Day Trading the E-mini Futures

[TheNegotiator 13]

N, I have a favor to ask you if you have a minute right after the session closes at 4:15 today. I have observed what I think is a small bug in IRT that Chad wasn't able to reproduce, and I'm curious if you are able to. It should be simple to test:

 

Create a 1 minute ES chart, only need to show 2 or 3 days worth of data. Make this a RTH chart.

 

Insert the profile indicator, using the 3 period custom settings, 1020 minutes, and 405 minutes.

 

Right click the profile, and "show data" -- note the total volume, and the open price.

 

Now change it to an ETH chart.

 

Again note the total volume, and open price.

 

They should match -- do they, on yours?

What is the volume difference in the two, and what is the open for both?

 

It would greatly help me if you don't mind. It is best done when the market is closed from 4:15 to 4:30.

 

They match for me. Just check that the 405 is in the top box and 1020 is below.

[roztom 10]

Nice...thanks for the slap back to reality -- I've changed my mind...exit with a little nick. I'm going to take up knitting and follow Tom's footsteps...

 

CYP

 

We all get nicked... I strongly recommend you do not follow anything I do... you will not learn to read the market that way - which is what we all need to always improve on... assuming you are a discretionary trader... which I am..

 

The point of my posting is to attempt to describe what I see, especially as it relates to Auction Theory and MP/VP and reading the daily development...

 

I also am a big fan of longterm and intermediate nodes .. which I post. My target 40.50 ended up being HOD..I did not get filled ended up with 39.00..like football - a game of inches..still rang the register and this was a tough day to trade...

 

I would probably be more helpful to the community if I just post the structural development and my interpretation of it along with some of the numbers that go into the mix..

 

This is in addition to the other excellent posts which all integrate here in my opinion..

 

The tools a individual trader ultimatley resonates with are very individualistic... eventhough there are a number of us here posting about MP/VP..I'm sure we all see it and use it differently... we all have our own perceptions of the market and often we see it exactly opposite each other... that's what makes the market..

 

I'm hopeful that those of you here with an interest in MP/VP are following some of these posts and are getting some benefit from them... Remember - no magic pill... just market generated information - subject to interpretation..

 

 

Regards,

 

Tom

[roztom 10]

Hi Tom,

 

Is your probability set based upon which way the market might move due to the information you have gathered, or is your probability set based upon a risk to reward setup alone. And if the second than how is your thinking in anyways different from the first? What I'm trying to ask is how does a risk reward probability setup avoid trying to determine market direction? Thanks, Cory

 

Cory: I'm no quite sure what you are asking..Could you be a bit more specific... I'm slow...

Tom

[roztom 10]

N, I have a favor to ask you if you have a minute right after the session closes at 4:15 today. I have observed what I think is a small bug in IRT that Chad wasn't able to reproduce, and I'm curious if you are able to. It should be simple to test:

 

Create a 1 minute ES chart, only need to show 2 or 3 days worth of data. Make this a RTH chart.

 

Insert the profile indicator, using the 3 period custom settings, 1020 minutes, and 405 minutes.

 

Right click the profile, and "show data" -- note the total volume, and the open price.

 

Now change it to an ETH chart.

 

Again note the total volume, and open price.

 

They should match -- do they, on yours?

What is the volume difference in the two, and what is the open for both?

 

It would greatly help me if you don't mind. It is best done when the market is closed from 4:15 to 4:30.

 

Josh: did you just recently do an IRT update? I heard somewhere it was buggy... Tom

[joshdance 10]

They match for me. Just check that the 405 is in the top box and 1020 is below.

 

Here is the problem I'm having:

 

2012-02-06_1628 - joshtrader's library

[clmacdougall 11]

Cory: I'm no quite sure what you are asking..Could you be a bit more specific... I'm slow...

Tom

 

Are you simply trying to determine a favorable risk/reward setup without determining the lean of the market as well? It seems that if you are also trying to determine the lean of the market than you are dabbling in prediction as to where the overall market will be heading. Does the probability of where the market overall might be headed enter into your trade setup or are you merely looking at a bounce off of support to the next area of resistance without judging the markets overall strength /weakness?

Thanks, Cory

[BearBullTrading 10]

N, I have a favor to ask you if you have a minute right after the session closes at 4:15 today. I have observed what I think is a small bug in IRT that Chad wasn't able to reproduce, and I'm curious if you are able to. It should be simple to test:

 

Create a 1 minute ES chart, only need to show 2 or 3 days worth of data. Make this a RTH chart.

