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2 reasons why I believe there is more opportunity to become a successful trader: 1) to be successful in Hollywood or in pop music you generally have to be attractive .... not so in trading, AT ALL 2) to have a chance at a successful career in Hollywood or in pop music you generally have to...

Thanks once again to Pekelo for the 2nd day gap rule.

If it can b/d through the open then high probability, yes.

2nd day gap in play ... if unfilled by 8:30 I think a pop on the jobs # could be a great short opportunity.

Notice the almost perfect "stairstep" declining volume on this rise on a 15-min chart.

Pre-mkt low, also R25.

Take your largest drawdown to this point, multiply it by 2, then multiply again X 2 (for 2 contracts). If you would be ok with the reality of that happening, and truly confident in your ability to make it back, then I would say you are ready. If not then continue with 1 contract until you've...

Closed Saturdays. Not sure what time you can log in on Sundays, I think it's mid afternoon sometime.

Anybody else thinking about possibility they windrow dress the snot outta this into the close? Ya know, close out the month above that pretty 200DMA.

True, although the day preceding Memorial Day weekend can run from before the open. That being said, at this moment (8:36 ET) looks like the 2nd gap will fill easily.

Petty, how many of these CL/QM trades do you see per year on average with this setup? Because just eye-balling a 3-month span of daily bars, I don't think I see a single instance where all your criteria are met. The killer is getting a bar 2 with both open and high(low) within the...

Sounds good. ... Thnx.

Petty, thanks for taking the time to post that setup. Are you applying it to Globex always? (looks to be the case from your chart, but not knowing the chart's time zone, just thought I'd ask to make sure.)

The critical 56 level again here, from the 5/6 low. I'm thinking moderate bounce from here or max 5 pts lower first. Edit: Note - this would be the 10th consecutive red 1 hr bar if it closes below 58.75.

Not to butt in but OIH is oil service Holders ETF. I have often had the feeling it can tend to lead the market, as Mr. P is suggesting.

Agreed, great stuff - much appreciated.

EUR would seem to be playing out the H/S on the hourly (3 days), in which case the minimum target may be around 1.226.

Very insightful, thanks. This definitely adds some clarity to the use of 100/200. Not recalling hearing much about how the 50% comes into play, where I got 1107 was I just assumed it might be most likely used on the day following a large range day, i.e Fri Globex 1051.25-1088.75 (x .5 up =...

I have no particular strategy for the day following a single inside day (but days after a huge range day like Friday I tend to look for MR opportunities). Sounds like you have something, and I'm all ears. :) Regarding your 1094, I would have anticipated hearing a number more like 1107 from...

Thought I'd relay the info I just received on a call to Fidelity during this slow day. Apparently there is no limitation to the frequency of trading with these commission-free ETFs, but the catch is they aren't marginable for 30 days, meaning that for daytrading you have to have the cash on...