where these turning points are, using a trading mastery type approach. These points show up like consistent “Sniper” shots on your trading screen and are clearly defined by using the custom tools I have created.

We strive to teach our students to learn price action apart from indicators or tools, but they are helpful to point out what may not be seen in the beginning. I am sure what I have in full is not being taught by anyone and is unique to me and the many years I have spent developing and now clearly defining the “Sniper Day Trading Method”. The signals generated by my method will produce the same signals to anyone who is following it, there is really no gray area, only which trades you decide to take and which you let go by.

Sniper Day Trading Method

We trade with tick data and use multiple time frames in timing our trade entries. I have three different styles I trade and bring them up as the price action dictates. One is a “Scalp Trading Method”, (T-1 Trade) that is very accurate in picking up 2,3 or 4 ticks on the S&P. My stops are such, that this approach averages a one to one risk/reward ratio, but enjoys a very high percentage “Win/Loss” ratio. This is bread and butter for me.
The second style enjoys the benefit of my “Precision Turning Points” model, (T-2 Trade) and is usually traded with multiple contracts. The first part is scaled out around 1 point, which quickly brings me to a no loose position and the second half is usually allowed to run. I have four incredible ways to get out, all of which act independently of each other, but are uncannily similar in their results.

The last, is a “Pyramid Trading Method”, that when conditions are right, you are able to keep your first risk small but scale into the trade, adding positions in the direction of the trend, but only at very low risk entry points, keeping your stops down to 1 S&P point. Each one of these methods are very clearly explained in my 80 page trading manual and followed up in the DVD training part of my course. They will also be gone over in our live trading sessions.

While only needing to pull 2 points after commission per day out of the market, (8 ticks) catching a few scalp trades or a T-2 trade, is really all you need to hit your daily goal. I believe in setting realistic goals, which increase your chances to meet them. By having a clear mind, a solid trading plan, with position sizing risk limits and rock solid money management, you come that much closer to trade your way to financial and time freedom.
Examples of two typical trading days back to back, applying the Sniper Day Trading Method. It only took about 20 minutes to get my daily goal plus on both of these days.

Mental Discipline and Trading Psychology. I have told you what I can offer to you, but this is not all you will need for success. I am convinced that my method, custom indicators and complete approach could make the aspiring trader profitable on a regular basis, but do you have what it takes? Trading psychology plays a huge roll in all traders, whether they know it or not. You have forces constantly working against you. Success is only going to become a reality to you, if you have the qualities needed to pull this off. What you are going to need is * Discipline * Patience * Ability to follow rules * Control your fears * Get a grip on personal greed. Frequently, I talk about this in my daily blog, because they are too often why traders fail to reach their goals.
I offer a lot of support in this area as well, if you are a struggling trader and want to change, I have the tools, method and know how to likely turn you around, so that you can create the consistent income, free up your time and fulfill your dreams in becoming a successful day trader.

Mental Exercises

In my program I address some of these issues in a series of “Mental Training Exercises” that I have put together. They are designed to get your mind thinking and believing that trading for a living and meeting your daily trading goal is normal, natural and the only outcome you will accept. The titles in the first series are; * Financial Freedom * Positive Risk Taking * Holding your concentration while trading * Achieving your Trading Goals. The titles in the second series are; * Overcoming Trading Obstacles * Controlling Emotions while Trading * Overcoming the Fear of Failure * Creating Hope & Success.

These I believe are very powerful and are in, “the first person” and will become personal to you. They are a form of Neuro-Linguistic programming that can take you farther and bring you closer to meeting your trading goals. They are, in written form and in audio CD and created by me. My plans are to continue to expand these in the future and make any new additions available to students who come on board, all at no extra charge. These training series are specific to traders and cover issues they face.

Solutions for traders, Sniper Day Trading

I realize that not everyone is born with all the qualities a successful trader will need, but I feel it can be learned if you want it bad enough. Ask yourself, how much do you want to become a consistent successful trader ? The answer to that is going to make all the difference in the world.

