A lot of traders already short at "resistance" their stops will accelerate the following move up, but now looks weak, but if they breakout nonetheless, a breakout in lunchhour has a bad prob of success...me i think prefer to take some small options position to go short...
ES Journal Archive (2006 - 2008)
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If I understood you correctly you are referring to counter trend trade strategies. The effectiveness of doing so, as you pointed out in one of your previous posts, heavily depends on experience. Many young floor traders are only allowed to trade small accounts/small gains 4-5 times during a trading session. That's one of the most common approaches, I am incorporating part of this attitude towards my trading at the moment (real trading since February 06). Going with the flow, pretty fast pace. Until I get used to the markets and being in a trade for longer periods of time, I will not dedicate same amount %age of my capital to longer period trades. It's not just a system, experience stands, what is the expression, head and shoulders above theory.
I don`t suggest to do so, but observe the theory behind and if it works out now, never knows, we need very high TICK, large exhaustion bar, highest Volume
looks more that this "resistance" of fridays afternoon holding......
countertrend depends of timeframe, the mediumterm trend is still down from friday, so in terms of a somewhat longertimeframe this is selling a pullback in a downtrend, look on 30-60 min or even a 15 min to see that this is just a retracement in a downtrend.
countertrend depends of timeframe, the mediumterm trend is still down from friday, so in terms of a somewhat longertimeframe this is selling a pullback in a downtrend, look on 30-60 min or even a 15 min to see that this is just a retracement in a downtrend.
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