No major economic news scheduled for tomorrow. Reckon the bulls will take that as a favorable sign and come out of the fence with a hardon (yeah, like that is anything new ) Anyway, what do you have for tomorrow's high, stat man? My memo states 75.
It doesn't quite work that way. Isn't 75 around last week's high? If we trade that high, I would guess we have a good chance at a push above. In terms of statistics, I'm just aware that there's a decent chance of an EOM rally. I say decent because we're at top of the range already, so that makes it less favorable in terms of R/R since the months move is in many ways mature already. What I don't think is likely is any substantial selling going into EOM. If lower, I'd bet it be contained. But we have some big news by end of week that could change things. In summary, bullish, but not uber/super-bullish. LOL.
Same here. Yet the first trade of the day for me was this short trade for +3.5 points. Target hit and waiting for my next set up. Update: Another little scalp using 1 minute bars against the 60 minute bars. Another day with +5 points in the premarket hour. I could get used to this
My new trading rule for ETH is holding up well: "It always dips deeper and later than you think." I want to run a systematic back-test on this (struggling a bit to format the dataset and have been short on time), but a quick visual back-test seemed to indicate the ETH low usually coming the last few hours prior to the RTH Open lately.
Institutions inducing dips, getting all the daytrading dentists ready for the next flash crash, only to pull the rug on them and jam price up once stocks and options start trading. This is my first week regularly trading ETH. My results have been opposite of mt RTH trading. Shorts tend to work better than longs premarket, longs work better for after the RTH open. In addition I'm working out my targets and taking profits sooner. So far it is working which is great for me because I don't have much time to trade RTH this week.
Since 8:00 AM not one bar on the five minute chart has traded above the high of the bar before it. ES traded all the way up to last week's high and now all the way back down to last week's low at 5519, a level to be long from. This is possibly that low you are looking for @Laissez Faire
I took the early long at 20.50. Stop at 13 for now. Putting in a limit sell at 45. Won't have time to post updates today as I'm headed out. I may be too early... Good luck all.