ES: Why so many buy orders 1 tick below sunday's opening bar

L

lynx

I've been watching the ES tonight, and I noticed that there are a ton of buy orders 1 tick below the low price of the session, which occurred during the opening 1 minute bar.

They've been there ever since I noticed them a few minutes after the open.

Does anybody know what this is? Is it some well known strategy? Seems counter-intuitive to me.

I've attached a pic of the TS matrix window so you can see what I'm talking about.
 

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338 is definitely not a ton of buy orders in the mini S&P... check out the order book when cash equities are open.

The reason there is more there than other price levels is probably because it hasn't traded there and cleared out those orders.

5yr
 
It's kind of a lot for sunday night, especially in comparison with the other levels.

But looking at the chart it's seems unusual that anyone would really want to buy at that level. I'd think they'd either want to buy the low itself, or sell if it broke the low.
 
I never read too much into the DOM, it's a game of bluff. Some may just want to give reassurance to longs, because their long, but if price really traded down there, they could just cancel their order before being filled.
 
Are you a new trader? How long have you been trading the futures?



Quote from lynx:

I've been watching the ES tonight, and I noticed that there are a ton of buy orders 1 tick below the low price of the session, which occurred during the opening 1 minute bar.

They've been there ever since I noticed them a few minutes after the open.

Does anybody know what this is? Is it some well known strategy? Seems counter-intuitive to me.

I've attached a pic of the TS matrix window so you can see what I'm talking about.
More...
 
Quote from lynx:
-----I noticed that there are a ton of buy orders 1 tick below the low price of the session......
----Does anybody know what this is? Is it some well known strategy?
More...
There can be a lot of traders who like to "fade" new intra-day highs and lows in the market expecting the market to bounce back atleast a few ticks. :cool:
 
Quote from nazzdack:

There can be a lot of traders who like to "fade" new intra-day highs and lows in the market expecting the market to bounce back atleast a few ticks. :cool:
More...
The infamous "tick in front of the streamroller"? :cool:
 
Quote from makloda:
The infamous "tick in front of the streamroller"? :cool:
More...
You can accumulate a lot of money "that way" but you may not have any fingers and toes to count with afterwards. :D
 
Quote from nazzdack:

There can be a lot of traders who like to "fade" new intra-day highs and lows in the market expecting the market to bounce back atleast a few ticks. :cool:
More...

Yes, I've considered that after getting creamed by the reversal trying to buy breakouts. It usually does seem to come back about 4-6 ticks midday (at least it did when I reseached it last spring).

But it this case, with the thin sunday night market it doesn't seem like a wise strategy.

I know the DOM is gamed, however I think it does give some good clues so I like to keep an eye on it anyway.
 
No one that claims it's gamed profits from that 'knowledge'

its blowing smoke

according to zero hedge, this entire 100% move up was gamed. They didn't profit from it at all.

But they impressed themselves with all the streetspeak and pseudo wisdom. And I predicted that would happen in April 2009
 
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