that trade does seem a bit early.....although the ym could crash at any time. These are the trades that frustrate me.....its floating and ready to come down.....mkt could easily gap down tomorrow morning. I shorted spy earlier and had to exit due to margin restrictions......id say we float until 11 am or so
Welcome ...we will definatley have a good time in this thread discussing the Dow and actions taken around this time everyday... I like to see the plate in front of me (and Europe) before pulling the YM trigger... I make my trades around this time everyday (between 14:45 cst and 14:59 cst)...yes I hold the YM overnight. I go to the Gym at 18:30 (cst) So if you trade the YM and hold for a few days, this is the thread for you.. If you like to observe failure...well then this the thread for you too!!! I trade the YM ES
Thinking about your post...I only go for 50 points...but when I get some money I plan on using 2 contracts and entering at the same time (need 10k, only have 5k) and going for 50 points with contract#1 and 75 points with contract#2... It a Pikers world and its a long haul from here... ES
Actuually I trade by comparing depth of market participation cycles. I use ticks but the chart that is closest to the daily is just not ready to turn yet. The way this method works is when one timeframe runs out of buyers, it is vulnerable to the sellers on the faster time frames. My daily chart is still strong with a few buyers left but sellers are lining up on my 1/3 daily chart.....just waiting for the daily to get to the point where it is weak enough to be turned back down.
Dont you think it is hard to set an arbitary target not based on previous highs and lows established by the market? For example.....I shorted SPY futures at about 143.55 with the previous low being 143.10.......when the mkt got to 143.15, ie just above the previous low, and my bollinger bands....I exited. What if your 50 point target is below a major support area?