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Old Mar 12th, 2012, 12:51 PM   #6271
tortoise
 
 
Join Date: Nov 2005
Posts: 2,714
Quote:
Quote from JoshDance:

stop to 61.75 (~BE)

targets 66 and 68

I know you're into Market Profile ... don't we have lower price acceptance here (vis-a-vis yesterday's mid-day and eod congestion, successively)?
 
Old Mar 12th, 2012, 12:56 PM   #6272
bigsnack
 
 
Join Date: Mar 2010
Posts: 1,524
Quote:
Quote from bigsnack:

Bidding 62.50's, but not sure if I'll get filled.
Okay let's see what we get here.
 
Old Mar 12th, 2012, 01:01 PM   #6273
ammo
 
 
Join Date: Feb 2007
Location: chicago
Posts: 20,369
hns on 15 min
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File Type: png 2012-03-12-tos_charts.png hns 15 min.png (64.1 KB, 49 views)
 
Old Mar 12th, 2012, 01:03 PM   #6274
ammo
 
 
Join Date: Feb 2007
Location: chicago
Posts: 20,369
spx
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Old Mar 12th, 2012, 01:06 PM   #6275
JoshDance
 
 
Join Date: Aug 2007
Posts: 3,653
Quote:
Quote from JoshDance:

stop to 61.75 (~BE)

targets 66 and 68
I suspect the market may test demand at 61, and then make a decision, but I don't want to bet on that, so I will still be out at 61.75 if it trades
 
Old Mar 12th, 2012, 01:13 PM   #6276
JoshDance
 
 
Join Date: Aug 2007
Posts: 3,653
Quote:
Quote from tortoise:

I know you're into Market Profile ... don't we have lower price acceptance here (vis-a-vis yesterday's mid-day and eod congestion, successively)?
Yes, but the market has tried very strongly to break away to the downside from that on three separate occasions, and so far has been unable. The failed auction below yesterday's low shows at least enough buyer interest to attempt a run for 67.50, IMO.

Of course if it were as simple as, acceptance lower means it's going to keep going down, then it would be very easy. But acceptance doesn't predict a future direction. What the market does around that area tells that, and buyers have finally since the 60s shown that they are interested. After a token push up at the beginning of the session, they have been pretty quiet, and they need a reason to buy higher. They may not have it yet, but the failed break of yesterday's low may provide enough impetus for them to continue to pay up.

It could as well be that this push up was simply necessary to auction for enough sellers higher to try again to break away to the downside. Either way, I'll at least break even on the long I'm in.
 
 
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