ES Journal Archive (2011)

[macho grande]

i'm thinking ~66 to cover my longs...just off top my head, and eyeballing the 5 min

 

[Picaso]

Quote from ammo:

or the lunch time pause

+1

Thank you for your reply before

 

[macho grande]

Quote from Picaso:

+1

not today, skip lunch

 

[PACMAN1]

not breaking the trendline very convincingly. looks to me like its putting in a lower high and should sell off shortly.

 

[Laissez Faire]

Quote from PACMAN1:

not breaking the trendline very convincingly. looks to me like its putting in a lower high and should sell off shortly.

That is certainly one possibility, but the more time we spend inside the opening range, the less likely it is that we continue selling.

NQ also put in a higher low on the break and never took out the morning lows.

NYSE TICK does not look particulary weak.

Last day of the month window dressing.

That said, we are still making lower highs like you said, so yeah, maybe.

 

[bigsnack]

As it turns out I can't place a live trade today anyway, since my Infinity account was frozen this morning due to the MFG situation. SIM Ferrari's for everyone today

 

[Picaso]

Quote from Laissez Faire:

That is certainly one possibility, but the more time we spend inside the opening range, the less likely it is that we continue selling.

NQ also put in a higher low on the break and never took out the morning lows.

NYSE TICK does not look particulary weak.

Last day of the month window dressing.

That said, we are still making lower highs like you said, so yeah, maybe.

---

Tomahawk, your response - and everybody else's - is much appreciated

 

[tomahawk]

Quote from JoshDance:

I am only implying that many algos intentionally pay attention to common time frame (5m for example) bar highs and lows, to take advantage of human behavior.

62.25 is value based on what by the way?

Pre-market channel low and round# 20-pt gap from Friday's pit close (confluence).

I know what you're saying. The question I have to ask myself is who am I competing against (of those with the ability to move price)? Do I have a better shot against HFT bots that play for mere ticks, or JPM who's sending orders to the pit which will be piggybacked by the locals, therefore potentially the "longer-term" ride? Either way I'm at a disadvantage as far as costs, so I have to try and anticipate where they will find value and ... buy low, as it were.

Obviously there's no one right way to do it, I just wanted to offer my .02 in response to Picaso's question.

 

[macho grande]

Quote from Picaso:

i am long the EURO, for the moment

 

[Laissez Faire]

Good observation, Picaso.

I`ve seen them diverge though and the last day of the month may be as good as any I guess.

What about the NYSE TICK?

How`s up/down volume looking?

To me, it simply looks like the probabilities of a sell-off from here are decreasing.

On a real weak day, one would like to see all the indices move in concert, right?