I think you're going to need to this time.
timsk
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Hi Mob',
. . . It may be necessary!
Playing major S&R levels can be a winner takes all situation. On the other hand . . .
Currently, price is heading towards yesterday's low around 9,400. We could easily see a sell off into the close and this support area breached and, if that happens, you could be in for a sleepless night. I think a lot of subscribers to your thread (me included) like the fact that you do your own thinking and don't 'tow the company' line so to speak. But, the company line exists for a reason!
Often as not, your plan will work well for you. On the occasions when it doesn't, you could find yourself seriously offside (in the red). This is what concerns people the most, I suspect. As it happens, in the S&P futures, there are many more traders holding short positions than long positions which suggests that the commercials favour a continued move down. However, if there's a reversal at or around Y'day's low, and the Dow makes it back above the 10K level, these players could start to unwind their positions at pace and your trade could come good. Very good in fact. However, I feel (and it is just my personal opinion) that you're playing a very risky game - especially if you're planning on holding your position overnight and hope to get any sleep! Anyway - good luck with it and well done for being so upfront about what you're doing.
Tim.
timsk
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Hi Mob',
Equities are hitting buy programs in an attempt to rally the market into the close which bodes well for you. If they can sustain this, we could see the futures players take fright and start to unwind their short positions. From your point of view - a short covering rally would be the ideal way to end the day! Fingers crossed, you might get a good night's sleep after all . . .
Tim.
Equities are hitting buy programs in an attempt to rally the market into the close which bodes well for you. If they can sustain this, we could see the futures players take fright and start to unwind their short positions. From your point of view - a short covering rally would be the ideal way to end the day! Fingers crossed, you might get a good night's sleep after all . . .
Tim.
timsk
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Indeed it is leonada,
Having said that, price has been flirting with the 10k level for three days now. Is it likely to make a decisive move now - in the last half hour before the cash close? It's possible obviously. But, I suspect the commercial players will want to milk this area for all it's worth into the weekend at least - jumping one way and then the other. So far, futures players don't seem overly impressed with the little pullback to the 10k area. Time will tell . . .
Tim.
Looks like it's going Mo's way... however I would not be at all surprised to see it down at 9900 by morning! (I hope not though!)
timsk
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Hi Shakone,
This is just my view and I accept it's a controversial one and that many others will disagree. That said. my belief and understanding is that when commercial players initiate buy (or sell) programs - this shows up in market breadth indicators. The one I like is the $Tick. When I made that post, there were three occasions within the space of a few minutes when the $Tick printed above the +800 level. (Actually it's doing so again now as I write.) That doesn't happen as a result of a few retail traders who happen by some amazing coincidence to buy a few hundred shares of X stock and a few hundred shares of Y stock at exactly the same time.
As I say, just my view, other will disagree - strongly!
Tim.
Mo,
All respect to you, you are good at picking the direction to grab the odd 10-30 pips. However, as Timsk said, you are playing a very risky game. I would not build a strategy based on getting the Dow direction correct at better than 9 times out of 10...
Good luck!
All respect to you, you are good at picking the direction to grab the odd 10-30 pips. However, as Timsk said, you are playing a very risky game. I would not build a strategy based on getting the Dow direction correct at better than 9 times out of 10...
Good luck!
Hi Ross Spur
I am now out with 17 pip profit; the market has been good to me today.
Regards
Mobanded
Hi Mob',
. . . It may be necessary!
Playing major S&R levels can be a winner takes all situation. On the other hand . . .
Currently, price is heading towards yesterday's low around 9,400. We could easily see a sell off into the close and this support area breached and, if that happens, you could be in for a sleepless night. I think a lot of subscribers to your thread (me included) like the fact that you do your own thinking and don't 'tow the company' line so to speak. But, the company line exists for a reason!
Often as not, your plan will work well for you. On the occasions when it doesn't, you could find yourself seriously offside (in the red). This is what concerns people the most, I suspect. As it happens, in the S&P futures, there are many more traders holding short positions than long positions which suggests that the commercials favour a continued move down. However, if there's a reversal at or around Y'day's low, and the Dow makes it back above the 10K level, these players could start to unwind their positions at pace and your trade could come good. Very good in fact. However, I feel (and it is just my personal opinion) that you're playing a very risky game - especially if you're planning on holding your position overnight and hope to get any sleep! Anyway - good luck with it and well done for being so upfront about what you're doing.
Tim.
Hi Tim
I decided to take a 17 pip profit instead of having a long night.
Regards
Mobanded
Quick! Take a small profit
Hi Shakone
Thanks for the advice, I did just that.
Mobanded
timsk
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Hi Mob',
I think you're very wise. That said, almost inevitably, the index will now shoot up overnight - so I hope you didn't close your position on my account!
Tim.
Hi Mob',
Equities are hitting buy programs in an attempt to rally the market into the close which bodes well for you. If they can sustain this, we could see the futures players take fright and start to unwind their short positions. From your point of view - a short covering rally would be the ideal way to end the day! Fingers crossed, you might get a good night's sleep after all . . .
Tim.
Hi timsk
I am indeed going to sleep well tonight. I have had a good day.
Mobanded
Hi leonarda
I am glad it didn't fall off the 10k edge- now I am out it can do what it wants.
Mobanded
