I did run for the fence last month when the swing cycle hit the high of 918.75. I got in pretty close to that number and sat tight through many days of wild gyrations like a drunken stoic until the damn thing finally came crumbling down. Although my patience paid off in the end, it's not something I care to repeat.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Don't you guys notice the overall volume in ES has dropped sharply since new year?
Comparing to Nov, it seems to me the volume contracted at least by 1/2 so far. Will need to see starting next week if the volume picks up again.
If volume keeps going lower, price action will get worse.
Comparing to Nov, it seems to me the volume contracted at least by 1/2 so far. Will need to see starting next week if the volume picks up again.
If volume keeps going lower, price action will get worse.
Just a clarification why I keep looking for trend sell in the afternoon. I guess I used the wrong term "trend sell day".
The day looks extremely familiar to me. When I first started out trading SP (not ES) back in early 1990s, the strong trend days that keep printing higher lows (up days) or lower highs (down days) are very rare.
The bad trend days are more common at the time where you get a sudden directional move and then stuck there for the rest of the day until last 1/2 hr. Today is like that.
If the rest of the year is like this, we daytraders will be in heaven as minimal work will produce very good results. And yeah, we can go for long lunch too.
My advice for anyone, new or experienced, would be to print out today's chart on multiple timeframes and keep it handy. As LC stated, this kind of 1st hour huge trend without continuation is very rare in recent history. Typically, at the very least there is an hour of consolidation or weak reversal attempt, before continuanation. Very rare to see retracement so far into the range, especially after the 1st hour engulfed the entire previous day's price action.
There was some suport at the low of the 1st hour, after there was no strong reversal, just consolidation, was expecting much further downside. Was still able to capitalize on what was there for the most part
Thanks for the kudos TM, the last few days have been like catching lightning in a bottle and hope it continues. Not holding my breath on a reversal though. I remember last January all too well, Friday selloff into support, Monday continuation, escpecially Martin Luther King Monday. We could get it but not betting the dirt farm on it.
There was some suport at the low of the 1st hour, after there was no strong reversal, just consolidation, was expecting much further downside. Was still able to capitalize on what was there for the most part
Thanks for the kudos TM, the last few days have been like catching lightning in a bottle and hope it continues. Not holding my breath on a reversal though. I remember last January all too well, Friday selloff into support, Monday continuation, escpecially Martin Luther King Monday. We could get it but not betting the dirt farm on it.
Honestly, I didn't see anything special about Friday, it was a rather average SDD with a little unusual end.
The drop looked severe, because we started up high because of the job numbers, but if you subtract at least the first 2 candles (not shown on this chart) there was nothing special about the selloff at the start.
The only interesting part was just how well the "use the BBs in the sideways part of the SDD" strategy worked. On average we get 4-5 bounces before moving out of the range, but on Friday we got 8!!! The touches of the BBs were almost perfect and each entry was good for at least 4 pts.
Once we didn't go down at 2 pm (at the 8th bounce) according to the SDD timeline it was pretty much a given that we would break upward and so did we at the 9th try.
The drop looked severe, because we started up high because of the job numbers, but if you subtract at least the first 2 candles (not shown on this chart) there was nothing special about the selloff at the start.
The only interesting part was just how well the "use the BBs in the sideways part of the SDD" strategy worked. On average we get 4-5 bounces before moving out of the range, but on Friday we got 8!!! The touches of the BBs were almost perfect and each entry was good for at least 4 pts.
Once we didn't go down at 2 pm (at the 8th bounce) according to the SDD timeline it was pretty much a given that we would break upward and so did we at the 9th try.
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