 

Insert the profile indicator, using the 3 period custom settings, 1020 minutes, and 405 minutes.

 

Right click the profile, and "show data" -- note the total volume, and the open price.

 

Now change it to an ETH chart.

 

Again note the total volume, and open price.

 

They should match -- do they, on yours?

What is the volume difference in the two, and what is the open for both?

 

It would greatly help me if you don't mind. It is best done when the market is closed from 4:15 to 4:30.

 

 

Here is the problem I'm having:

 

2012-02-06_1628 - joshtrader's library

 

 

Yes ...Its capturing an extra minute.

 

On displaying the "data" of the indicator for 405 mins (about 40 secs into your video)

 

It states:

Start (Time) : 9.29.01

 

As to why I'm unable to help as I dont use IRT.

 

Trade Well.....

[roztom 10]

Are you simply trying to determine a favorable risk/reward setup without determining the lean of the market as well? It seems that if you are also trying to determine the lean of the market than you are dabbling in prediction as to where the overall market will be heading. Does the probability of where the market overall might be headed enter into your trade setup or are you merely looking at a bounce off of support to the next area of resistance without judging the markets overall strength /weakness?

Thanks, Cory

 

i'm sure this s semantic but I don't like the word prediction. It's a dangerous word..just a personal note..stictly my hangup...If you believe you can "predict" then you create a real psycological impediment to trading success. IMHO. If you think about a "prediction" you want it to be right... Your mind will discount/obscure information that does not support your position..we all want/need to be right.. It is no different if you put your $ down on a trade or post where you think the market is going..you certianly want to be right.. If you tell someone else it only adds to the pressure..

 

When I post what I am going to do or post a trade it actually creates a psycological conflict..it is actually an impediment to my ability to think objectively. Why: I want to be right. I want my contributions to have value. I want to be appreciated, etc. etc.. BTW, I am not unique..these are basic human needs and emotions..however they must be managed and recognized - especially when they can blow up a trading account..or cause you to become myopic and only see what your mind wants to see..I have to be aware of it and manage my own emotional state.. It is a constant struggle..

 

If I lose focus I mess up..I can never let my guard down. I have to be very careful... Know Thyself... Know your Weaknesses...

 

My risk/reward structure and positions are sized based on the condition of the market and the area I am leaning on. I do not have a rigid structure for that... I basically look to see what the potential range will be from my entry point - the quality of my entry, the structure that is supporting it.. and how far off the targets are and how confident I am that I will get some scales out... I do not use typical support and resistance but do look at where the stops (Supp/RES) are - the volume which IMHO tracks the behavior of the OTF participants.. CLoses/Opens/etc/ all the typical markers.. where is it trying to go? How good a job is it doing? ... I always put things in context of fuel.. what causes to market to move? The OTF is what causes the market to go directional.. I only try to detect their presence and get aligned with them..

 

I do read the market within the context of what it is trying to do... I let the unfolding MP structure tell me which way things are leaning and I also watch how fast it moves..if it hits stops how deep it goes.. It is not hard to see where the weak hands will put their stops..if it doesn't get there or penetrate too far then that is market generated information.. I keep referring to todays/Friday's low..to me that was key information to look at the long side - does that make sense?

 

Today.. I was able to work the market..it was tougher than many other days but better than others... One of the tough things I have had to learn is to wait for my locations.. I posted that I wanted to get long on a rotation to 1336.50 over lunchtime (we hit it @ 12:53cst)..that is exactly what I did.. I posted a target of 1340.50..that turned out to be the HOD (no fill)

 

That was my trade - my plan..I could have just as easily been stopped out if longs bailed when we failed to take out Fridays high..but there was no long liquidation... Market is standing tall in the saddle.. right now.. IMHO.

 

I try to read the market..I was short this morning but the fact they couldn't take out the Fridays low on the first swing down told me there was a probability they would take it up.. so I got long and played the long side..also that position was supported by what I read in the MP /Delta, etc eventhough volume was light..

 

I really don't have a clue if any specific trade will work out... Now I do believe it is going to work when I put it on but I am completely prepared to be wrong in my hypothesis and wait for the next bus to come by... there is always another bus..

