Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
I’m literally just off the slopes (the ski slopes, not this Slope), but I’ve got to get this off my chest right now. First, let me show you the chart that tears me to ribbons:
I’ve seen many ask the question how to get started in futures trading and make money. Heck, how can I earn a living at day trading? Most, including myself earlier this year, thought it must be home run after home run to get there. After watching many of the pros here on Slope as well as studying charts, other traders, and history, I have adopted a similar game plan I saw someone mention a while back.
Start with a $5,000 trading account for futures. The goal is to just make 4 ticks per day on average. That’s right, $50 in ES per day. How would that play out in a 5 year plan? We will take a look…And if you are really wanting to be aggressive, shoot for 8 ticks per day, or $100 profit. Yeah, yeah…I hear the nay-sayers already! It may be simple and not uber aggressive, and we aren’t counting commissions, but check out the chart below and adjust per your trading plan!
At the start of the week I posted the very bearish looking sequence of RUT charts, suggesting strongly that downside was likely to dominate the next couple of weeks, and after all the bullish excitement on Monday afternoon and Tuesday, all that has changed on RUT is that there are now nested double tops in place to clarify how RUT is going to make it to those downside targets. With the support breaks yesterday and gap down this morning it seems that Santa is leaving the building or has already left, and that being the case I’m not expecting the highs this week to be challenged before at least the second half of January. Here is the RUT 15min chart from yesterday’s close to show the setup here. RUT 15min chart: