So the Feds decide to play with the market...mostly the credit market but that's not important at this point.
The market (Russell2000) gaps up 24 (holy cow what is going on) points...... and you have to decide what to do.....you did a year long study of the first bar trade, you have worked to find some ways to manage it, you have worked on a sym trader for months and today you thought would be the day to go live........
Do I actually take the trade, do I fade it because you never saw this kind of a gap it has to fail....RIGHT??? Do you just sit there like you have in the past being an analyst or do you lean into it........
What is the difference between you and someone that makes money trading.....what is it, where can you find it, how can I be that person, when....when.....you keep thinking as the market triggers a long and works it way higher.......WHEN????
Well it wasn't today was it.....maybe tomorrow.....but only maybe, when you wake up tomorrow and look into the mirror while brushing your teeth....you'll think ....well maybe.......maybe TODAY!!!!!
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Hope we can talk a lot of the "First Bar Trade " at the upcoming workshop.
oh yea.....
Dennis please stop reading my mind! I don't like wearing my tin foil hat in the summer.
I was reading BobCathy mind at the time.....WOW!!!!1
Dennis,
On another note, in 1 year, the ER2 will be no more at the CME (ICE will have exclusive rights).
Any thoughts? Perhaps the EMD will come alive with better volume as more ER2 traders who like the contract specs choose to go there over the ES or YM.
Well, the important thing about having a trading plan is one that will work in any market and any time frame......so IF it moves ....let's trade it.
If it doesn't then let's go to lunch.
Gap Up? Only on the cash market which doesn't open until the bell. Globex markets indicated a buy several hours before. Follow the market as reflected by Globex is best.
ROBB
Gap UP? Yes, for those of us who only trade the open cry markets it would have been a gap up. We understand the futures trade just about 24/7.
And of course, does your trading plan allow you take trades...like a buy in this case if you had a gap up beyond what you might call a normal gap in the morning of say 4.3 points or less......
Friday would have been 5 times the normal in this case...does your trade still allow you to take these types of conditions?
very good question sport.the same thing happens in the 30yr bond mkt big gap between open out cry and 24hr mkt.when do we take the picure in 24hr or 7.20 till 2 00.take your pick and stick with it.dennis any more pictures from your house?
Where can I find more information about the workshop?
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