 

I believe when a trade is put on there should be a solid reason for doing it.. if you are in tune with the market you just know it... of course sometimes there is no clue and you pay or stand aside... but you need a process and believe it or not it does not have to be complex. You just need to recognize market behavior that you can act upon..and then execute it with discipline and let go of the need to be right...

 

Hope I did not go off track and that I addressed your question.

 

Regards,

 

Tom

Edited February 7, 2012 by roztom

[joshdance 10]

Tom, you mentioned 1236.50 was a CLVN. I'm curious as to how you (or anyone else) would use this idea to get long when you did. I'm assuming you mean this is a CLVN from a very long term profile?

 

It had no significance really at the time on the day so far. It was near the developing VAL , but ...so what? The volume activity showed a possible nice entry there, but again, it was not important on the way up, so curious as to why you consider it important as a CLVN on a retrace.

 

I see it as a good re-entry point for a long, given its location at 50% of the prior minor swing up, and given the volume activity, and in this environment I was looking to be long all day, not short at all, so I like the direction. But it's the CLVN part that I'm questioning. If one looks at a long term profile, there are a bajillion prices that one can look at and pinpoint as possibly significant. I would like to see your profile that you're referring to if you can post it, so I can see what you see there.

[roztom 10]

Tom, you mentioned 1236.50 was a CLVN. I'm curious as to how you (or anyone else) would use this idea to get long when you did. I'm assuming you mean this is a CLVN from a very long term profile?

 

It had no significance really at the time on the day so far. It was near the developing VAL , but ...so what? The volume activity showed a possible nice entry there, but again, it was not important on the way up, so curious as to why you consider it important as a CLVN on a retrace.

 

I see it as a good re-entry point for a long, given its location at 50% of the prior minor swing up, and given the volume activity, and in this environment I was looking to be long all day, not short at all, so I like the direction. But it's the CLVN part that I'm questioning. If one looks at a long term profile, there are a bajillion prices that one can look at and pinpoint as possibly significant. I would like to see your profile that you're referring to if you can post it, so I can see what you see there.

 

Josh: I have a dedicated trading computer and have nothing else on it so I can't post anything from my charts but we both have IRT... I use RTH 405 min bars.. If you set your Chart preferences to 10/11/07 swing high you should get the same nodes I currently have.. I also manually look at the nodes and based on the longterm Volume Profile select the ones that are the sharpest..if that makes sense.. I don't use them all..

 

I positioned there for a number of reasons but I do like the nodes but also mid-point, LV notch on profile and stops under 1337.00.. DVAL is not that important to me but I do reference it after RE on a retracement - I'm just aware of where it is.. I don't use it as a mechanical setup..

 

I had CHVN @ 1335.25 under it and when I got short I targeted CLVN 1331.00 but market failed to take out Fridays low so I was working the CLVN as a more signifigent reference point.. for a long. we were rotating around it with a positive skew making higher highs/Lows....the Delta was very strong relative to the volume.. I always look for where the stops will gather as an attractor for the market to rotate to...fuel..it all lined up at that node.. It was a confluence of items that suggested that was the place to get long..the node just gave me more structure..it was definitely not in a vacumn..

 

Thanks for asking.

 

Regards,

 

Tom

[clmacdougall 11]

i'm sure this s semantic but I don't like the word prediction. It's a dangerous word..just a personal note..stictly my hangup...If you believe you can "predict" then you create a real psycological impediment to trading success. IMHO. If you think about a "prediction" you want it to be right... Your mind will discount/obscure information that does not support your position..we all want/need to be right.. It is no different if you put your $ down on a trade or post where you think the market is going..you certianly want to be right.. If you tell someone else it only adds to the pressure..

 

When I post what I am going to do or post a trade it actually creates a psycological conflict..it is actually an impediment to my ability to think objectively. Why: I want to be right. I want my contributions to have value. I want to be appreciated, etc. etc.. BTW, I am not unique..these are basic human needs and emotions..however they must be managed and recognized - especially when they can blow up a trading account..or cause you to become myopic and only see what your mind wants to see..I have to be aware of it and manage my own emotional state.. It is a constant struggle..

 

If I lose focus I mess up..I can never let my guard down. I have to be very careful... Know Thyself... Know your Weaknesses...

