Notice the big bid 2 to 3 levels underneath the best bid. It is there to spook the books and skewer the orderflow to the upside. Edit: Am talking about those bids that pop up and disappear fast in the 12-15 area.
12-02-08 10:51 AM Swing trade here Short 5 March @ 839.75 Initial stop 965.00 Short 5 more here at 910.00 --Stop on entire 10 contracts moved to 1075. These 10 contracts will be full position on this swing trade.--
12-02-08 08:56 AM 11-26-08 09:24 AM 11-25-08 08:38 AM 11-24-08 07:07 AM 11-20-08 08:31 AM Short one contract at 795.00 Initial stop 1075.00 Maintaining the stop here at 1075.00 Maintaining the stop here at 1075.00 Adding an additional 19 at 869.75 with the stop also at 1075.00 Total of 20 contracts short. --Stop remains at 1075.00--I will be keeping this position small at 20 contracts due to the fact that I sold into an oversold market and must keep my stop outside of the noise. There could be quite a bit of noise with the bullish divergence on daily. The weekly and monthly remain strongly down.-- --Bought back Dec at 823.25 and sold into March at 822.00 (20 contracts). Stop will remain at 1075.00-- --Maintaining stop at 1075.00 on this trade--
right on time to land on 5.5 Edit: That confirms today is at least a sideway day, with some luck may turn into the down trend many wanted here. Good luck!
So you're saying that when price trades at the midpoint of the RTH range by 11:30, there's a good chance it will remain range-bound?
Trend day do not usually move back to the VWAP. Today the range below previous day close is about the same as the range we made by around 11 ET. If it is a sideway day, we should stall from there going back to the middle of the range.