I know personally the things that hold traders back from bringing it all together and I know exactly what to do to help them change. I believe I can help the struggling trader as well as the trader who has never done this before.
I can set you on a course that is tailored to your experience level and walk you through everything needed and expected. The good part is, you won’t have to go it along. If you have any question, I can not only answer it, but help you apply it, to get the results you will need. Our daily goal is not to hard to hit, 2 points + per day. We can take a conservative approach to help you get that goal regularly.

If you are honest and know you need help and are willing to work hard and change what ever you have to, then I am sure I can help. Trading for a living is possible, but you need to do different, be different and think different from the majority of other traders. If you first commit to yourself these things, then I will commit to you, which will bring you one step closer to the success that we all strive for. Lastly, I want to assure anyone with doubts, my method, straight up works. The only question that remains is, will you move forward and decide to make it work for “YOU”.

Price Action Day Trading

“Price Action Day Trading”, is the key to your long term success. The markets do something everyday that is consistent since they began trading, over one hundred years ago. It exists in all time frames and gets played out on trading screens across the globe each day. It is important to understand and learn, “good price structure” and how it is built. That is what I teach and that is what students get when they partner with me at Sniper Day Trading. The key is learning what to do and when to do it and why. If you don’t know the answers to those questions you will eventually fall short. Many traders use indicators to help them and that is OK. I have them and use them also, but I do not base my trading decisions on the indicators. I base it on good price structure and trade setups that happen over and over, day after day. Traders and investors are very predictable, they base many of there trading decisions on emotion. Knowing slightly ahead, how they will react when certain prices are reached and breached, give us the trading edge we look for. With that said, the indicators magically line up with our trading decisions which can give us the added confidence to put our money on the line.

Below is a typical trading day where you will see the trading, “Turning Point”. I have stripped away everything from the screen except two things. There is much more, but I just want to show you that the indicators line up with our turning points. Which came first the chicken or the egg. The chicken and that is price. Price is always first and the indicators are second. That being said, the indicators can help traders see what is already on the trading screen. I hope this explanation helps clarify in the minds of seeking traders that what we have and do is real and works.

What You Get With Sniper Day Trading

  • My E-Mini Trading Manual (hard copy 80 full pages) with future updates. (very nicely done)
  • Complete DVD video training package in very nice hard cover locking case / extra: will include method applied to stock trading.
  • Method explained throughout the week, with full screen video and audio illustration in both the T-1 and T-2 screens, “Turning Points”. Very powerful part of ongoing training. (This service will be included ongoing all at no extra charge)
  • All custom chart settings to build your trading platform and help by me if needed to set it up.
  • All of my custom and modified indicators I created, that will unmistakably identify my “TURNING POINTS” for the T-1 and T-2 trades, when applied to the method.
  • Method checklist work-sheet ( for examining trades against method).
  • Laminated 8×11 “Method Overview”, to pin up over trading screen. Laminated 8×11 “Mental Exercise Overview” pin up over screen.
  • Mental Training Exercises: eight titles – audio CD and in written form. On-going future title releases no extra charge.
  • Leather bound “Trading Journal”, to help you keep your thoughts, progress, questions and answers.
  • I will personally work with each trader by screen sharing technology and voice of I.P. through SKYPE, in a live trading environment. After you go through the material, we will set appointments for our personal sessions together. We will apply live market data to the method and I will show you exactly what to do and how to do it. The manual and video’s will give you a head start, but working with me personally will undoubtedly bring it all together. I will spend as much time as needed with each trader who comes on board until he or she understands the complete trading method.

If in the future if you have questions, I will always be here to discuss them and go over your charts to help point you in the right direction. I am not just selling my trading method, but offering much more, mentoring and getting you profitable. Traders often face mental barriers that hold them back, but they do not know exactly what it is or why they consistently make the same mistakes over and over again. I can uncover the problems here, find the solutions and set you on your new course.

My goal is to get each trader that joins with Sniper Day Trading to book at least 2 points per day and gradually increasing contract size to a desired income goal. I will do my part as stated above, will you do yours?

ORDER HERE

Important Notice – Risk Disclaimer:

Futures Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any e mini trading system or methodology is not necessarily indicative of future results.

