as always... market is not allowed to go down overnight... its like free money.... weeeeee $$$ fear holding long overnight or even over a long weekend? bah humbug.... no fear!
Yep easy money, I get paid as I sleep. Do you think Im going to slug it out with all the day traders today, not a chance. Time to close out my long position and hit the golf course at day break. Good luck today!
Like I said, how many listened? probley not many, as they have been brain washed to NEVER hold a position overnight.
Boy this Globex holiday schedule looks prime for our rally crew to juice. We might be able to make up all the losses over the past few days. Not to mention how folks will want to rally around the american flag.
Congratulations are in order once again for all those the play the "long index futures at close and sell whenever you wake up 100% successful" winning system.. you truely are an inspiration! kafriggin chingo$$$ I love free money
I you equate 50% accuracy to 100% successful you are correct. I was long last night, don't get me wrong but blatantly throwing in a long at close is anything but 100% accurate.
Rickshaw, You just buy the YM? Do you ever do the ER2? Are you putting in stops or do you just go without them? If so, are you using IB's sim stops on CBOT? This pattern goes back quite a ways. I traditionally do the ER2 or ES. But I do not do the trade indiscriminantly. cheers on a good trade. keep up the thread
results are really ominous when backtesting this to 1999 or so. I wonder if there is any substantiated explanation to that phenomenon. It is either manipulation or, I would say, the most significant inefficiency in US equity markets. If that's true, the pattern should really dissolve soon because now so many people took notice of it. Please post your thoughts!!
I always use stops 2% is my maximum risk, without money management it really is gambling. I treat my trading as a small business. ER2 seems ok to trade, for some reason I just stick with the ole Dow.
Well we saw it quite frequently in the first down leg of the Bear market in 2000 (we --meaning the trading desk I was on). It seems to be the common trait in an "electronic" environment for patterns to self perpetuate. Maybe there is a very good reason for it. I would not take any pattern blind. Another pattern that has made money is the mid to late week crude rally. It has made more money for people than any other pattern. It is a fear pattern and has been active since the first gulf war presented the overnight nightmare for shorts. Fear of the weekend event in the middle east. Pavlov's Dogs. Ironically and contrary to what a trader would think---the more people that have found out about these patterns the more they tend to work. Sometimes the rally comes on thursday instead of friday or sometimes it happens on weds and goes into Thursday etc.. but you get the point---it has made crude traders and those in the know money. Of course, it reeks of manipulation. Just like this stock index pattern. I have feeling the stock index pattern we are seeing is also a 'fear' pattern of some type.