YM Traders

Quote from Pekelo:

Well, I guess live and learn. I was expecting a 20-30 points bounce. I got the same in the other direction, so I am out....
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Boy do I feel like a chump getting caught up in this shake out. They're shaking out the weak longs today. Then we rally into the week to shake out the shorts. I'm going to hold my long position till EOD, plan to add when it gets back up to 10860.
 
I hope you boys get some. If you can make it past 860 it has some room to run. I'm all for you, but dont have the confidence to risk money at this point. Hope you kick some short ass.:D

I understand your comment CoolW, and while I agree basically, I also want to point out that the late day reversal (although it is low prob) when it works it can lead to a significant gain. that is because everyone figures it is "over". If this gains some momentum and people start to take a second look, well that is when you see some money change hands. For those interested, you can check our Mark Fishers site and comments on late day reversals. If I was trading this, I would be looking to see what happened exactly one month ago. If I saw a reversal on that day, I would be on this like a love monkey.


Steve
 
Quote from mhashe:

Boy do I feel like a chump getting caught up in this shake out.
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Yeah, where did that 30 points drop come from? Just after I went long...Now here is the 30 points bounce it just came 1 hour later than I expected...

Well, timing is everything....
 
What I would observe is that it is early for a late day rally. Also I would like to see what if any volume comes into the contract after 3pm. Finally if any of you have access to imbalance data, that would start to give you some advance warning IF there is fuel for a late day reversal.

Good luck
Steve
 
Wrong.

Free trade +10. 10873 next stop if we break this. If not I'm out.

Quote from coolweb:

Maybe We have different $INDU charts

but in my opinion,

Both of you were sell those longs at breakeven if not now at best.
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