Well, I learned a lot today. I still don't see wat you guys are seeing. Great info 5P. But I don't understand half of it so it's hard to keep it into account when I play it using my signals. Don't feel sorry or appologies, It's my trade and my trade alone! Keep up the good work (and posts)! I'll have to investigate that Delta thing, looks great (in your hands).
It is hard (low probability) to buy a specific breakout price level when there is not enough initiated buying at that level to carry through zones of holding SHORT positions (from todays 07:30 CST news release).....that is why I said that 29 to 30 would need to be busted good to have a potential breakout today (as I knew there was some post by someone here talking about buying the 28.75 level....I was trying to be nice and give a hint that 28.75 may not be an optimal entry location).
I see one problem here - how do you determine that short positions have been set @ 07.30 CST? Can they be previous longs closed, is that not a possibility?
I really enjoy reading the posts by 5Pillars on this thread since I also use market delta as a crutch in my trading. I try to keep it simple with the delta's and just really try to pay attention to what delta is doing around my S/R zones on my charts. The best use of it today that I saw was in the first half hour when the YM was in the 11590-11595 area which was a support zone. The delta's were all heavily positive when price traded down there so it was a pretty low-risk long setup. I'm looking forward to hearing more from 5Pillars and everyone else!
Oh...today there were a fresh set of SHORT's that hit the market in that zone when the a.m news was released.....so I had that as a mental note today.
I still don't get it, looking at 1 lot sold, how do you know whether it is a short or a closed long position?
New heavy buying hitting right at the resistance zone that is mixed with then forced SHORT covering from holding SHORT's at that zone...............you could say some of the "initiated" buying was involuntary at that point.....LOL!
I think it needs some sizable changes to the index, like when GOOG was added or the Russell 2000 rebaancing in June 30.