I was just thinking about how this was such a "low stress, easy to trade" day when I came across your thread. I have shorted the ES twice today at the PP, 1463, for a couple of easy handles each. Even if you trade the YM, use the ES PP's and proceed. Low stress and profitable.
Market = herd mentality Read up a bit on crowd psychology and learn about how individuals act much different then if they were in a crowd. Also read the Tipping Point. This should give you some clue as to what I mean. Good luck to you as well.
Yeah I guess I was a little stressed and pissed cause I got in the whole so quickly. I generally don't fade strength or buy weakness so today was tough but I switched my strategy after losing 3 trades in a row!!!! I had been on a 12 day winning streak and didn't want it to end so I panicked!!!! Making ok money now that I held and averaged up on my YM short. Will probably trail stop and hold till the close. Also shorted some SNDK to make up for some of the earlier losses so I'm happy again!!
Expected a small range ahead of NFP & so far, that's what we're getting. Some decent signals on the NQ & ER2 ... While I don't normally trade the YM (cbot nightmare), I keep the trading symbol up on my broker screen w/ the other SIFs. For whatever reason, today I noticed that the YM had a 2-tick bid/ask almost every time I looked. It's not normally that thin - eh? R
Just an update for anyone keeping score I covered my short and reversed on the YM... Covered SNDK but didn't go long.
YM volume is probably dropping very fast because: 1) Live quotes are no longer free 2) A lot of small traders probably didn't realize that they needed to be subscribed after the new year to pay for quotes 3) A lot of small traders will stop trading it when they realize the quotes are not free
OK!!! Short again!!!! Thats why I'm the flip flopper baby. Damn that GM anal-yst who said no recession in 08... got me to cover my damn shorts. The internals still seem strong but the way the market drops during selling it feels like air under the market... I probably shouldn't be trading today but oh well.
Today was very brutal...only one trade the whole day for me...it doesn't matter how volatile the market is; if its trending or not, the problem with days like today is that S+R (support and resistance) doesn't have the institutional backing to form; so we get the effect of the market just being a crazed posse. Heck, even HSI has better technical setups than YM+ER2 lately..