A redemption day can occur on a large move down day or a large move up day. The key is a ladder or stair step type move in price where you only take one direction. You get at least 3 classic entries on retracement, usually more. Very glorious day, hence the name.
By the way, I was looking to short around 110 12 to 110 13. One glance at the 1 minute with MACD told you what to do, i.e. cancel the short and buy.
OK, according to my neural network studies over the weekend, I have an important cycle sell at 0915 CST this AM. According to my novice Gann studies, I have a cycle at 0905 on the 5 minute chart. Between the two, I give more weight to the neural network. Gann is just a passing interest for now.
0909 CST Trying to sell ZB's at 110 18 and ZN's at 107 135. 0914 CST I cancelled the above. It looks like I missed the trade.
Pre-market 17 April 2007 Looking for more volatility today. Numbers are roughly the same. Important numbers: 111 01 110 15 110 08 109 27 Above are standard pivot numbers, but are also fairly obvious as well if you look back over the last few days. Spike numbers: 111 18 109 06 I have no bias, but a glance at the chart tells me that I will probably be bullish. Standard post-report trade day.
I've been trading smaller size this month due to the lack of direction of the market. I'm considering increasing my size now as we approach the end of the month and hopefully move one way or another by 2 or 3 full points.
0735 CST Looking for a buy entry of 110 21 to 110 26. Depending on the circumstances I may go long sooner. Initial profit target is 111 01.