Best thing to do is to keep a neutral bias because this market is insane, anything can happen. When it opens examine PA in relation to multi day important pivots and look out for reversals/fakes to lead the way, but predicting in this chaos, would be pretty hard to do so consistently. Anek
I wasn't set up for the volatility on some of those moves. I'd take an ultimately correct entry and the MM's seemed to like to give it two shakes today, the second being heaviest. They got me a couple of times, even after expanding the stop. The rest of the day was digging myself out of the hole. I need to stay away from ES on high volatility days. It's the only market I lost on.
I did a check on my trading records long time ago and discovered something interesting, 1. When a daily level trend well on the way, am doing ok. 2. When market is stable and swing normally, my counter trend trades win big. 3. The end of Aug and most part of Sep is the worst month for me most of the time. Since then, minimal trading during #3 and I am much more happier - less trading, more research and understanding of the markets. In turns that leads to better profit and performance. You may want to check out your records too. Maybe trading in the last 2 hours may not worth your while in some market conditions.
I agree with your findings but unless the market is extremely choppy I usually find my way around, this was not the case today, today in the afternoon I simply failed to read it correctly, it was right there in front of me but read whatever my mind wanted to read. Oh well, tomorrow is a new day. Good trading. Anek
news just broke, buffet invests 5billion in goldman sachs. No wonder this thing gapped right before the close! we are also at a key support of 1187 on the es. All this is lining up for an up move tomorrow. Will be getting ready to enter market neutral long positions if vix drops tomorrow, because it will be a WILD friday/weekend whatever they decide on the bailout plan. no bailout = gap down yes bailout = gap up then down(?) etc... hold on to your shorts
this is absolutely insane!!!!!!!!! I'm glad i covered on my shorts. if i didnt move my stops i would have lost all of my profit.