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Stats from FT71 this morning. A neutral day defined as the one hour opening range broken in both directions. Happens 28% of the time based on a 2,500 day sample.
I minute harmonic rotation in the ES is currently 3.75 points, so with any given trade odds favor close to 2 points of noise on either side of your entry.
Uncertainty will drop the market again the last 2hours of the day.This is going to be the pattern at least for some days. It is very difficult to go to sleep being bullish not knowing what you will wake up to.
Ah the joy and pain of swing trading futures. It is good to go to bed with a stop loss on that will be honored. It is a pain knowing that the prop desks all have Hong Kong branches and they have a market map of all the stop losses. Of course the second issue is full collateral once 4 pm hits, not the invisible day trader levels.
Yesterday afternoon there was two way trading between 2649 and 2639, then it sort of waterfalled to 2610. Not predicting a repeat, but I will say we have had a few low volume melt ups that have not ended well for the bulls.
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it's morning hourly filled black bar. the implication is on the top left of the chart itself.
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possible uptrend day, at least this bull shall have legs.
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Stopping for now at the overnight high, or "should I stay (long) or should I go (test the lows)'.
Because it could be an ABC or it could easily be a 1, 2 and currently in 3 up with 4 down and five up getting us back towards Thursday's high.
And the last 20 minutes sure looks like a relentless up grind.
Took profit on the pullback. Hard to believe this will go much higher, up over 6% already. If I had been watching I should have taken profits at R2 pivot...