ES Journal - 2017/2018

I am thinking of making a study of the predictive value of overnight action, like overnight highs/lows etc. Anybody has any input on those?

 

IMO support and resistance levels created by overnight action are weaker since they have been created during less volume aka less fighting.

 

I think the last half hour of previous day has more predictive value then overnight in many cases provided we open in that range. We are the tail, especially with the proliferation of indexing and etf trading.

Getting long rty 1518 with a 10 handle stop.

 

I don't expect a 100% predictive value, but I would be very happy with 70% let's say. Anything but 50-50...

 

Usually don't trade much on range days but these ranges are steroidal JUICY.

 

Looks like we broke out of the funnel downward.

Edit: Or not...

 

If we get above 2612 should run to the highs and beyond.

 

I'd have to believe that the bottom is in for a bit. Will likely take longs now on pullbacks.

 

If we get under 2609 a 25 handle sell off should follow.

 

We can rip 30 handles either direction now, above 2620, below 10 not fading either move.