<i>"I guess it confuses me because I've never seen the market this over-extended (keep in mind I've been doing this only for a little over a year)"</i> I've been trading nearly every session since late 1999, and have seen just about everything imaginable in that time. One of the more memorable was a 74-point intraday range in the ES, late July 2002. I was long two ticks off the low, covered for +18pts soon after and thought it was one fine day's take... until I watched the tape run neary 60+ ES index points higher without me :eek: We commonly traded thru 20+ point and 30+ ES ranges for years. I do recall 100+ point NQ intraday ranges as common, and did see a couple of 300 point spans from bell to bell. Contrast that with a spate of 5pt to 7pt total range sessions in the ES past couple of years. My, how things change! The market will never cease to show us new things, thru our entire career :>)
You guys are all awesome! Thanks for those words. I've been spread trading options for pretty much the last year and all of the sudden this month has rocked me kinda hard. I just started day trading the eMini's within the past couple months and this thread has been a blessing for me. Thanks for all of your insights, and they have all been taken to heart.
Yes, but that does not necessarily mean that we will see a close out to the upside. I am not into making predictions. It simply means that my long strategy will include some legs to run while my shorts are for points targets. Just the opposite to this morning ... in fact I only took 2 longs this morning for rats & mice.
too much information is not good for your trading once you decide what to trade with.....gives you too many options/reasons to avoid the pain of losing ........created by previous losses....subconscious override is stronger than u would ever imagine........
IMHO, as a result of today's price action I will only look to short this market, unless 1378.25 is taken out.
<b>tq = porgie</b>... when the heck you gonna run my money for me? I'd love to just stick it all on your systems, ride those 90% wins and ratchet up the profits while I hunt & fish myself to death. C'mon <b>uncle porg</b>... can you hook me up like that, or what?
71.50 is a serious battleground. The earlier key top 70.75 has been taken out (just) and now the shorts on the bid are trying their hardest to turn this rally. Dont bother asking me who will win, I dont make predictions, but the longs still have some serious grunt behind them