ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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First remember that I do not hold overnight position on ES.
Second I am not looking for a down trend.
Just read my post again you would see that I was looking for my upside target to be reached and that a breach of 1200 will void that view.
In my view, based on tick data behaviour, there is no "trend" in the stock market indices for a long long time. It is just a rigged system where the moves are clearly managed.
=)
Something important here is that NQ breached its year high in AH and pulled back 10 pts.
ES sitting right at PP + previous day 4 pm close.
Trying to start the day at clearly indetermine state.
ES sitting right at PP + previous day 4 pm close.
Trying to start the day at clearly indetermine state.
Last night, at an elementary school fundraiser, I happened to fall into a conversation with a guy who's the Chief Investment Officer of one of the bigger hedge funds in the U.S. I played dumb (admittedly, not so hard to do), offered no indication of my own market/crack addiction, and just asked a lot of questions. Wow, did this guy seem nervous -- not about macro issues concerning manipulation/unsustainable metrics/etc. No, he kept referring to the challenge of keeping up with "benchmarks," and although he was playing it cool, I could see, in his eyes, these flashes of anxiety. It was, to me, astonishing. His one concern -- his only concern -- seemed to be how to keep up with the benchmarks. When I asked him about manipulation -- evidence of the "rigged system" to which you refer -- he expressed a kind of bewilderment, and explained patiently to me that there were a lot of "very smart people" who look for "patterns to exploit" and when blatant manipulation occurs, these "very smart people" take advantage of it, and the patterns go away. By way of example, he cited the Hunt Brothers' cornering of the silver market in the 80s. When I pointed out that the Fed has considerably (infinitely?) greater resources than the Hunt Brothers ever did, and so wondered whether that analogy was pertinent, he didn't seem to know what to say.
Take it for what it's worth. I expected that trendline to be broken on the back of AAPL earnings. If not broken, at have price stick to it all night. I didn't expect this much pullback.
My strategy is to short at the trendline, or just above it depending on the strength. However, I have a policy of no overnight position... I have to admit that this is awfully interesting.
My strategy is to short at the trendline, or just above it depending on the strength. However, I have a policy of no overnight position... I have to admit that this is awfully interesting.
tortoise,
It is expected answer from someone like that. If it is anything else you should suspect that he is either lying or the drinks may be getting to him. =)
Most retail traders and many "hedge funds" are classic "clients" in the trading world. There are many kinds of "clients" and those who trade opinion, macro view or long term models do not care much about mechanics of the instruments they trade. e.g. If they touched CDOs they are toasted since 2008 because they have not spent the time needed to understand what they are dealing with.
A system is rigged if some party is allowed to and can actively corner the other participants. It is similar to someone who can actively see all your cards in a poker game or can control the dice in a game. That is what you see in the current state of the stock market. e.g. MM bots simply take over the market making function with no mercy - making many day traders whose been trading as liquidity providers out of business.
These situations should not be allowed to happen but dark pools and other means are making it possible and authorities are too slow to solve (or just ignoring) this problem.
As a trader, if you are aware of the change in price behaviour, you can adjust and ride the waves.
I have posted enough information here in this thread on reading the structure of the market and they are good for dealing with intraday behaviour in the stock indices. For other instruments, you need to fine tune the methods as different markets do behaviour differently.
It is expected answer from someone like that. If it is anything else you should suspect that he is either lying or the drinks may be getting to him. =)
Most retail traders and many "hedge funds" are classic "clients" in the trading world. There are many kinds of "clients" and those who trade opinion, macro view or long term models do not care much about mechanics of the instruments they trade. e.g. If they touched CDOs they are toasted since 2008 because they have not spent the time needed to understand what they are dealing with.
A system is rigged if some party is allowed to and can actively corner the other participants. It is similar to someone who can actively see all your cards in a poker game or can control the dice in a game. That is what you see in the current state of the stock market. e.g. MM bots simply take over the market making function with no mercy - making many day traders whose been trading as liquidity providers out of business.
These situations should not be allowed to happen but dark pools and other means are making it possible and authorities are too slow to solve (or just ignoring) this problem.
As a trader, if you are aware of the change in price behaviour, you can adjust and ride the waves.
I have posted enough information here in this thread on reading the structure of the market and they are good for dealing with intraday behaviour in the stock indices. For other instruments, you need to fine tune the methods as different markets do behaviour differently.
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