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short here on market depth imbalance. 5 levels of DOM depth show consistent supply of 3000 contracts under vs 2000 over. My theory here is the supply will lure in institutional sellers.
I don't' expect the market depth to remain at this ratio nor will I react to the market depth changing to a different ratio. The steady decline since the HOD has me looking to the short side and this is just a reason to pull the trigger.
I like the target of yesterday's cash session High and stop at today's high.
Made some $ this morning ( forgot to post real time ). I went long at the open because I thought that the market was oversold on the news of Turkey shooting down the Russian plane. Seems to me that "contained" events like this often create a market fade. I exited near pior day RTH low. These guesses worked this time.
long UPRO 66.93 and 67.1. Using UPRO as an alternative to the SPY.
I'm going against my trading system ( it flipped short ) because I think it's wrong about this trade. But I'm only taking a small risk and leaving the cash for other systems I have in case they signal. I have a pretty good record of following my systematic systems but occasionally will not. This is one such occasion. It's mostly a seasonality influenced decision to be long. Since I do not have a good track record for discretionary trading I'm expressing my uncertainty with a small allocation using UPRO.
Still long on Swing2 account ( 2081.75 )and real accounts ( 2086 ). Entered long on DayTrade2 account here 2089.25. RE: 6J, 6E. I admit I don't fully understand the relationships. Something to do with "carry trade". Investors seeking safety invest in Japanese interest baring instruments and to do so must buy Yen. The risk on move is the opposite and consequently the selling of Yen foretells buying elsewhere... most likely US equities.
However the yield on the Japanese 10 year gov. bond has been decreasing steadily and is currently only point 3 percent. Maybe it's the trend of the yield that attracts short term traders. There is less worry that the principle of the bond will fall under them while they're parked there.
My read on these markets is mixed and consequently I'm looking for a choppy day today. I'm more inclined to the long side for a couple of reasons. 1- My autotrading trend following system is long for good reason... the trend is up. 2. Seasonality.
