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Confession. Took it anyway since it met my requirements, though the trade is a lower probability, given that the consolidation is only an hour long. Made a point. Now I really am done.

Revisiting your short idea. Given that we're consolidating right here at the PDC, you may have something there after all. Don't want to be enabling here, but this was tested earlier as well, around 0943/0944 EST. PS Just saw your note about being done. Maybe I should stick to my guns as...

Better. My flagellation whip is at the cleaners.

I don't like getting into "whys" since (a) there's really no point, (b) you never really know, and (c) what difference does it make anyway? But, having said that, the energy of the pullback this morning may be due more to the excess of yesterday and of this morning's reaction to the jobs...

Ack! No! Don't say that! Jinx! :)

Incidentally, 4re. Your comments about your choice of 2pts are nicely illustrated today. Note that the extent of the movement past each SP on the way down this morning was around 2.5pts. To hold for more would have meant getting less.

Excellent. I turned my computer on just before 0830 EST and wasn't expecting the reaction to the jobs report. Plus I was still asleep. So I just watched and saw how clearly price was ramming 35 (your 94) to no avail. So I made that my new R (this is an example of what I meant when I said that...

I suspect that will be fine. Seems clear to 99.

We are butt up against the HOW from last week in both the NQ and the ES. If you think there are enough people still trading at this time of day to push price far enough past R without a lot of backing and filling, then go for it. Otherwise, as you say, this makes a nice setup for tomorrow...

Many traders, especially beginners, aren't going to understand this. But if you saw The Mummy (the remake), and you remember what happened to Benny when he went back to the treasure room one time too many, your approach makes a lot more sense.

I suppose if one were REALLY comfortable with this, he could trade both simultaneously. But I have a feeling that if I were to try, I'd end up like Tweak on South Park. I've become too lazy.

If that's true, all to the good. However, it's important to put in the time just watching, not even simtrading, in order to see at what levels traders keep poking at the next step in price. For me, the easiest and clearest way to do this is with a tick chart. What is not so important about a...

The NQ did a bit better, a little more than six points. But you're right about the feel. I almost didn't take it because the pace was so slow and everything was just sitting there. But I went ahead and placed the stoplimit anyway just in case there was an opportunity to catch all those who...

And another point not directed at anybody in particular. Whenever one is tempted to succumb to the overwhelming urge to give advice and save a trader from himself, he should ask himself if he has traded the instrument in question long enough to have turned a profit in it over an extended...

When I first started trading eminis, I joined a group headed by Teresa Lo. The name of the group was Done In 90 Minutes. Of course, that was several years ago when the ADRs were considerably greater than they are today. However, the basic idea is the same, and being done in 90m or less has a...

It could also find S at the LOD.

A point not directed at anybody in particular: A strategy like this -- though perhaps not this particular strategy -- can't be played out using a list of instructions. In order to be successful with it, one must understand the nature of S/R. This has been said here more than once. 4re even...

You're not alone.

Easy trade at 75.5 (just below the LOD) for 4pts . . .

No, never got it in. If it doesn't fill on the way up, I sure don't want to take it on the way down (not interested in a 4 or 5pt stop), and given the width of the R zone here, there's not enough air to get more than a couple of points until it's worked off. I'll check back at 1400...