YM Traders

Most likely we are on our way to a bearish engulfing pattern on the dailies. And that is what usually happens after a FOMC run up.
 
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Quote from buzzy2:

da boyz have less than hour and a half to erase this ugly looking reversal bar dow, s&p
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mission accomplished right at the closing bell

indu up by 2.00
spx up by 0.02

neat! good job!!
 
Quote from EqtTrdr:

but then re-entering a trade right after you get stopped out you also risk a 2nd losing trade on the same leg fighting the trend..... no?

you would be better off just letting the trade run and widening the stop???
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Not if you wait on a reversal signal after getting hit.
 
Quote from Pekelo:

For entertainment purposes, I am reading it now. Hey guess what I have found? Beside your mindless cheering on the subject here is a quote from Charlie Dow, and he is actually presenting statistics on the matter:


"The month of June, in the mini S&P alone, has produced 11 upswings, 10 downturns and 1 flat open overnight and that is a far cry from "every single one" gapping up."

Looks like he is backing up what I was guessing. But thanks again for pointing me to the right direction! :)
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The term midnight rally is a little misleading, quite often when it rallies it happens starting about 2:30 a.m. but I guess it depends on what time zone you are in. MR happens quite often and it is best played when YM closes at LOD.
 
Quote from Pekelo:

Well, it looks like you should have waited overnight. YM is currently below 10900...

On my MRC scoreboard the shorts are leading by 2:1...
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There is a method to their madness. The old pattern was you had to get in long low enough EOD to get most of the overnite move. The new pattern is you have to wait for the sudden reversal overnight where they take out all the bids in a few seconds. This happens between 3-4 am Est. I just went short @ 10933. Limit buy @ 10910 and 10915 to cover the short and go long. Todays expected overnite pattern is Dip to 10910 (ish) from here, then around 3:00 am Est move back up and continuation tomorrow morning to 10940.

Today I traded stocks I've been watching for sometime, I'm going to stay away from this YM tape. The speed of the tape and contracts going through paint excessive exhuberance to the long side, but I see very little follow through in price action. Extremely fishy divergence. YM will need to break and stay above 10960 for my short bias to change. Otherwise the only profitable setup I see is to short the resistance areas and get out with 20 points average gains. Going long at the support is not an option because who knows where the real support is here? My support levels are 10830 and 10730.
 
Quote from Pekelo:

I guess we can, because we are down 40+ points since you posted that...
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:D That's ok, closing print and my PnL EOD is what matters. Hellooo 1281.50 and 10932 :D

Who knew.
 
OKAY HERE'S ONE SECRET............buy low ......sell high...........so the logical question is "Porgie, what do u mean by something so simple as that?"...........what do others really think that means and what advantages does that give you?
 
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