YM Traders

Quote from Pekelo:

Really? Not to be sounding like a sceptic, but do you care to post your YM trade? When did you enter and exit at what price? It gapped down 20+ points, just so you know why I am asking.

Maybe it was a few points up overnight, but that was rather insignifficant...

Edit: Here is the chart I use for overnight. Between 4 pm yesterday and 9:30 am today, YM was never up more than 2-3 points. Maybe you use a different, magic chart or something...

http://quotes.ino.com/chart/?s=CBOT_YM.H06.E
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I went long 2 contracts YM 10913 last night and held to 10933 this morning and long 2 NQ 1711.50 and held to this morning..out at 1716. Long 2 ES at 1279.50 out at 1282.00 this morning. For MRC I will go long right after the open unless I have reason to think a serious decline is coming in first. If I do then I may wait to go long near midnight.

If the tape indicates strenght at the close then when it opens next I will go long and just wait for rally normallyout 9 to 10 a.m. or before on the next morning. That is dangerous to do if the previous close is weak and tape shows market to be weak. I don't usually get in MRC and out a couple of hours later. I am not sure how others are doing it. If market at close is showing strenght then I don't mind a rather large stop loss to keep me in the trade until 9 or 10 a.m. (based on the thought that it is really strong and it is just being taken down before the rally later that morning). When the markets get humming good if the previous close was on strenght I look for the rally to come.

This probally isn't pure MRC but my twist on it.
 
Quote from mhashe:

This happens between 3-4 am Est.
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I sleep at that time, and most people in the Americas should too. :)

But you mention a new pattern. When I read through the previous thread, there were no less than 4 different starting time/strategies mentioned, so it seems to me that even the MRC isn't agreeing just how it should be played.

See next post...
 
Quote from pinabetal:

I went long 2 contracts YM 10913 last night and held to 10933 this morning

This probally isn't pure MRC but my twist on it.
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Exactly. That 10933 didn't happen until 10 am or so. I am sorry but the midnight rally ends by 9:30 or if there is an announcement earlier ( some kind of report like housing stats,employment numbers,etc) by that time.

So let's say it for the record, last night the YMs gapped DOWN. Thank you...
 
Quote from Pekelo:

Exactly. That 10933 didn't happen until 10 am or so. I am sorry but the midnight rally ends by 9:30 or if there is an announcement earlier ( some kind of report like housing stats,employment numbers,etc) by that time.

So let's say it for the record, last night the YMs gapped DOWN. Thank you...
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Well call it a late morning rally if you like I simply don't care. The point is I get in it before the rally. In by around midnight if possible. It simply doesn't matter to me if it rallies at 3:00 a.m. or 9:30 a.m. Actually, it happened before 10. If the rally ends for you at 9:30 that is fine. However, it doesn't end for me until I am out of my position. If the tape is weak at the close and I think it will go down first I might take my midnight position whenever I think the bottom has been made. That may be 2:00 or 3:00 a.m. It doesn't have to be exactly 12:00 to take position. The whole point is you can get a good position at night to sell the same night or next morning. I am a discretionary trader.
 
Quote from Pekelo:

So let's say it for the record, last night the YMs gapped DOWN. Thank you...
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That is o.k. we can say it went down. I just rode thru the down side and held for the rally that the tape told me could most likely come because it had previousley closed with strenght. Again, the whole point is getting in at night and if there is a sufficient rally out the same night, if not, then out later in the morning.
 
The point is...

not that every night you will make 1% return..

IT IS a fact that there is NO RISK and that even if the market mangaged somehow to ever gap down ( what is it now like once every couple months?)... the market always fills the gap down and the worst you do is b/e...

no stop needed... no fear.... no risk...


Its not a "guaranteed gap higher"... it's a "guaranteed no risk"....
 
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