http://graphics.thomsonreuters.com/11/11/NOV3STOXX.jpg will this be another failed greek rally
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ES Journal Archive (2011)
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I am very new to following and trading ES. However, it seems to me that failure of the Vshaped bottom to keep climbing and take out the morning highs probably means that we go lower from here, at least before 3pm, when anything can happen.
Btw, does anyone know the reason for sharp price movements in ES around 3pm?
Btw, does anyone know the reason for sharp price movements in ES around 3pm?
'tis extremely dangerous to the mind to trade against the trend, and to then dig out all sorts of bearish evidence, that may or may not play out. As an example ammo never, ever, digs up bullish evidence. Not that I'm particularly bullish over all this fiasco, but doing the above just traps you out in a souring venture more often than not. Carry on. IMO new highs before 15:00 est, and maybe a pullback of significance before the close.
Looking for a long in the 1246 area.
can't remember who,but a trader explained it as the hft and etf traders had to be flat at close so whichever direction they are positioned,they need to unwindQuote from gmst:
I am very new to following and trading ES. However, it seems to me that failure of the Vshaped bottom to keep climbing and take out the morning highs probably means that we go lower from here, at least before 3pm, when anything can happen.
Btw, does anyone know the reason for sharp price movements in ES around 3pm?
Quote from ammo:
can't remember who,but a trader explained it as the hft and etf traders had to be flat at close so whichever direction they are positioned,they need to unwind
Thanks, but that should explain the price moves between 330 and 400, not around 300. HFT guys trade at sub-second frequency, so managing their books shouldn't take more than 5 minutes at most. ETF guys are primarily doing arbitrage and trying to balance their ETFs with the indices - they might take a bit more - but why sharp rally around 3pm for this. I am not sure.
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