I keep scalping and looking for a pop up to 1st hour, but there is no juice, so I don't hold anything and book it when it comes. This is going to be one ugly day right into the close it seems. This last high was not corroborated once again.
No, we have different views, so only one of us will be right. ES gone 12.50 offered so iloveoptions is filled on his add. He is now fully long, and unless we hear otherwise we can assume that a 2 point stop is quite likely. Now if 1310.50 trades he has given away his chips to someone else. If I get filled on the bid (order been in since about 11.20) or it trades through, I'll have picked up value from his contracts. Then the question arises as to why he would trade this way and give away his chips. That isn't being an attack dog, that is a sincere interest to help another trader out. I'm quite confident that there will always be enough people to sell to me, so my interest isn't threatened if iloveoptions decides not to. In the alternative (which I think very unlikely), the market rockets north from 1312.25, iloveoptions got the best possible fill, and I miss out on a move all the way back up the range. Then the question becomes whether I've missed something very important and that perhaps I should investigate further why placing a buy order 1 tick below the low of day when the market is down >2% might be a viable trading strategy. So no attack dogs, and no unnecessary warmth. Just chillin and asking some simple questions. Since everyone seems to still be long, I'm getting skeptical about 10.50 being a long trade after all. I'll post if I decide to pull the order. So you are using time as a stop and the failure to go lower in the last 20 minutes as an exit signal? Don't you think there might be more to come? If your average is 50, would you consider leaving some on until end of day in case we get a decent spike down into the close? Also, why is this an exit for your swing trades? What duration do you view as swing? What if this is the top of the market?
What does everyone here use to keep you informed of news? Does pit noise include that? What platforms are you guys using? Xtrader, TOS, or Ninja?
@Blotto I suspect we really into close. Bears lost target. Predicted close 1316-1322. Oh well. nevermind me.. GS just did a swan dive.
Bloomberg Economic Calendar - http://www.bloomberg.com/markets/economic-calendar/ Only to check up on times of major announcements so I can be flat, and for minor announcements so I can use discretion whether to hold. Wouldn't know how to make sense of the pit noise, and the vast bulk of the volume is electronic. I've found Ninja to be a horrible platform. I've used TT in the past - fairly good platform (if the FCM has it set up properly). Currently at IB. Take a look at OpenECry - they have a great platform and a good range of markets/exchanges.
Blotto.. yeah I think pitnoise would be entertaining but i don't want to really on someone else for my market read. I think it would be more entertaining then really useful. Is there any sort of ticker that alert us to major news? My greatest fear is some big news hits that I'm not aware of. I dont trade the news or use the news except for economic events -- like you. But lets say I'm shooting for target 1322 and Obama comes out and they reach a deal, I'd probably just pull my target if we started rallying really hard. But if I don't know then I wouldnt know. markets/exchanges. I also found Ninja to be horrible -- everyday I was helping them debug it. I only wanted it for the DOM but that was a long time ago to be honest.