Indeed, don't watch the news, watch your system. Your system will give you the correct analysis of the news. At least if your system is good.
Covered this morning at 1315.00. Not sure what morning news would do to the market but the futures turned lower at 4:40AM and is sideways at 1315 as of 7:00 AM.
Hourly chart is still pointing downward here at this point and not to oversold point yet. My feeling is that a stop could be placed somewhere above 1319
Shorter time fram charts were showing a flattening bottom so I took my points. We have turned up slightly off the 1315 low and last bars on all my charts are point up. I am waiting for a bounce back to continue moving lower and short or crossovers and moves higher to go long before the market opens. From my backtesting I am finding that on most days I can get a good scalp in the 7 - 9 AM hours which would be nice to get 'er done early in the day and maybe be in a position to ride out the move through the opening.
Nice one OC, did you notice it bouncing off yesterday's last 2 hours low, which also happened to be low of the 12.30 WRB?