i'm betting on a relief rally overnight to 3845 area before further sell off. i want a good short entry going into next week/this month
This is an unusually-strong sell-off through the evening ET hours. Only Eurozone can help us now for muting the opening down gap.
IMO this early morning recovery getting back to globex opening levels basically looks weak and likely not to sustain.
I added to trade the night sessions too about 3-4 years ago. Volume is not a problem in the ES for 99% of the traders as about 99% of all traders do only 1 lot trades. Yesterday in that timeframe we had a volume of 728,107 contracts, minimum volume in 1 minute was 150 ctrs, max was 13,569 ctrs and average was 1,618 ctrs. Each hour over 35,000 ctrs. I saw the volume go up over the years, so even trading 10-50 contracts is no problem (at least not for the market). Since I trade also the session from 1 AM (CST I think) till 8AM, I normally already have reached the daily profit target before the opening in the US. But not always trading the size of the US session; depends on the behavior of the volume and how big the open profit is.
Trading overnight is often easier and more trend bound then during the regular sessions but it can be hit and miss too. There are nights when nothing happens!
Exactly what I've focused on and it's working nicely. Using ninjamobiletrader.com I'm running my scalping strategies on ES overnight, and 19 out of the past 22 days have woken up with over $1000 in profits, trading on 2 contracts. ES typically less choppy overnight and is easier to trade with various moving average indicators. Even paying a few ticks to algos, there is still enough meat in the moves to capture profit and allow the trailing stop loss to close out gains.