 

My risk/reward structure and positions are sized based on the condition of the market and the area I am leaning on. I do not have a rigid structure for that... I basically look to see what the potential range will be from my entry point - the quality of my entry, the structure that is supporting it.. and how far off the targets are and how confident I am that I will get some scales out... I do not use typical support and resistance but do look at where the stops (Supp/RES) are - the volume which IMHO tracks the behavior of the OTF participants.. CLoses/Opens/etc/ all the typical markers.. where is it trying to go? How good a job is it doing? ... I always put things in context of fuel.. what causes to market to move? The OTF is what causes the market to go directional.. I only try to detect their presence and get aligned with them..

 

I do read the market within the context of what it is trying to do... I let the unfolding MP structure tell me which way things are leaning and I also watch how fast it moves..if it hits stops how deep it goes.. It is not hard to see where the weak hands will put their stops..if it doesn't get there or penetrate too far then that is market generated information.. I keep referring to todays/Friday's low..to me that was key information to look at the long side - does that make sense?

 

Today.. I was able to work the market..it was tougher than many other days but better than others... One of the tough things I have had to learn is to wait for my locations.. I posted that I wanted to get long on a rotation to 1336.50 over lunchtime (we hit it @ 12:53cst)..that is exactly what I did.. I posted a target of 1340.50..that turned out to be the HOD (no fill)

 

That was my trade - my plan..I could have just as easily been stopped out if longs bailed when we failed to take out Fridays high..but there was no long liquidation... Market is standing tall in the saddle.. right now.. IMHO.

 

I try to read the market..I was short this morning but the fact they couldn't take out the Fridays low on the first swing down told me there was a probability they would take it up.. so I got long and played the long side..also that position was supported by what I read in the MP /Delta, etc eventhough volume was light..

 

I really don't have a clue if any specific trade will work out... Now I do believe it is going to work when I put it on but I am completely prepared to be wrong in my hypothesis and wait for the next bus to come by... there is always another bus..

 

I believe when a trade is put on there should be a solid reason for doing it.. if you are in tune with the market you just know it... of course sometimes there is no clue and you pay or stand aside... but you need a process and believe it or not it does not have to be complex. You just need to recognize market behavior that you can act upon..and then execute it with discipline and let go of the need to be right...

 

Hope I did not go off track and that I addressed your question.

 

Regards,

 

Tom

 

 

Hi Tom,

 

Thanks so much for the reply. Really a great insight into a discretionary traders mind! I have just a couple of questions, what gives you "confidence" that you will be able to scale out when you enter a trade and why do you have a "belief" that your trade is going to work when you put it on. You must have developed some sort of probability sets which allows you to take confidence in a trade going your way when you enter it. In essence what have you developed beforehand that has created that conviction before you enter a trade. Or is it pure in the moment market reading that gives you confidence when entering a trade? Thanks again, Cory

[joshdance 10]

Thanks for asking.

 

Regards,

 

Tom

 

Thanks for the reply Tom -- I'm always interested when profile-based traders talk about volume nodes this way, as IMO once it's been "run over" on the way up and down several times, it really is not that significant to me, particularly since it's so minuscule in relation to the 4 or so year length of your profile.

[TheNegotiator 13]

Here is the problem I'm having:

 

2012-02-06_1628 - joshtrader's library

 

Yeah I replicated it with just last 1 profile. I'm not sure why it does that. Bit weird but I don't think it's a problem.

[squishy 10]

For those of you who like statistics..

 

Thanks for the volume series, nice view of the market. The longer term MP shown, however, seems misleading. The price series shown includes at least 4 contracts that have had their price back-adjusted to form the continuous contract. This distorts the prices of the actual contract, at the time it was trading. My platform (TradeStation) shows ESH11 trading in the 1300 area 2/2/11.

 

How are you other MP traders handling this for longer term MP? (or am I way off-base?)

[TheNegotiator 13]

Thanks for the volume series, nice view of the market. The longer term MP shown, however, seems misleading. The price series shown includes at least 4 contracts that have had their price back-adjusted to form the continuous contract. This distorts the prices of the actual contract, at the time it was trading. My platform (TradeStation) shows ESH11 trading in the 1300 area 2/2/11.

 

How are you other MP traders handling this for longer term MP? (or am I way off-base?)

 

The future's price is the market's 'prediction' of what the price will be at expiry. In ES for example, when one quarterly contract expires at price x, the subsequent contract is printing a price y of 3 months down the line. Had the expiring contract been extended, it too would be printing price y. Thus, back-adjusting in this way does give a proper picture of previous trading normalised to the current front month(quarter) contract.

