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Daily Market Character
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Daily Market Character

  #1 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
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Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
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Daily Market Character

I have been spending mucho time trading the NQ and I have noticed a distinct character for
each day of the week.

...meaning, ( and this is generally, of coarse)

Monday - seems to be a feel out day and is usually range bound and choppy

Tuesday through Thursday - all out movement for whatever news and sentiment may arise.

Friday - starts out working the general weekly range but then ends with a trend that goes and goes.


Has anyone else noticed day of the week character in the equity index futures?

ES
YM
NQ ??


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #2 (permalink)
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  #3 (permalink)
Trading Apprentice
London
 
Futures Experience: Advanced
Platform: CQG integrated client
Favorite Futures: Anything setting up
 
Posts: 7 since Jul 2013
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You've just described market structure in a nutshell and it happens regardless of timeframe. The tops and bottom rails of the range act as S&R levels, you then get the pop or drop then retest followed by the continuation to the next level of S or R! I know a few guys who apply Kauffman's adaptive moving average to trade this cycle regardless of news. They just enter at a level where the moving average in flat - sideways price action so at the range extremes would be a good example and then to target a level above or below depending on direction and by looking left at nearby flattening of moving average.
They prefer entering at range extremes because more likely to see hammer reversal patterns, got to be a true hammer so they wait for it to close on a higher timeframe (more significant) and a retest adds confidence that it's working, else they get out quickly. More of a mechanical scalping strategy.

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  #4 (permalink)
Elite Member
Nashville, Tennessee
 
Futures Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker/Data: AMP / CQG
Favorite Futures: NQ, YM and ES
 
tderrick's Avatar
 
Posts: 1,589 since Sep 2010
Thanks: 4,260 given, 2,527 received


pavman View Post
You've just described market structure in a nutshell and it happens regardless of timeframe. The tops and bottom rails of the range act as S&R levels, you then get the pop or drop then retest followed by the continuation to the next level of S or R! I know a few guys who apply Kauffman's adaptive moving average to trade this cycle regardless of news. They just enter at a level where the moving average in flat - sideways price action so at the range extremes would be a good example and then to target a level above or below depending on direction and by looking left at nearby flattening of moving average.
They prefer entering at range extremes because more likely to see hammer reversal patterns, got to be a true hammer so they wait for it to close on a higher timeframe (more significant) and a retest adds confidence that it's working, else they get out quickly. More of a mechanical scalping strategy.


I use these same principals. Thank You for the time given


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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