Discussion in 'Trading' started by funky, Sep 30, 2003.
anybody else enjoy this morning as much as i did?
..you bein' a 'sperienced trader an' all, could you 'splain to a simple country boy how 'tis that price so often breaks out in the direkshun of the reakshun to the news?. Very curious coincidence! That's why I laugh my ass off when somebody says "Don't be in the market at news time!"
when you are trading well, and have a proper position....just think of the news as a 'turbo' button
...I haven't tried to analyze it, but I strongly suspect that this effect is what makes morning breakout systems work. Just take the money. Even on days when you think you were wrong, it often turns out that you weren't. For that reason I give it a lot of room to breathe. - Mike
Well I got lucky. I always get out before the numbers but it broke a little early. Thank you very much.
This should be the ET quote of the day.
BUT.. you must add to it the caveat -that as a trader UNTIL the market CONFIRMS, you never know what is "a proper position", therefore be sure to positon size properly and to have your stops!!
took my position long at the 945 pivot #....100.33 on SPY....countertrend entry. was looking good until 951, when i reversed position at pivot # 100.33. was short until pivot # 99.55 failed and reversed for 1030 reversal (albeit a bit early, but i always reverse after failure of first good move in morning). that was looking good until it failed and again i reversed at 99.55 for a short down to the TRUE reversal of the morning at pivot # 99.35. reversed there to go long at 99.35. out at 99.70.
doesn't get any easier than this..... $1.36/share for today (and NO i'm not coming back this afternoon......)
basically, as you can see, my strategy is to capture the first large move in the morning, reverse, and capture the retracement.
agreed...when i say 'proper position' i mean you are in a position that is in the direction of the liquidity....news almost always just magnifies current liquidity paths.
This morning was intense. I tried getting short ES at 999.75 but no fill (should have just lowered it a tick). Anyways, I was long when the news came out...got stopped out immediately. Still managed to come out with some cash in my pocket, but not much.
Gotta love the TURBO button tho
...help me get the picture. You watch SPX (because it's clean?), but trade SPY? If so, why not just trade ES?
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