you gotta love it, right at the TL we bounced off of yesterday. Hope longs did not stay stubborn on that one.
Closed at eod. Wow. For a "no screen watching" day this took excessive heat. Would like to have held, but burned on a couple AH trades lately, so extended some risk for an RTH trade with wide stops. I would use this as an example of a very shatty r:r.
I don't view the market as trend or countertrend. Just price swings. The concept of trend messes me up . Is it 1 min , 5 min, 10 min, 15 min. ? When did it start a week ago? Two days ago, an hour ago? I view the market from a perspective of price and numbers. The reason I wanted 6 points is because I expected 7-9 points from the exact top of 1265.75 I play it a little safe by going for 6 pts from 1265. The past 4 swings down were 7.50pts 9.75 pts ,7 pts and 7.5 pts. Played it safe targeting 6. Usually trade CL, just thought I would pop in and be a little social lol.
no worries. the shatty r:r gets passed around, tomorrow probably my turn. =) (note to self, sleep in!)
Thanks for your explanation, always good to hear a different analytical take on the market, might just light a new spark!
Remember buy the index futures on the cash close. They rally overnight 78% of the time. Sell the cash open, then play golf let the tick huggers fight for crumbs for 6 hours. Ciao!
Will be interesting to see what happens around 65 again. I remain bullish for Wednesday at this moment for the following reason. Today was a balancing day, and we broke up from that balance. Yes, we sold off into the close, but we did not go below the balance area that formed during the day. I would be very concerned if we traded below the day's low (52), though the real line in the sand for me to be bearish is to trade below 43. Here is the profile for today--a perfectly balanced bell curve, and bullish activity out of that balance. Objectively, I'd have to say we are still in long mode. http://screencast.com/t/0d69VUPab My disclaimer is of course that anything can happen in globex to change that. Will reassess in the morning as usual. Also, I don't know how many of you track cumulative delta, I do not put any real weight in it over a long time like several days, but here it is since last week.. quite a lot of market order selling this week so far. http://screencast.com/t/jGxbRs78Zmpv
Interesting, isn't it? Meanwhile, we have a substantial gap up in the making overnight. Lots of 1 and 2 lot orders buying here at 61.25 Who the hell's buying at this level at this hour with one and two lots?