Daytrading Involves High Risks and You Can Lose A Lot of Money.

Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under or over-compensated for the impact, if any, certain market factors, such as lack of liquidity. Simulated e mini trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown.

Additional Cautions

There are no guarantees or certainties in trading. Reliability of trading signals for mechanical systems are in probabilities only. Trading involves hard work, risk, discipline and the ability to follow rules and trade through any tough periods during the methods off times (and all methods or systems have off times) – If you are looking for guarantees, trading is not for you. Most people lose trading. One of the reasons is that they are not consistent and lack discipline. A method of system can help you become consistent, BUT you have to stick to the method like a formula. The ability to be disciplined and control your emotions is even more important than any technical indicators a trader may use. Worrying about the money aspect of trades (which is an emotion) can contribute to and cause a trader to make errors. It is important to trade only with true risk capital. You can find further information at: www.sec.gov

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Controlling Fear and Emotions while day trading !

Thursday, March 19th, 2009

Today is Thursday, March 19th and the markets back off on light volume.

The Market, in general, slowly backed off its highs from yesterday. The night trading saw a move back up to yesterday’s high and when the general market opened at 6:30, the Dow shot up 50 points and the S&P about 7 points. There was a gap in the S&P and when you get an extended move, like what we have had the last couple of weeks, with the market trading near its high at 800, it was likely the gap would be filled rather quickly.

I missed the initial move down by a second and found myself a little frustrated, not a good emotion when trading. I was looking for a low risk short entry and took a trade a little early and got high tick stopped. I was in a little heavy, I think 7 contracts. I was sure we were going down but was just a little too anxious. So I started to back off on size a little. I had to wait the market out, but I was still a little anxious. I prefer to see a choppy market early on, because there are usually a lot of small trade set ups, but when it is trending right off the bat, it can be hard to find a low risk place to get in.

All in all, I did OK, making 15 trades with 9 gains and 6 losses. I scaled out of all the trades with 2 targets. Posted about $800 dollars in profit. I made a few mistakes today, but it happens. The market did just what it always does, so I definitely can say that I was to blame on a few of the losses that I could have avoided. The other losses were no one’s fault – just probabilities that show up.

After yesterday’s big gains, I decided to back off a bit. I am trading a lot more than I usually do and I can’t complain. I have been posting very solid profit every day for about 7 weeks of trading. I need to do some assessments and go over my trading plan. I do not want to lose sight of my goals. I had wanted to increase my contract size and make less trades, but I have been making more trades with small contract size. Again, I can’t complain. I have been getting the increased gains that I had planned on, but I have been having to work a lot harder to get it.

One interesting thing I recently saw, there is a TV show in England that took 100 people and interviewed them for a trading career. Out of the 100, only 8 were chosen, with a mixed level of education. To make a long story short, within 2-3 weeks of being properly trained, 4 were making money and 4 were losing money.

The person who did the best was a mother of two children who had an entrepreneurial background. The person who did the worst was a I.T. engineer. The I.T. guy said this was the hardest thing he has had to do in his life. When a program is not working right, he just reprograms it with the right settings and the problem is solved. He tried to apply the same principles to trading and could not do it. The next best trader was an ex-soldier. He said he was used to making quick decisions and was flexible to the current task at hand. He was not boxed in, with seemingly an absolute frame of mind.

The moral of the story is, that being successful at trading has more to do with your personality than intelligence or I.Q.  We follow principals and not so much rules. There are definitely guidelines to follow and you have to know what you are looking for, but having the right personality for the job is essential. The Mother of two was cool under pressure and applied what she learned. She was not overly scared, but placed the trades as they came up and she got the expected results.

We all can learn from this story, including myself. There is no place for FEAR when trading. If you are afraid, then you are not ready. You may be trading with too small of an account or you may not really be able to take on the risk. The best way to approach this is to allocate an amount in your account that you can comfortably risk. If you draw down to that amount you will stop trading and give yourself a month off to assess the whole situation.

