ES up 25. I've only suffered collateral damage, due to my EM holdings. Something tells me I'll be as happy as a pig in shit when the market opens.
Emini up 40 points, and could care less that crude is struggling to stay green....anyone remember how different things were back in Jan/Feb?
I think the key takeaway is not that the ES is up 40 but rather we are still going no where, we are still in the same old range.
Mav, ... thanks for your reply. 1. Does the time constraint concept therefore imply that an intraday trader who was able to trade both ETH and RTH would, in theory, be better off trading ETH? 2. Would one way of mitigating the noise factor be the use of larger stops so time stops can be implemented? And is this one of the reasons why you recommend trading the currency markets via Forex, as one has greater flexibility in being able to position size correctly?
I think you need to be flexible. There is no one answer. I do know that just limiting yourself to intra-day makes you very vulnerable to variance. And there is no real way to hedge that. For a longer term trader, the variance actually benefits you. So I think you need to do both. Larger stops is not the answer nor is tighter stops. Stops have to be properly fitted for the given environment. Currencies do offer flexibility in position sizing but that does not mean you have an edge in trading them. There are a lot of moving parts here in this equation and too often traders just do things for the wrong reasons like trade ES because they think they "understand stocks" or daytrade because of the fear of some overnight move. If you should be so lucky to ever find an edge somewhere, THAT is what you trade. Then use your analytical tools to optimize your position sizing.
You dont need to watch TV to see who is up in the presidential race - just watch the market, its swinging with the vote. I am seeing this for the first time . ES has already covered the average weekly range.