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Daily Market Character


Discussion in Emini and Emicro Index

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tderrick's Avatar
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
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I have been spending mucho time trading the NQ and I have noticed a distinct character for
each day of the week.

...meaning, ( and this is generally, of coarse)

Monday - seems to be a feel out day and is usually range bound and choppy

Tuesday through Thursday - all out movement for whatever news and sentiment may arise.

Friday - starts out working the general weekly range but then ends with a trend that goes and goes.


Has anyone else noticed day of the week character in the equity index futures?

ES
YM
NQ ??


AJ
Nashville, Tennessee


"Life On The Edge of SR"
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  #3 (permalink)
pavman
London
 
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You've just described market structure in a nutshell and it happens regardless of timeframe. The tops and bottom rails of the range act as S&R levels, you then get the pop or drop then retest followed by the continuation to the next level of S or R! I know a few guys who apply Kauffman's adaptive moving average to trade this cycle regardless of news. They just enter at a level where the moving average in flat - sideways price action so at the range extremes would be a good example and then to target a level above or below depending on direction and by looking left at nearby flattening of moving average.
They prefer entering at range extremes because more likely to see hammer reversal patterns, got to be a true hammer so they wait for it to close on a higher timeframe (more significant) and a retest adds confidence that it's working, else they get out quickly. More of a mechanical scalping strategy.

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tderrick's Avatar
 tderrick 
Nashville, Tennessee
 
Experience: Intermediate
Platform: Ninja / Jigsaw / 9G
Broker: AMP / CQG
Trading: NQ, YM and ES
Posts: 1,588 since Sep 2010
Thanks Given: 4,260
Thanks Received: 2,532


pavman View Post
You've just described market structure in a nutshell and it happens regardless of timeframe. The tops and bottom rails of the range act as S&R levels, you then get the pop or drop then retest followed by the continuation to the next level of S or R! I know a few guys who apply Kauffman's adaptive moving average to trade this cycle regardless of news. They just enter at a level where the moving average in flat - sideways price action so at the range extremes would be a good example and then to target a level above or below depending on direction and by looking left at nearby flattening of moving average.
They prefer entering at range extremes because more likely to see hammer reversal patterns, got to be a true hammer so they wait for it to close on a higher timeframe (more significant) and a retest adds confidence that it's working, else they get out quickly. More of a mechanical scalping strategy.


I use these same principals. Thank You for the time given


AJ
Nashville, Tennessee


"Life On The Edge of SR"
Follow me on Twitter Visit my NexusFi Trade Journal Started this thread Reply With Quote




Last Updated on July 27, 2013


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