Sentiment gauges are all positive on my system. They have been positive for the past 2 - 3 days. I have posted this information numerous times. Funny how nobody pays attention. Cheers,
I got your drift but some others didn't. I'm like you, though. I watch it just to get the numbers and be entertained through out the day. (Gotta know if Martha is going to the Big House!) But, I also like to listen to the comments by the guys on the floor just to hear what the floor traders are keying off of for the day in case there should be something to consider.
Please explain exactly how you expected todays action. I might have expected a move up, I might have expected a small up move with a sell off. But I couldn't expect a blowoff to the upside followed by a crater to the downside. So, we are all ears as to how you knew.
I don't buy it. Granted there was an NR7 day yesterday and so a wide-range day today (possibly a trend day) was likely. But are you suggesting that we should have "expected" a 15.25 pt runup in the ES straight from the open, with essentially no pullbacks, and then an immediate 82% plunge (12.50 pts)??? Puhleassssssssssssse. :eek:
Very similar price action to the January jobs data. Two months ago: bad data, big pre-market break, 30pt NQ rally off the lows and then a 20pt plus break off the highs. The January action took all day though, not 90 minutes.
Nothing wrong with that. John Crapper invented the modern toilet. Maybe it should have been titled Holy Toilet.
Any one doing their homework is prepared. I do not no how to post a reference thread but how to prepare as simply as possible is noted. Pre open you had bonds. (8:30) Preopen you had the ES run from 54 to 47 for a 7 point way to start the day. You knew that the IT trendline on ES had been broken for the thrird time in two days!!!! You knew the ES top of R was 160 to 162 and it had been hit three times this quarter. This means you are in a Flat Top Pennant and there would have to be daily volatility compression. This means the intraday would be banging away. Look at yesterday's action. The market was centering on no volume. You know everyday starts with high volume an thus there had to be a BO from the centering. THe preopen 7 point drop in an hour plus lead to a FBO at open. Very high volume took the price to a predictable high 162. several people posted the number before it was hit. A failure to BO of the FTP was obvious. Why? the channel of the IT failed to traverse. The ITleft line was above the FTP top line at the top of R. This is not rocket science. People made a lot of money by the FBO at the top. Well they took profits and cascaded the stops of slow witted "long" traders who didn't respect the reversal at the top of the R. similarly before that, you probably noticed that the unemployment news was zilch...as usual it got ploughed into the political news ahead of time. Only jerks were betting on news today. You probably noticed them (they were short) getting taken out on the upward cascade of stops at 10:00 and the next two bars when the talking heads were saying blah on unemployment. The "S" curve, down before open, up at open, FBO down after reversing on the top of R, all combined finished the day at about the closing price of yesterday. We simply had a high volatility stall for the rest of the day to trade along. Fora while a gap oriented thread has noted how to prep for the next day. WTF, everyone who targets 10 to 20% of margin/contract does this stuff as a routine. This was like any day in the Fall after Summer trading.