So if you are OK with risking, say $500, that would be 10 S&P points with only one contract. You could give yourself a daily loss limit of say just 2 trades or 2 points. If you are not on it, with gains out of the gate, then you wait until tomorrow and try again.

But do not trade with fear at your side. The worst thing that can happen is already predefined, so accept that fact and go forward. You have 5 days of losses, assuming you lose every day, before you get to your total limit for the month. That is really not too much damage to take on, when you look at the big picture of hitting your daily goal of 2-3 points per day.

http://www.screencast.com/t/RVRfEqSe19Y             Some of today’s trades - Still shot

 http://www.screencast.com/t/vGOqsxDEII               Today’s equity chart

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Called the Stock Market Bottom!

Friday, March 13th, 2009

Today is Friday, March 13th and the major indexes are closing at their highs again.

On Monday of this week, I posted a bold prediction that the market was going to rally big the next day and that we were going to close at the high of the day as opposed to what we have been doing, selling off at the end of the day. In fact my head line post was, “That’s it, tomorrow we Rally”. Yesterday I made a short 5 minute video showing exactly how I came up with that market call and what it was that I was looking at – days before that market bottom. If you go to yesterday’s post and look at the bottom, you will see the link. It may be helpful for some to see how the market seems to have a predictable pattern, in the midst of all the ups and downs.

Technical Analysis is the study of price movements and their patterns. You can take data from the past and come up with probabilities for the future. By studying these moves of the past, you can take a reasonable amount of risk, for an acceptable reward. That is what I try to do when I trade. You cannot expect to get them all right – losses are a part of it, but you will expect to get your fair share which should put you into the green.

This week, the futures contract month of June for symbolESM09 has started trading. I switched over to it today. The volume has been split in the old contract and the new contract and by next week it should all be rolled over to the new month. These contracts are set for 3 months and then a new contract will come out called the “FRONT MONTH”.

I had a little trouble with the low volume today, because I started trading during the slowest time of the day, in addition to split contract volume. It did throw me off a little, since I trade on tick charts, which are all tied to volume. As the time started to get closer to 11:00 am, though, I got my footing. That is when traders come back from their long lunches on the east coast and get back to business. It is hard to trade on light volume, but if that is all I had, I feel I could easily adjust my style, which really would not be much of an adjustment, to capture my few points per day. Short targets with short stops, would do the trick nicely.

I know a lot of traders always look for the home run. It’s nice when you get one, but during their quest for it, they strike out repeatedly, hurting their batting average.  They only have one game, “Home Run”. I feel you have to be diversified in your approach, but if I had to pick only one, I would choose the very short stuff, singles and an occasional double. Your batting average would increase, but you may not get the notoriety of a Barry Bonds. Ask yourself what it is that you want – to be famous, or consistently hit singles and doubles? 

The comparison is related to pulling out a few points per day and depending on how many contracts you trade, that can easily mean $500 to $1,000 dollars per day. Most people could comfortably live on that, but the key is “per day”.   With the occasional daily loss as an aberration, daily profits are the norm. That is what I strive for each day. I expect to come out posting solid gains each day and have been doing it now for going on 7 weeks straight without a losing day.

If my daily goal is $1,000, then my daily loss limit is $2,000.  It all depends on how many contracts you’re trading. When I am trading up to 5 contracts, my daily loss limit should not go over $1,000 dollars because my minimum daily goal is $ 500 dollars. Two points per day x $250 dollars per point when trading 5 contracts, (each point for a single contract is $50 dollars, so 5 contracts is $250 per point) which is $500. That is before commission so I always have in my mind to hit a little over the two point mark. During the past 7 weeks, I have averaged about 3 times daily goal (that is a rough estimate), so $1,500 per day. I may go back and add them up and divide by the number of trading days to see the actual numbers, but I think it’s close. 

In today’s trading, I hit 75% profitable trades for about $ 1,500 dollars profit and in fact have 3 contracts still working with 4 1/2 points of unrealized gains in that trade. I rarely hold a position over night, much less over the weekend, but I had a small glitch in my Internet connection. I had planned to get out just before the close, but now have to wait until Sunday afternoon to place my stop.

