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So what's with these volume spikes yesterday and today?
If you look at a 1 min volume histogram for yesterday (5/14/19) and today (5/15) you will size very outsized volume at periodic points during the cash session. Yesterday's is hidden when looking at a 5 min chart, though. Today, you can still sort of see it on 5 min chart. There's only been one today, so far.
Anyway, it's clearly a bunch of long market orders dumped on the market... unless anyone can explain what I'm missing. Today's occurred at 1013am NY time. I had just flattened a short at 1011am, too. LUCKY. Yesterday, I got bulldozed by the first one of the day and made stupid decisions. I lacked discipline bc I didn't foresee such a thing. Lack of discipline and unwillingness to accept a loss remain my biggest hurdles.
But I feel these are very unusual. And I do not believe they are news-based at all, but maybe I'm wrong. It doesn't follow a news-based pattern, in my mind..
ES had almost 39k contracts exchanged in one minute. I've been trading mostly on automated systems for a long time, and I don't think I've seen this before...at least not so many times over the course of two days in the absence of extreme news. I've only recently switched to discretionary day trading (still building up a day trading stake, so I'm learning upon learning). But this seems so highly unusual based on my experience, particularly when this happened several times in two days.
All the gains following the first one from yesterday were wiped out by the open today. And today's appears to involve even more contracts.
Aggressive buys are being laid on the market in what appears to be a very nonchalant manner.
What KILLS me is, they were put out right when the market appeared poised to drop lower, like all the buyers were giving up the ghost...then all the sudden a missile from the sky comes out and blows price upward. Okay, I'm being dramatic and conspiratorial, I know.
Is at all this normal? When has this occurred before? Am I just uninformed and inexperienced? If I am, I'm cool w that.
I wish I could explain it even though it doesn't matter to my personal performance.
Just my own self built systems. The return on capital is nothing like w discretionary day trading. Success w automated methods (at least for me) is determined by knowing what "type" of system to apply to which markets at which times. If you apply the "right" system to the right market at the right time, you make a return. If not, then no good return or loss. Thus, it's still discretionary indirectly.
So I figure, why not hop on this order flow band wagon.... actually have had several starts and fits over the years. Been going strong for under two months. Nothing special. But I have recently learned that it's more about managing yourself than anything else....your discipline, your expectations, your honesty with yourself, your acceptance of losses. Yadda yadda.