[TheNegotiator 13]

Morning everyone. I have a simple chart for you with my idea of important areas at the moment(I forgot to add 1350.25/52.50). Big Ben is chatting later as well as Merkel. 2-day balance is highlighted and it's tight- meaning we will likely want to test out of it at some point soon even if it's not necessarily 'mature' enough to sustain a strong directional break.(imo)

 

I know some people have started looking above for their long term profile already and I am aware of what is there. Right now I like the detail below if there is a test down with my current profile. Should ES rocket through the 52.50's I'll be looking there too.

 

[roztom 10]

Hi Tom,

 

Thanks so much for the reply. Really a great insight into a discretionary traders mind! I have just a couple of questions, what gives you "confidence" that you will be able to scale out when you enter a trade and why do you have a "belief" that your trade is going to work when you put it on. You must have developed some sort of probability sets which allows you to take confidence in a trade going your way when you enter it. In essence what have you developed beforehand that has created that conviction before you enter a trade. Or is it pure in the moment market reading that gives you confidence when entering a trade? Thanks again, Cory

 

Cory: Good questions and I may be atypical in my answers..

 

My Scaling/Targets are based on where Stops or key numbers like a high/low Prev open/close/todays open, etc are located... These are important areas that the market will typically test depending on how long the session has been open and basically the stucture as compared to the previous day(s). Also if the marekt has been rotating on todays timeframe there are buyers & sellers so there are almost always stops on the other side of my position so if I am correct the market will at least rotate to that area before continuing in my direction or failing... The scale is a high probability location (in my mind) to reduce risk initially. Then I lay out longer term targets and these can vary by how the current longerterm structure has developed..If there is an important high several days or a week back and we are approaching it there is a high probability we will test it.. If there is a Cumulative Node or NVPOC there we will potentially test it..

 

Probabilities: This is where discretionary trading breaks down.. Since I read the market in realtime and decide what to do as it unfolds (which can change in realtime) it creates a random component.. This is a major obstacle to consistency.. That is a signifigent downside... It is easier to execute when you "think" you know the probabilities of a setup, etc. I'm sure there are many here who have specific setups that are very probabilistic..

In many ways I have structures I look for but I am not mechanical and I need to be aware of many subtleties to take the trade. Unfotunately I cannot create any statistical measure of a specific setup except for my P&L and my performance over the course of the trading day...

 

Screen TIme: My trading is a result of understanding how the market works (most of the time) and recognizing behavior. I also can read the Profiles from my own interpretation and I am sure the purists would not see things like I do or agree with it - I'm sure they are right.. for them - that is how this works.

 

I have thousands of hours of screen time.. I've been doing this since the StoneAge and it makes a big difference. Time in front of the screen is a huge asset.. There is no shortcut there. I've also been fortunate to have been around some very successful traders and some now popular indicator designers. I can read the market. I also make mistakes, break discipline and can be clueless from time to time... I also can get into Chop and not stop trying to position in it until I've gotten behind - that's part of it also. Still working on that one..

 

Getting to a place where you can be consistent is like looking for a sweet spot where you can align your intuitive side with the tools you use - assuming you are not operating an Algo trading system.. I went a bit further..I took tools the were logical to me and reverse enginnerred them to take pieces of them like MP/VP and discarded the things that were limiting or in conflict with my intuitive side.. It is the psycological alignment that allows me to have confidence in what I see. It is also the psycological alignment that allows me to let go of right or wrong/win/lose..etc.. Basically my tools support what I am seeing.. If they are in conflict and I thrash mentally - the inner voice saying long -no short - no long, etc.. I know I have to wait for clarity..

 

I hope this is helpful and I wish I could be more specific but discretionary trading is not replicable in the typical sense... it is developed over time...

 

Newer traders should take charts of any typical days and look for consistent stuctures or patterns that jump out at you..that catches you minds eye, then align with an indicator or anything that is replicable.. to support it..just my opinion others here may have much better suggestions..I am only saying this from my perspective - you may be entirely different in what you need to do.

 

I don't believe in complexity - been there done that... If it's complex it's conflict.. Just one setup however that stands out to your minds eye and some structure whether a chart pattern or indicator alignment is all you need. If you can isolate one setup that you are mentally aligned with and has some consistent outcome you can succeed - of course then you must execute it... another part of the dilemma... We all tend to think complexity is the answer but IMHO complexity and execution are the problem.

