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ES 8-2-16


Lines for me are at 57.50, 60, 64 .... 69 is a biggie on upside...52.50 - 54.50 is key swing areas on downside and defines lower bracket.....this is still nothing more than a big bracket in general...a breakout from this should happen soon and you don't want to be on the wrong side of whichever way it breaks as a fader
Bruce have you done any work regarding the re-break of the 1M OR like today, taking the 2nd break in the same direction as the first?

Thanks,

Mike
sorry Mike I have no statistics on that but one can always look to the probabilities...for example if we know the overnight high or low break is a 95 % probability and the midpoint is an 82 % probability and a floor trader # is another 95 % probability then why not use the OR as a filter to trade for one of those as a targets ? obviously we need to be above or below the OR to hit those things......naturally one may have other "lines" to use as targets to take some $$$ off the table while we try to hold for a bigger target too...

For me the OR trades become more risky when we open in the range and also when we open close to one ot the key targets...sorry I don't have more on this but using the OR as a filter can be very helpful
Originally posted by Big Mike

Bruce have you done any work regarding the re-break of the 1M OR like today, taking the 2nd break in the same direction as the first?

Thanks,

Mike
if we can firm up down here price has a chance to return 52......i'd be watching 46.50 carefully for clues
Thanks Bruce, trying to look for opportunities to hold for REALLY big moves. Might just be an issue of pockets not being deep enough to hold on.
yeah..I think the big moves are captured by the paper traders on another forum who post trades from their phones during " appointments" and get caught not following up on trades taken or posted long after the fact .....luckily we tend to deal with the reality of trading here but in fairness I guess there are some who can do it...I just haven't met any or perhaps I'm just jealous....LOL....I want to spend more time at the computer and hold trades overnight............NOT !!!
Originally posted by Big Mike

Thanks Bruce, trying to look for opportunities to hold for REALLY big moves. Might just be an issue of pockets not being deep enough to hold on.