I was surprised to see the futures down 30 handles and very little mention about it.
May I say...
- Thread starter heavenskrow
- Start date
Right, this is what I am mainly bitching about. For the day session to be some huge rip higher, and then overnight a complete 100% reversal. I don't mind the market going higher as I can add to my short positions but if they make their move overnight...when I'd rather be sleeping, that is what irritates me.
For example I can enter some short positions based on a market rip higher, then manage my position by closely watching it. However if the market makes its reversal move overnight, I can't manage my positions unless I want to have the risk of overnight ripping my position apart.
That's life I guess. Unfortunately the markets don't behave for your pleasure.
Overnight sell-offs in the U.S. futures are almost always due to Europe, Asia or some key market like Crude Oil because markets are globally connected. Thus, its rare to see strong overnight movements (Up or Down) in the U.S. markets via reasons due exclusively to the U.S. only.
Just remember this, the recent poor performance is due to Asia, Oil and other info. Therefore, one must assume that if there was going to be another sell-off in the overnight trading session...they will need to watch Asia, Europe, Oil (most recent culprits) or at least put some kind'uv of an audio alert on your charts so that if a certain price is hit...the alerts will wake you from your sleep. This will allow you to check to see if it's worthwhile trading or go back to sleep.
Heck, I don't even trade the overnight trading system but my alerts sounded off and awaken me this early morning just as the markets dropped below some key levels I was monitoring. I had set it up to see if Hang Seng HSI futures and Crude Oil CL futures would drop below certain price levels...they both did and I went back to sleep before waking up at my normal time. I do that so that I have some context to the markets before its regular trading session begins.
Seriously, what's the point in holding positions overnight if you don't know how to watch your positions while you sleep via simple audio alerts or alerts that sends messages to your cell phone (your phone rings) ?
I'm not talking about setting alerts to whatever stop price you're using. I'm talking about setting alerts to a warning price that tells you to get out of bed and check your positions before your stop/loss protection is hit. This will allow you time to do some quick analysis and make a decision to exit your trade earlier to minimize the loss or stay with the trade in comparison to waking up to an ugly surprise...the latter most likely will impact you psychologically in a way you don't want.
Simply, if you can't do that than you really shouldn't be holding positions overnight especially if you're talking about several thousand dollars in losses or missed profits. Yet, if you're upset about a few hundred dollars once in awhile in a year...no big deal.
This is 2016...use technology to your advantage and a lot of it is free or you already have access to it but just not using it.
Just remember this, the recent poor performance is due to Asia, Oil and other info. Therefore, one must assume that if there was going to be another sell-off in the overnight trading session...they will need to watch Asia, Europe, Oil (most recent culprits) or at least put some kind'uv of an audio alert on your charts so that if a certain price is hit...the alerts will wake you from your sleep. This will allow you to check to see if it's worthwhile trading or go back to sleep.
Heck, I don't even trade the overnight trading system but my alerts sounded off and awaken me this early morning just as the markets dropped below some key levels I was monitoring. I had set it up to see if Hang Seng HSI futures and Crude Oil CL futures would drop below certain price levels...they both did and I went back to sleep before waking up at my normal time. I do that so that I have some context to the markets before its regular trading session begins.
Seriously, what's the point in holding positions overnight if you don't know how to watch your positions while you sleep via simple audio alerts or alerts that sends messages to your cell phone (your phone rings) ?
I'm not talking about setting alerts to whatever stop price you're using. I'm talking about setting alerts to a warning price that tells you to get out of bed and check your positions before your stop/loss protection is hit. This will allow you time to do some quick analysis and make a decision to exit your trade earlier to minimize the loss or stay with the trade in comparison to waking up to an ugly surprise...the latter most likely will impact you psychologically in a way you don't want.
Simply, if you can't do that than you really shouldn't be holding positions overnight especially if you're talking about several thousand dollars in losses or missed profits. Yet, if you're upset about a few hundred dollars once in awhile in a year...no big deal.
This is 2016...use technology to your advantage and a lot of it is free or you already have access to it but just not using it.
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Baron
ET Founder
Yes...what Baron said.
You have three potential paths from here;
1) Assess, Adapt, Overcome.
2) Crow about the inhumanity of it all and continue to fork over your money
3) Quit
There are few here on ET that haven't had the exact same experience as you overnight. Everyone handles it differently.
Listen to Autodidact re: TA, he knows his stuff. RE: yest rip up. Always in a downtrend there will be a point of flattening, throw in more buys than sells for bit and shorts, the late to the party shorts especially, will start to cover as they burn. The longer term shorts want to keep profits and add to the covering, the rip can't be stopped as the buys overwhelm any new shorts. Reverse for uptrends. Re: overnite bearmove. These mkts are extremely sensitive to China. The move < started with China news and continued. Note the U S @ 5:30 my time and the following 40 pnt. drop in NQ from the announcement.
http://www.fxstreet.com/economic-calendar/
There are people who pride themselves on not being aware of what goes on outside charts, events move mkts.
http://www.fxstreet.com/economic-calendar/
There are people who pride themselves on not being aware of what goes on outside charts, events move mkts.
Like how do you describe a gigantic rip up based on a failed break lower?
And then for that entire move to be sold off overnight when the professionals are in control vs the public?
Baron
ET Founder
You seem to be caught up on who's "in control". Who cares who's in control? You need to detach from that kind of thought process real quick or you're going to get stuck with a belief system that will get the best of you eventually. Your job is to stay detached and profitably trade the ebbs and flows regardless of who or what is causing the movement.