No registration required! (Why?)

Opening Question


The es rose about 9 point to its projected 1346-1348 high, this morning on word of unemployment at 8:30 New York.

Question is for those who have experience... What will be the effect when floor trading begins at 9:30 New York. If it's already peaked, do you think there will be much more movement at the opening bell?
I'm not sure of your question.....if you think it has already peaked then the movement will be down......we ALWAYS get movement at the opening bell...I'd monitor the extremes of the overnight.....in general I expect some back filling once we open as long as volume doesn't come in above the overnight highs......next area the upside is 52.50 - 55 if the buyers keep winning


Originally posted by TradeQueen

If it's already peaked, do you think there will be much more movement at the opening bell?
Many thanks, because if I'm not mistaken... we are well above the overnight highs. Brand new to this, so you and a few others input is alway appreciated.

Tryin to learn, but the jargon can twist the brain sometimes. Hopefully, like any foreign language, listen enough and I'll eventually get it.
Originally posted by TradeQueen

Many thanks, because if I'm not mistaken... we are well above the overnight highs. Brand new to this, so you and a few others input is alway appreciated.

Tryin to learn, but the jargon can twist the brain sometimes. Hopefully, like any foreign language, listen enough and I'll eventually get it.


To try and help with the jargon we auto-link a lot of unusual words and acronyms from the forum to our dictionary. If you see any "jargon" word that doesn't make sense and is not linked then call it out in the forum or send me a PM and I'll see that we get a dictionary entry defined for you and auto-link it from the forum. Remember that all new traders probably face this problem.
overnight to you and I may be different....I'm in the USA on the east coast...so overnight trade is anything that happens outside of the 9:30 - 4:15 trading hours for me
Originally posted by TradeQueen

Many thanks, because if I'm not mistaken... we are well above the overnight highs. Brand new to this, so you and a few others input is alway appreciated.

Tryin to learn, but the jargon can twist the brain sometimes. Hopefully, like any foreign language, listen enough and I'll eventually get it.
day trading: Thank you. There are some words sometimes not listed, so I will take you up on that!

BruceM: re: overnight highs to us is indeed the same. I failed to recognize you specified volume. My attention to detail must improve.

Fortunately, I will have all weekend to study your post in the ES5-6-2011 thread. Your time is very much appreciated.

I'm not allowed to give votes yet, but if I could... A MILLION votes out to you today!

It was a crazy day from my seat!

I have one more question... for now... but I will post in a new thread still in the "learning" form. Would love your insight when you get the chance. Have a great weekend. Again... many many thanks!
I guess I'll put in a few comments to see how people think here.

First, with regard to the open....and please do not mistake this for arrogance...."retail" traders are usually better off waiting rather than trying to trade it....the reason is that most (retail) participants do not know how to obtain imbalance information that is published in 20 minute intervals around the perimeter of the exchange (NYSE) boards....

Second, if a trader expected to trade the open successfully, he or she would want to able to read the tape...again most retail participants cannot do that (at least not accurately) and therefore should pass on the open

Third....there are several simple ways to position oneself on the open depending on your choice of system. I use a couple of ideas that work very well and include time as one element of my setup...most retail traders do not take time into consideration on the open...For example in my class we often use the 6:40am "landmark" as a point in time where we want to consider taking entry. To be clear, we do not just enter blindly at that time, but look to other data points and if we see the "planets line up" at that time, we will often enter the market.

At some point if there is an interest I may invite observers into the class to see how we trade the open.

Good luck in the markets
Steve
At what time zone is your 6:40 "landmark" point is?
PST = Pacific Standard Time = West Coast USA
Than I guess you make your decision before the 20 minute "imbalance" information you get. am I correct?

I would like to see it can you invite me in
Thanks for all good discussion...