So easy a cave man can do it,
Gotta love ZERO RISK in the SP500 = $$$
- Thread starter makloda
- Start date
Lets get some historical perspective here. Attached is a chart that shows the ES from 18:00pm to 09:29:59, essentially the overnight session. Each bar is one overnight session. You can see the insert which shows the settings used to make this chart.
Now I'm not wasting any time to do a proper analysis, but as you can see, there are many red bars. This means that if you bought at the beginning of the overnight session as Rickshaw suggests, and sold just before the open, you would have lost money. There are 59 red bars and 70 green bars. Yes, there perhaps is an edge here for this 6 month time frame, but its hardly the slam dunk he claims. You'll notice he only posts on days it works and is silent on days it doesn't.
Now I'm not wasting any time to do a proper analysis, but as you can see, there are many red bars. This means that if you bought at the beginning of the overnight session as Rickshaw suggests, and sold just before the open, you would have lost money. There are 59 red bars and 70 green bars. Yes, there perhaps is an edge here for this 6 month time frame, but its hardly the slam dunk he claims. You'll notice he only posts on days it works and is silent on days it doesn't.
Counting red vs green bars....??? LOL.
So if a uptrend rises slowly 50 points and falls back quickly 50 points back to breakeven you will have more green bars yet price is flat.
Sheesh.
I don't understand what you are saying. If a candle is red, it means that the close is less than the open. These candles open at 6pm, and close at 09:30am. Rickshaw says that you can always make money during the overnight session, and for that to be the case, the bar would need to close green. This would mean that the price at 09:30am is higher than 6pm the night before. Clearly this isn't the case as per my chart.
If during the overnight session price goes up 50 points and back down 50 points, this bar would essentially not have a color, since it has no body, since the open and close are the same, and I didn't count it.
Its not that hard to understand.
Counting red vs green bars has no logic imo on one position/instrument.
Price can gap up and close at lows, has a red bar but it's a rising bar.
I understood you perfectly and have quoted similar figures in the past. I only checked the Monday Open at 09:30 compared to the close at Friday 16:00 and while there is a skew towards a positive Open, it's safe to say it's roughly a 50/50 proposition or 60/40 at best.
So easy making free money $$$$$$
Oh look the stock index futures are up overnight.....SHOCKER!
Its a new market....a perpetual utopia. A bull market that never ends.