Sideway action can last for hours. Everything I have is saying that we will test the lows at least once before the close. I may put in an OCA order to get out at 106 20, and take a loss if we go above 106 27. The above OCA makes no risk/reward sense, but I have to compromise since I can't watch it much longer, and I think hitting 106 20 before hitting 106 27 is 100% likely.
1214 CST We are at 106 23. Let's see what we can do. I will exit with small profit if it looks like no follow through.
1228 CST We may very well go lower at some point but the brief visit to 106 23 and now here kissing 106 26 tells me that the trade is no longer good. Out of everything at 106 25. My rule of thumb is that time in trade is very important, perhaps even the most important issue. Shame I didn't get more out of the day. The solid trades were early morning, and then post 0900 report. Easily 6 ticks on the early morning or the post 0900 trade.
One major rule of thumb on days approaching 32 ticks, is that at some point everyone gets tired and the market does nothing for 1 - 3 hours. It is especially bad between 1100 and 1300 CST.
It is nice to see a prediction complete. First new low set at 1400 followed by further lows into 1420. Low of the day appears to be 106 14.
The above would have been successful. Once again, nice to know that my spidey sense works. I just need to work on follow through.
I have a daily bearish breakout on TY. I will try and go short at 104'30 and see if we test recent lows below 104. Of cours NFP tomorrow will affect the follow through.
Friday 06 July 2007 Turning point times 0736 0756 0856 0924 0944 1032 1104 1200 No bias so far, but I am leaning towards continued shorting opportunities. The hourly count offers no insight at the moment.