ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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We have been trading in a range between 1204 and 1207 for the last three hours. At higher timeframes including ETH we have been trending very strongly upwards without any significant pullback. The 1206 level is also a resistance level from 22nd November.
Are we forming a double top?
The NYSE TICK has been oscillating above zero without any strong upside conviction, but I guess that is explained by the strong upside gap.
Either way, I`m hesitant to enter on a break above 1207 consider how much the market has already moved. I will be more comfortable shorting a break below 1204. On the other hand, we might be testing the 1213 level, but I`m not convinced it will happen today.
Anyone?
Currently sitting on my hands and waiting for an opportunity.
Are we forming a double top?
The NYSE TICK has been oscillating above zero without any strong upside conviction, but I guess that is explained by the strong upside gap.
Either way, I`m hesitant to enter on a break above 1207 consider how much the market has already moved. I will be more comfortable shorting a break below 1204. On the other hand, we might be testing the 1213 level, but I`m not convinced it will happen today.
Anyone?
Currently sitting on my hands and waiting for an opportunity.
Quote from Laissez Faire:
We have been trading in a range between 1204 and 1207 for the last three hours. At higher timeframes including ETH we have been trending very strongly upwards without any significant pullback. The 1206 level is also a resistance level from 22nd November.
Are we forming a double top?
The NYSE TICK has been oscillating above zero without any strong upside conviction, but I guess that is explained by the strong upside gap.
Either way, I`m hesitant to enter on a break above 1207 consider how much the market has already moved. I will be more comfortable shorting a break below 1204. On the other hand, we might be testing the 1213 level, but I`m not convinced it will happen today.
Anyone?
Currently sitting on my hands and waiting for an opportunity.
I will tell you what´s going on : several heavy hedge funds and other momo players are full to the hilt with index futures and are playing the time game. If at the end of the day the closing price is higher than their VWAP there will be champagne for everyone involved. Otherwise there is no reason to play this charade.
Take a look at the volumes : 33.000 contracts per 15 minutes. That´s what usually is traded in 5 minutes. If this is not "coordinated" scam - I don´t know what is....
It doesn't have to be coordinated. Traders follow other traders moves, not to mention that a well capitalized HFT entity can handle 33k lots for sure. If you trade 1 lot, then anybody trading 100 lot is manipulating according to that logic. I don't argue that there is no manipulation, just at 33k it doesn't have to be coordinated action.
SOLD 120475...will ADD if necessary
NiN
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