OK then, I have an order in to get short below 1198. I am just sitting here waiting for the execution. For those that care to, look at your charts of the ES market today. Using 5 min bars or candles look at the close of the first bars. If you put in 5, 20 and 50 period EMA's you will notice that the close of the bar at 7:05 PST coincides with the 50. I believe this is due the cumulative effect of system orders triggered by price hitting this marker. I've put up a chart for folks to look at. Back to work. Steve Edit: Its 7:30 and I am out with a loss. To my eye, it looks like a program day. Most of the first team will be going home at noon today, so programs will execute the rest of the plays. I am out at noon EST myself. Good luck and have a great holiday weekend.
Hi Steve Could you explain your trades of the day in a bit more detail ? It would be useful to know how pros like you manage their trades on 'loss' days.
============ 50 dma has been important for years so its not suprising; with the way most charts turn 50 days into 50 period. And with 75% of volume program traded on NYSE; dont see that as a problem for prefered time frames. Chuch LeBeau proved while most system traders out perform most discretionary traders; most top traders are discretionary, mostly same with Jack Schwager top traders.