YUKK!!! what a crappy day for ES

punisher said:
What kind of short setup did you see if I may ask?

If it opened lower than it did I would have shorted 31.5-32 handle but since it opened right there it could have gone either way for me. I stepped in long at 28 and added 25.50, but that flush down caught me by surprise. I couldn't get myself to stop out as there were too many levels there I thought it would bounce. Almost got out at BE (missed by 2 ticks) a couple of times and then held through more heat. I pulled out my longs at 22 and I looked to add more at 18/19 and anything lower would be a death zone, but managed to get out at BE plus costs. Later I was looking to short into 31-32 area but it never got there on time (by 3pm latest).

That was one of those scary days when it could have ended up for me badly with a huge loss, especially given the PA from the open. I got lucky. This time. The days like this one remind me that I need to reconsider my discretionary mean reversion trading with averaging down. But I'm too stubborn son of a gun.
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The momentum/price action since February n late May n what June 14 failed to hold above said had to go down to test what move from June 9 low cleared that was also in move from june 15 Low and wasnt tested since it was made then move up again to what globex failed to hold.
 
comagnum said:
Early recognition of the structure of a trading day is essential to the active trader's success. I day trade the indexes, holding for the entire session, only when there are signs of trend day which are about 10% of the days. Those are the big pay days where you have an edge - the opposite of inside days. Knowing when not to trade will save you lot of $ and aggravation.
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DISAGREE RE TREND DAYS. Depends upon one's skill level,for the average Joe would agree w that statement but not for EVERYONE.
 
Malakka1964 said:
The momentum/price action since February n late May n what June 14 failed to hold above said had to go down to test what move from June 9 low cleared that was also in move from june 15 Low and wasnt tested since it was made then move up again to what globex failed to hold.
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I don't know what are you talking about. I don't have the charts in front of me but we have already tested down on June 9th and rejected it, tested down again on the 12th and 15th and came back. From here it could go either way (especially opening at 32 handle) but I don't see seeking value down as more obvious.

10pt straight drop from the open (w/o decent retracement) seems strange to me if there is so much strength in the market, especially since it recovered completely by the end of the day. The only explanation I can come up with at the moment, for whatever it is worth, is that OTF is selling on the open and algos are picking it up at 20ma.

Market can and will do anything it wants, but trying to evaluate different scenarios/hypos of what may happen during the day (absent events/news), I fail to recognize what leads or could lead to such behavior. If anyone wants to chime in and shed some light, I'm all ears.
 
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tommcginnis said:
In order to even make a tick, you need a half-point of movement, *and* you must let the market grind through everybody in front of you in the book.
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That much I know... it was already midnight and I missed important clue, you were talking about "short term scalping" which I don't do (true scalping that is, for ticks). Is anybody even doing that profitably? I can imagine going for a point (minimum) and stay profitable and that's as far as my imagination stretches but for a tick or two?
 
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punisher said:
I don't know what are you talking about. I don't have the charts in front of me but we have already tested down on June 9th and rejected it, tested down again on the 15th and came back.

10pt straight drop from the open (w/o decent retracement) seems strange to me if there is so much strength in the market, especially since it recovered completely by the end of the day.

Market can and will do anything it wants, but trying to evaluate different scenarios/hypos of what may happen during the day (absent events/news), I fail to recognize what leads or could lead to such behavior. If anyone wants to chime in and shed some light, I'm all ears.
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Think if u re read what I said n u wrote n was inside of move UP FROM 15TH N NOT TESTED n how it fit w move to ATH N TO 9TH LOW N therefore what it would have had to recapture n WHAT FRIDAY HIT FOR LOD will make sense.AGAIN this is NOT PROPER FORUM to cover fully. WHAT U said re randomness is not appropo if one takes that under consideration. I will let you think about that for a while.
 
Malakka1964 said:
WHAT U said re randomness is not appropo if one takes that under consideration. I will let you think about that for a while.
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Don't feed this troll guys. He is purposefully making his English sound bad when it in fact isn't. The above two sentences are actually very well put together, and any person who actually knows the word apropos, even if spelled incorrectly, isn't a foreigner struggling with English. This is just yet another troll. They comes in waves to ET.
 
Gotcha said:
Don't feed this troll guys. He is purposefully making his English sound bad when it in fact isn't. The above two sentences are actually very well put together, and any person who actually knows the word apropos, even if spelled incorrectly, isn't a foreigner struggling with English. This is just yet another troll. They comes in waves to ET.
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Gotcha said:
Don't feed this troll guys. He is purposefully making his English sound bad when it in fact isn't. The above two sentences are actually very well put together, and any person who actually knows the word apropos, even if spelled incorrectly, isn't a foreigner struggling with English. This is just yet another troll. They comes in waves to ET.
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Someone who replies is a Troll? That makes alot of sense! Good luck w your trading cos YOU obviously need it!
 
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