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Like a turtle to his balcony...
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Like a turtle to his balcony...

  #1271 (permalink)
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MP thoughts suggest range is unlimited, and currently OTFing... IBx2 down around 89.65.


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Zone 3 had

1) Halfback of major wave, 618 of W3 inside major, and major LSP (although out of symmetry)

ON range is included in "range is unliimted" and is deciving when lookiing at the RTH TPOs. Price has moved over $3 from Y close.

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Not in any hurry to trade yet.

Markets move down to shut off selling.


Last edited by GaryD; May 1st, 2013 at 11:52 AM.
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Aw come on! if you shorted 92, you would have to sit through 3.5points (14ticks of heat) for target..I am not in the business of sitting through 14ticks of heat. No way! Not on Es and not with my size. Much better trade on RTH this morning....footprint allows a great deal more granularity when done right...especially when you trade size.....muttafuckahhhh!

Watch the perfect imbalances and market memory....

..and I mean much more than a dozen contracts. And this is how the pros do it.......3tick stop and 15tick profit...yuck yuck. How is that for RR

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PS - for integrity, i did not get out at POC, instead out with 12ticks, just below that 6089x2591 cars 86.75 imbalance at 86.5. So only 12ticks


Last edited by Deucalion; May 1st, 2013 at 12:09 PM. Reason: Added exit comment
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Aw come on! if you shorted 92, you would have to sit through 3.5points (14ticks of heat) for target..I am not in the business of sitting through 14ticks of heat. No way! Not on Es and not with my size. Much better trade on RTH this morning....footprint allows a great deal more granularity when done right...especially when you trade size.....muttafuckahhhh!

Watch the perfect imbalances and market memory....

..and I mean much more than a dozen contracts. And this is how the pros do it.......3tick stop and 15tick profit...yuck yuck. How is that for RR

PS - for integrity, i did not get out at POC, instead out with 12ticks, just below that 6089x2591 cars 86.75 imbalance at 86.5. So only 12ticks

Fed days are always tricky, but I think even a 15 tick target may be too little on this one. But, maybe the market will come and take me out, we'll see. The pain could be felt at 83, and observed with the 20K traded in 1 minute, and taking the other side has so far been a good trade. Usually we will slow down before minutes and I doubt we will see much go on the next 2+ hours, but maybe I'm wrong. Still deciding on whether to trail a stop here, scale out the 1/2 I added, or just leave it as is. Even if one missed the 83 buy, the push up in delta and volume off the low was a good case for getting in at 84 to 84.50. By the way, the three-day VPOC is now at 88.50, and the VPOC today has provided little resistance on the way back up here, which is recipe for continuation IMO. At least a test of current HOD at 89.50 would be in order "normally."

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Interestingly, a good ol' trendline worked great for the buy this morning. This is a 10 minute from the Monday RTH low to yesterday's RTH low, which lined up perfectly with today's RTH low (so far). The parallel taken to the top perfectly aligns with the globex bars. This coincides with SPX 1600 which is very achievable today, but maybe that is wishful thinking, but that would be a very nice 48 ticker and would make my day.

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Gary, hopefully I am not derailing your thread here big guy.

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......Interestingly, a good ol' trendline worked great for the buy this morning.....

Nice @josh. You maybe completely right, the ETH sellers are at 92.50 in bulk. But I was AIAO, so that was it for me

All the retailers think its time to short, and they maybe right...except they don't get that bulls have the upper hand in every time frame...and that a short initiated in the ETH hours (in my book) is not where I want to place my bet. Real money plays RTH, that's where I wanna play...done diligently and with patience, on the mean reversion ES in a low VIX environment...and suddenly the short side is not the side I want to be. In general.

And as you can also see not only did it go from one side of VA to other but also did it with wave symmetry. And that's her!

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As it works in ES, CL, and every other market, buying into weakness in a market which has demonstrated a desire to go up is often a good play. This is the RTH -1SD, which also coincides with the full globex -1SD (though the globex VWAP is around 88 and I would love that to get broken to the upside. This is also near the VAL for the prior 2 days. Some stops hit, a new TICK low, even better. So, a few points of interest line up, and we at least get a bounce, 2 handles so far which is nice. Bernanke and The League must do their part now though of course.

Deucalion, earlier you talked about trading with large size and small stops and how 'da pros' do it--if Gary doesn't mind in his thread, can you elaborate a little on taking losses? I have found that this is one of my big weaknesses. It's easy to see when I'm right, and it's somewhat easy to see when I'm wrong, but being a good loser is something I largely desire to become better at. For you, is it as simple as "it's not working, hit the flatten button"?

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Deucalion, earlier you talked about trading with large size and small stops and how 'da pros' do it--if Gary doesn't mind in his thread, can you elaborate a little on taking losses?


I love when the great minds get together here. Can I get anyone drinks?

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Aw come on! if you shorted 92, you would have to sit through 3.5points (14ticks of heat) for target..I am not in the business of sitting through 14ticks of heat. No way! Not on Es and not with my size. Much better trade on RTH this morning....footprint allows a great deal more granularity when done right...especially when you trade size.....muttafuckahhhh!

Watch the perfect imbalances and market memory....

..and I mean much more than a dozen contracts. And this is how the pros do it.......3tick stop and 15tick profit...yuck yuck. How is that for RR


OK, you win. You know ES is just another indicator to me.

But I enjoyed taking the shot while I had it. Did it sting? lol!!

Talk with you soon.


Last edited by GaryD; May 1st, 2013 at 01:47 PM.
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I am shutting down IE and thus futures.io (formerly BMT) until after the FOMC. Email me.

You guys and your fancy new high-powered machines and expensive data feeds can handle the push. My 4mb Vista does not like to be stressed.


Last edited by GaryD; May 1st, 2013 at 03:46 PM.
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The market is responding better to the major wave.




EDIT: Major support held today. Inertia managed to push through about 10 ticks, but the zone was only 15 ticks wide. Not sure what I was thinking there. But even after a few failed attempts, I netted 49 ticks on the long side. If I had set my zone to 30 wide minimum, like I would think I should know by now, I might have made it first attempt. But, without a lot of work that means little at this point, the spread could have gone either way.

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Last edited by GaryD; May 1st, 2013 at 03:45 PM.
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ES going into the last hour has confluence to the tick for 100% range and NPOC

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