Good question and a tough one to answer -IMO. For today's estimate - made last night - I estimated the low (1271-1271.50) and added on the estimated range for today 13.25 (which dropped to 11.00 this morning). So 1271+13.25= 1284.25 which is what I posted last night, because ESmonkey had a lower stop - I think. but 1284.25 is close to yesterday's high of 1286.50., and since it has been falling the thieves want to run the buystops of the short positions - which will be above the most obvious resistance - so above 1286.50. I track how much above the resistance they tend to run it and add that to the number, ie add to 1286.50. As I only trade in RTH the o/n action gives you additional information at the opening. I hope that helps. (10:20CT canceled my sell order).
Today ....... learned a lesson again. I am hard headed. I play the overbought oversold. I got in early on a short that instantly went 3pts and I got out before it drew a big wick. Then it got up to the 15min 100sma and I shorted with a tight stop. Below is how it went down. +3 -.5 -1.25 -1.25 -.75 All of the losses were me chasing those first two big green boys for a short. Sad thing is each of these were profitable at the entry point. They just went against me as I waited for more profit. open short at 88.75 (could just close the position with a .25 profit for the day but I think it will slowly go down. If not total loss potential of -1.5 for the day. )
If I were pachinko-ing, this would be a spot to pyramid longs. Confirmation surfer is adding to losers, that's a big tell.:eek: pachinko-ing: trading short term, to get as many $ as possible intraday, with low risk, with no concern about protecting short term profits.
-2.25 for the day. None of these are working for me. Should have looked for a place to go long but there were no real good entry's as far as I saw. Gave back this weeks profits. Guess Ill see what the afternoon looks like. And may get back up a couple of points for the week. We will see.
So sad too. 12 easy pts available for someone. Hard to not see in hindsight. I guess some had the foresight to catch them.
Tis rare to see ammo adding fuel to these "chat events". Must be a market turning point?. Wait, it is!.
Hey buddy, take a step back.. Were your stops too tight or size too large for your account and comfort? Today can turn out to be a very good day for you, not in terms of profit, but experience. Just look at how the trades may have worked for you. You'll see it.