Hey all, I am trying to figure this out. I guess day-traders have their way in the first hour or two of trade, since markets move/are controlled by these trades off pivots and levels.
To what degree of accuracy, I am in process of getting a <i>feel</i>. Again I am considered a "swing" trader, since I typically hold e-mini futures contracts for <b>days</b> (of course a better understanding of how these intraday moves work, the better I can place stops/enter trades).
That being said, I typically do not stare at the computer screen for the duration of the whole session (like we had to do last Friday - unless you were smart enuf to hit the beach, gym, etc. lol). Also, I attend a men's meeting in the morning and only get a glancing look at the market on my cell phone.
<b>So looking at the action thus far</b>, it appears to me that we are now trading under the "Line In The Sand" (LITS) of 1255 and in fact have entered the Break Down (BD) Zone having moved below 1250. We have moved even lower than this and have bounced pretty good.
<b>That is what I am trying to understand.</b> I do not see from Joe Bakers "pivots" where this level comes in.
That being said, I would guess that this level will in fact determine this days <b>"pivot"</b>?
We are currently trading, at 1248 and the bounce or pivot point was 1246.75 or the current low of the day.
You see we "should have" bounced off Joe's pivot of 1245.50 (not to bash Joe who is doing a standup job).
Just trying to understand this better.gA
Lastly, I'd say that at this juncture <i>most day-traders will be staying short</i> until the Ultimate Target (UT) of 1238.75 is reached - since we indeed have <b>broken down</b>???
The trading room may help me further with other indicators to consider - when and if I can get in there
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