Since I am in it, I will place a stop and give it a little room to see if we get follow through on Monday. Since we closed near the high again today, there is a real good chance the market is going to run come the start of the week. I did say in yesterday’s video recap of the Dow and S&P that we were going to get to the outside trend line that I drew on the chart video, which is about another 20 points on the S&P.  That still holds and now it is more likely we will pull up to it, with today’s market action leaning bullish for Monday’s open, we shall see.

That all for today, I hope everyone has a great week end.  If anyone has questions, please feel free to email me at vinnie@sniperdaytrading.com

 

http://www.screencast.com/t/P3kAllia             Some of today’s trades 5 minute video

http://www.screencast.com/t/tTFIJnlTsGc     Today’s Equity Chart

http://www.screencast.com/t/j9ftesjC               Screen Shot of last trade

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Day two / Sample Training

Tuesday, February 10th, 2009

Today is day two of a small sample training video I have put together.

Take advantage of the training and see how and why I do what I do. It is pretty straight forward and fairly easy to follow. It is only a small sample of what you could learn here. Trading is about support and resistance combined with probabilities and pattern recognition. You need to learn how to read the charts, naked. By that I mean price action alone should be enough in and of itself to make your buy and sell decisions. My method will work in any time frame like I have said previously. It can be applied to daily stock charts as well as commodities, forex currencies and for sure the S&P 500 E-Mini’s. It takes time to be able to understand so many other factors, but having a basic understanding of where price break entries are at, is the first key. Knowing where is your lowest risk point in any trade and knowing exactly where you are going to get out is imperative. I never put a trade on without having a stop in place at the same time. At times I trade without a target, but never without a stop. Having the right timing is what will make or break you. This all goes with knowing how to trade, understanding pivot points, price rejection, chart formations, breakouts, retracements and how to play each of them, will take time, but the rewards can be beyond your dreams for the dedicated.

It was a big day on the street today. The market did not like what the treasury secretary had to say about the financial mess. One thing I heard was, that there was not many specifics, what can you expect, looks like I see a pattern here. You could trade off of that pattern and that is what the street did today and decided to sell, sell and sell some more, minus 4 to 5 % for the market. It took us down to bounce off of the lower end of the range ,(purple support line I have drawn and spoke of before). I might add, if we break down from here, it could be lights out. That line has been hit about 7 or 8 times now. There is going to be a lot of sellers on the other side of that, I can assure you of that. Lets all hope it holds, for everyone sake.  I think sooner or later, it is going to break and we are going to go down several thousand more points on the Dow, but I hope it is not now. It is just a loose opinion that I have and not one that I hold onto tightly. The weekly chart tried to go positive this week, but was meet with what I call price rejection. Trend is still in tack for now, but tomorrow is going to be key, it needs to hold.

Today’s trading was fairly quick, about 20 minutes to reach my daily goal and that was good enough for me. Trades posted below. Have a great day!   Vince

http://www.screencast.com/t/TfnwXw0zEsU           Today’s equity chart

http://www.screencast.com/t/nvcf6ZTr                      Todays Trades

http://www.screencast.com/t/i2ZoV6Wk                   Sample  Training day #2

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Good to get it right

Saturday, February 7th, 2009

It is Friday afternoon, February 6th and I am just thinking that it is nice to get it right.

The markets were up almost 3 % today across the board with an overwhelmingly large amount of the market participating. The depth of today’s move was impressive with 6 stocks going up for every one that went down.

Just after the open today, the market had a real nice trend line break, 4 points across the bottom, forming a declining wedge in short term downtrend, then, BOOM – IT HAPPENED! The market went up so fast like I had said it would, catching so many at their pain thresholds, having to cover in a hurry.

The Dow went up 170 points in less than 30 minutes, as well as all the other major indexes. It kept going up and closed near the high of the day, a positive for a follow through in tomorrow’s session. The daily chart is now positive, with the weekly trying to turn into positive territory, maybe next week. I have a chart of the two below. The weekly chart may turn positive, but I do not think the monthly is going to go positive for a long time yet.

