jayp
May 11, 2010, 06:28 PM
The Limit Up level in ES during the overnight/Globex session before Monday was pointed out in real time at Trading da Numbas (TdN).
Chop follows Impulse; the last stragglers usually get cut up. After the significant Globex session move up, the market action from the open on May 10th was no different. The only exception of this chop was the wide range. Respecting and paying attention to prior highs and prior lows that were mentioned in a timely way here yielded nice returns in any case during the day.
However with the market internals so high, members at TdN were also made conscious that initiating shorts near prior lows contained significantly higher risk. The closing highs test of mid-day highs was also pointed out for those who wished to apply what turned out to be a pretty good risk-reward strategy.
16178
Chop follows Impulse; the last stragglers usually get cut up. After the significant Globex session move up, the market action from the open on May 10th was no different. The only exception of this chop was the wide range. Respecting and paying attention to prior highs and prior lows that were mentioned in a timely way here yielded nice returns in any case during the day.
However with the market internals so high, members at TdN were also made conscious that initiating shorts near prior lows contained significantly higher risk. The closing highs test of mid-day highs was also pointed out for those who wished to apply what turned out to be a pretty good risk-reward strategy.
16178