 

Hope this is helpful and not too nebulous.

 

Regards,

 

Tom

Edited February 7, 2012 by roztom

[joshdance 10]

Thanks for the volume series, nice view of the market. The longer term MP shown, however, seems misleading. The price series shown includes at least 4 contracts that have had their price back-adjusted to form the continuous contract. This distorts the prices of the actual contract, at the time it was trading. My platform (TradeStation) shows ESH11 trading in the 1300 area 2/2/11.

 

How are you other MP traders handling this for longer term MP? (or am I way off-base?)

 

There is no "correct" way to display a futures contract. A chart which shows gaps will be incorrect regarding high to low swings. A chart which splices together will fix this, but will show prices which potentially never traded. In fact, each data vendor will present a different view of a continuous back-adjusted contract (such as I'm using), if they even offer one. Hence, if you want a REAL picture of what traded, the only way is to look at the cash market and base your longer term views on that.

 

This is one reason I really don't put much weight into a price that traded several years ago -- not everyone sees the same thing. The cash is the only true picture, which we have no real volume at price data available for.

[joshdance 10]

Yeah I replicated it with just last 1 profile. I'm not sure why it does that. Bit weird but I don't think it's a problem.

 

Well, for practical purposes it's not a deal breaker, but it potentially skews statistics, particularly if the one minute prior to the open has a lot of volume. Also, the "Open" value of the profile is certainly going to be incorrect a lot. Not the end of the world, but I'm going to try to see if I can get Chad to look at it again, since you have replicated it.

[joshdance 10]

Interesting development guys -- we broke confidently BACK UP into yesterday's range, after breaking below it. It looks to me that we are back into buy only mode right now. If we really wanted to test the 20s, wasn't this our best shot? 1342+ it is, from my perspective on things. A good little jolt down would be expected, but unless we can really dig below 33.75 again, to the moon I say.

[roztom 10]

Good Morning Everyone:

 

I am making this post with the benifit of hindsight... I got short this morning and have scaled and am also holding for 1331.50 2 ticks ahead of CLVN 1331.00

The Market LOD so far is 1331.75 so I did not get filled...

 

The reason I am bringing this up is that yesterday I got short in the morning and took the same trade and had posted the numbers -except yesterday it found buyers... Today even more than yesterday it made sense to me that the stops below the marekt needed to be taken - auction theory - where is the fuel..

 

SO what's next? We got good rejection off the bottom.. Are we done with the downside or will we revisit it later? There was good buying down there & the 15min bar is at full salute... so now the shorts need to get taken out ..

 

Just an update..

 

Regards,

 

Tom

[roztom 10]

Thanks for the reply Tom -- I'm always interested when profile-based traders talk about volume nodes this way, as IMO once it's been "run over" on the way up and down several times, it really is not that significant to me, particularly since it's so minuscule in relation to the 4 or so year length of your profile.

 

Josh: I tend to agree with you but if we are rotating around it, it still has value but not as much as standing out alone... Yesterday it just happened to align with everything else we both saw for a long against 36.50.. It was certianly not the main reason - in fact of all the structure at that time it was the least important but it still played in my head as support for the long there..

 

Thanks for commenting.

 

Regards,

 

Tom

[steve46 12]

I posted this in the Psychology forum a while ago and then thought why not direct your attention to it...as it may help some folks

 

http://www.traderslaboratory.com/forums/psychology/11886-mind-you-brought-trading-not-mind.html

 

The attached chart wont mean much until you read that post..sorry but have some other chores to attend to now...

 

Steve

[TheNegotiator 13]

If you look back to 4/29 - 5/2 last year, the volume above 43 all the way up to 50.25 is not well defined. Let's see what happens if they push it through.

[roztom 10]

I'm just going to post how I am going to approach this market from the long side...

 

The train has left me at the station... which is ok... Looking at the profile and volume areas I will look for areas of developing or current developing low volume below and see how we balance up here.. If we don't get rotation or develop much of a balance area I cannot locate a place to position.. If this turns into a one-way express train I can't typically find good locations..However since that type of market is a low probaility I am now just going to wait for the market to come to me - if it does... I don't know where though..

 

Lunchtime - if not sooner is a good time for counterrotation...also DVPOC shifts can work as alerts to potential rotation..

 

Good Trading..hope many of you are long..

 

Regards,

 

Tom