YM Traders

The hourly chart looks quite bullish imho.

Nice day for me scalping the 5 min channel and little 1 min ones, aided by volume climaxes at important time pivots, especially 15:00 and 15:30 (GMT) [blue lines] and also the double bottom at 690. Couple of Tick divergences and high volume hammers helped.

Also note the 3 main cycle lower highs on the 5 min which suggested the lower channel boundary would give way on the third test. Three knocks on the door and it often opens.

Guess a few shorts were sucked in when this happened so the V bottom wasn't a huge surprise, especially as ES managed a 2B reversal off a lower low.

Breadth in the first hour on NYSE / Naz was poor coompared to yesterday despite the morning's higher high which was a heads up that we might head down sharpish.

Sorry the chart's a bit unclear but I wanted to fit in the whole day.

I'll post the breadth divergence in another post.
 

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Quote from futuman:

690 was hit. Anyone believe we'll see a giant upside surprise?
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There seems to be some good sized short covering after hours. I suspect we have a strong close up tomorrow. At the very least the morning will have a explosive rally.
 
Quote from mhashe:

There seems to be some good sized short covering after hours. I suspect we have a strong close up tomorrow. At the very least the morning will have a explosive rally.
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T day starting early ?????
 
Quote from frugi:

And my blotter, for what it's worth.
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Hi Frugi, thats scalping some decent size there. Good trading setup. I lean on the TICK myself quite a bit. Past few days TICK was relatively strong. Today showed some weakness but had a strong move after-hours. Confusing markets to say the least. I'd like to scale up to your kinda size, but dont have the balls for it yet. Seem to be comfortable swinging max 10 cars intraday. I'm scared of the risk involved in getting stuck on the wrong side with 50+ cars. Do you hedge your positions?
 
Quote from volente_00:

T day starting early ?????
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You think? Really dont know. I'm thinking sharp move up at the open when those who short the break have to cover. Then a quick selloff and a sharp reversal into the close. Going to be a tough day if get caught on the wrong side of any of the intraday moves.
 
I agree but am nervous about the reaction to CAT earnings (hence the piker put purchase) :). It made an all time high today and if they disappoint tomorrow it could nip the bulls' fervour in the bud, especially given the heavy weighting.
 
Thanks mhashe. :) But the blotter is only an average summary of all trades, I didn't trade 50+ though I hope to some day. I would have posted the whole thing but it takes up the whole screen.

The most I have ever swung is 35 cars and my pants were in severe danger of changing shade so I won't be doing that again until I am fully confident of my methods / discipline under that sort of pressure. Today I traded 3s, 5s and 10s five or six times, which is my usual approach.

Good luck to all tomorrow, I agree the moves will be fast and deadly.
 
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