As I was discussing yesterday’s daily price action, I could see that the pattern was a bullish one that I have literally seen thousands of times before. You can see the same patterns in small time frames giving you the same results, time and time again. Reading the markets is not a science, it is more of an art. You do use probabilities and pattern recognition to help you identify areas that have low risk and yield you positive returns, but you have to know what you are doing. The only way that happens, well you guessed it, practice. 

Make no mistake about it, trading is not that easy overall. If it were, there would be a lot more people making money at it and you don’t hear that very much these days.  Having said that, I would beg to differ with those people who say that the average guy out there cannot compete with the professional traders all over the world. I say you can, if you have what it takes. 

You may be asking yourself, what does it take then? And if I don’t have it, how can get it or find it?  That is a question every one needs to take seriously if you plan on being successful. You need to find out what it takes and are you willing to pay the price.  I had to ask myself that question a long time ago and my answer was, what ever it takes and how ever long it takes.

Let me say, I would not do anything unethical to advance myself for the sake of advancement of my goals, but barring that, you have to work hard. If you have a mentor or someone who can show you how to cut down the learning curve, I am all for that.  Without learning from someone who has already done it, you will add many years to becoming successful, something I never had.

First, there are the three things you need to find within yourself to be successful and they are, “Discipline , Focus and Patience”.  Those are the first things you must have. I will go into more depth with these at another time, but these are essential. These qualities are from within you and you may have to dig inside yourself to find out where you stand. There are mental exercises you can do to bring the best of those qualities out.

I say all of this because trading is not only about putting on a buy or sell order. It goes way beyond just trying  to make money. If you are not prepared for the mental side of trading, you will end up doing everything wrong and you won’t know why that is, even when you know better at times. You need a solid trading method and solid mental skills and be willing to be honest with yourself and not think more highly of your skills than you should.  The markets have a way of dealing with people like that and I would call it an old fashioned humbling.

We need to stay thankful for what we can take out of the market each day and resist the temptation of GREED. That word I just mentioned has killed a lot of good traders. The other word that goes with the last one is FEAR. Those two go hand in hand with each other. Again, these are emotions and they need to be controlled or they will control you. You first need to be aware of them to try and control them and that is why I am bringing it up. It takes a lot to become a consistent trader who can take money out of the markets on a regular basis and you just need to ask yourself, do you want to become one of those people.

You can make a lot of money when you can come to terms with the points mentioned above. To control greed, you can come up with a modest profit target that you would like to make each day. That right there, in its basic form, can do wonders for you. An example from today would be taking a small profit of 1 point on the S&P when I could have had 3 or 4 easily. If I let my emotions take over, I will be kicking myself saying why did I take my profits so quickly while I could have had a lot more. Next time I see that, I will go for it. When you talk like that to yourself, you are setting yourself up for something that may not be there and you may be wishing for it. You place the trade it moves up over 1 point and then backs off quickly stopping you out. Then you say, “why didn’t I take my 1 point target.”

It never ends with the mental battles you face unless you come to grips with sticking to your plan and taking what you need for the day, 2 or 3 points.  I guess this story fits well for me today, because I knew I was not going to trade a lot today. I just needed to get my daily goal and be done with it.

I had 4 trades today, +3 ticks, -2 ticks, +3 ticks and the last was split into two sells for +7 ticks and +4 ticks. This got me my minimum daily goal for the day of 2 points after commission in just a few minutes. If you follow my trading plan of gradually increasing your contract size as your profit increases, you don’t have to trade all day to make more money, just increase your size gradually.

I will be increasing my size next week to account for this myself. Also if you learn to pay yourself a little each week, you will come to see that you will be rewarded for your discipline, focus and patience. Starting with only 1 contract and following my plan as outlined, trading for only 2 points on S&P per day can make you all the money you could need to live a very comfortable life. For someone to make that kind of money, you would have to be a top executive, doctor, or other highly educated profession. The one thing that they don’t have is the time and freedom to enjoy what trading can give. In 30 to 60 minutes per day, it is possible to get a modest goal of 2 points and keep doing it.

