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Yesterday at about 16 and a half minutes into his pre-market talk Futures Trader 71 commented on a new study that says 80% of new traders fail. This week he is concluding each morning chat with comments on that. Today he said that he went 'public' about how he trades in 2009 because of all the wrong advice on the internet. (And he was winding down his prop shop) He also said that there are a lot of successful traders that can not articulate how they do it. Finally he said don't take good advice for a different time frame! See people making that mistake on this forum from time to time.
Expected outlook for today no lower than 2793 with high of 2804 to as much as 2810. FT71 said volume during futures roll triple witch week is usually up by a third due to calender spreads etc by yesterday was down by about 25%. So this week starts off as an anomaly.
Four point initial swing, nothing worth writing home about.
edit- just enough for multi-pal buy signals but momentum is too low for my system to take a trade.
Micron leading semis and tech to new highs. I guess moving all your Fabs to Taiwan is good for the US economy. Had Sunday brunch with my wife's charity. Person at our table had a tour of Micron (home town company for us) said the clean room fabs were almost totally automated these days.
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I have no proof its true, but it seems like if the the TICK line gets this far above the MA line there will be some grinding until they line up better....
Escalators up elevators down sort of a day.
2807 first up target met, now will the down target of ES 2793 get touched? Seems possible as it is also at the daily Pivot Point for the ES (2792.75).
Failure to hold above ES 2800 says the big wall street brokers need to do something about their trading desks.
Trades with cats wrote:Escalators up elevators down sort of a day.
2807 first up target met, now will the down target of ES 2793 get touched? Seems possible as it is also at the daily Pivot Point for the ES (2792.75).
Failure to hold above ES 2800 says the big wall street brokers need to do something about their trading desks.
5 minute time bar view of the morning looks less negative. We have traded back down to the Central Pivot and mid point of overnight price rangebut stayed about the CPI data release price for now. Those are 1,2 and 3 standard deviation bands off of VWAP during US regular trading hours.