That is one more reason why I like the way I trade. There are so many opportunities to pick that up in just a short time. If you didn’t get it, you stay with it until you do. The trades are posted below. I’m still doing an introduction to my method tomorrow for those interested. There is no charge. I will be starting at 8 am West Coast time and going to about 9:30.  Email me at vinnie@sniperdaytrading.com . Read my post from yesterday if you missed it and it will explain what to do.

Bye for now. 

Vince

http://www.screencast.com/t/LMfgyPXvu              Some of  today’s Live trades

http://www.screencast.com/t/gv4Xif7zBo              Today’s equity curve

http://www.screencast.com/t/AZAJpcM1              S&P daily chart update

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Posted in Market Call | No Comments »

Another good day trading

Wednesday, February 4th, 2009

I had another good day trading, which I will go over below, but first let me give you an update of what happened in the daily. 

The S&P moved right up to the outside trend line that I have been talking about the last couple of weeks. It has proved to be two things for different people. First it has proven to be like a magnet, drawing prices up into itself. Second, it has proved to be an execellent area for selling short. There will be a point soon that it will be neither of those again for the same people.  It is about to become a point for short sellers to become buyers or it will be a windfall for those shorting in that area.

I can honestly say, I do not know and don’t think anyone else does either. We can only deal in probabilities here. On the weekly chart, which I have not shown, the market looks like it wants to turn up. But it has not. And the daily is on the verge of turning up and it has not done so either. A move over that outside line will give us some additional time to recover, yet as I have said, I think longer term, it is a bear trap.

The S&P did move 35 points off the reversal point that I said was probably going to take place on Friday or Monday. Well, it happened like I said, but on Monday. It reversed off of the lows and closed higher, catching a lot of people in a short term bear trap. The next day was higher, yesterday and today we drew up to that resistance point and dropped straight down, showing solid price rejection. See the chart below, “Daily S&P” . 

The negative sentiment makes me lean to the upside. We may need to have a news event, a catalysis, to drive prices higher. Watch the news for this in the next day or two. Something like passing the stimulous package or some other short term good news item. Again, we shall see.

My day trading efforts posted solid results again today. I started out with a 1 point loss, but came right back with a few positive trades putting me at my minimum daily goal in about 10 minutes. I kept trading expecting small rallies up to the resistance area I was talking about above. We had just that, but I remember having a few losses in a row, three to be exact. My timing was not too bad – a little late, a little early – but I got right back on the horse and road the market up to 5 & 1/2 times plus my daily goal. I definitely traded more today than I usually do, but I do that occasionally. I have a few charts of some of the live trades below, showing some early morning action.

One thing I did today was splitting up half my order 1 tick early, giving me the option to split my order for a higher target. I took only a few of these, picking up more than my one point default. After that, the market ran up from the early morning and started to flounder. No direction, low volume, and a bit choppy. I adjusted myself to take some smaller targets, making sure I got filled. On my equity curve chart, I traded only half the number of trades that it said I did, because the trades were split in half. The commission is the same, so it does not matter that way, but it shows two trades as being only one because of the two exits.  Any way, it was smooth sailing from there.

I will be having a training session on Saturday morning at 8 a.m. West Coast time this week. If anyone is interested let me know by emailing me at vinnie@sniperdaytrading.com. If you have not done so, download SKYPE from my website and that will give you the ability to ask questions about my method if you want to. You will need a headset or microphone to talk. I will send you an email invitation that will patch you into my trading screen. Just follow the instructions and it will lead you right to me in a minute or so. I will call you on SKYPE Saturday morning for those interested, so let me know. It will last for about 1 and 1/2 hours till 9:30. 

Best Regards,

Vince

http://www.screencast.com/t/anUWp8jsGWG        Some live trades

http://www.screencast.com/t/DFlsOapukf                Some live trades

http://www.screencast.com/t/pAnC3Fhuv6X          Daily Equity chart

http://www.screencast.com/t/EoAWEEQk                   ”Daily S& P”

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Posted in Trading Turning Points | No Comments »