Monday 11-19-12

I saw Bruce's comment on the previous daytrade thread and thought it would be good to have at least one thread for the Thanksgiving week.

This PA is a kick in the head to me.

The fact that the virgin VPOC from 11-14 (wed) at 65 has been exceeded makes me think that area has been converted to support.

One thing I have noticed in studying charts is that after a downtrend (of more than a day) the first test of the CLOSE of the WEEK 2 ago is often a rejection zone, even if it is only rejected for a day.

The weekly close for the week ending 11-9-12 (2 wk ago) was 1376.00 at 4:15,
the 4:00 C for week ending 11-9-12 was 1375.25

this is an ugly high so far..just hate that one with all those tops....a good clue to where volume is at though

where the hell is Lorn..we need him to sell!!

now that we are back under the ib high i am looking for shorts withh 77.25 as a first target

I think there is no edge while we trade right at 77.25 now..this is a bigger picture hv price and also todys vwap and vpoc...everything else is just a gamble in here...best to initiate away from that and cover when back to it..

no great plan on two runners but if we go 2 tics above the IB high then I am flat..otherwise still trying for that 75.25 and if real lucky ( doubt it - NEW LOWS ! That would be a small miracle but sometimes we just get lucky in low volume

just bought spy december 139 weekly put option expiration 12-14 for 2.29..be warned I am not doing well on options but thinking that we may be showing signs of a short covering rally...the "P" formation....giving this a bit more time than usual

if spy trades above 141 I will cover at a loss

both areas reached to literally to the tick...too bad i did not trade any of them...was out for the first and the second came right at the close

Originally posted by NickP

triples at 76 might help u 2 Bruce

took one of the tests of the 79 area but on the sidelines now

i think they want 81ish first and possibly 84-84.5

Bruce quick question

with the new closing hours at the cme, do u move your closing time on your rth profile charts from 4.15pm to 6pm et ? i know it sounds weird since cash is clsed from4pm onwards but the true overnight session does not start till 6pm this days, so how are you approaching it?

thanks

Since the settlement hasn't changed I am currently not changing anything on my charts...so even though globex is closing later there is still a 15 minute delay between settlement and the re opening at 4:30 EST...then another closing at 5:15 for 45 minutes until 6 pm EST


this is one of those things we will have to follow to see if things get nutty on us or if there is anything we can exploit...

are you doing anything different or have you read anything that sounds different?

my charts are still going to reflect a 4:15 closing and then the overnight begins for me at 4:30. Everything from 4:15 on is the Overnight as we also won't have the $ ticks so it doesn't change the session I will watch

and since we should always be using the settlement price then the pivot calculations won't change either

That's the way I plan to proceed as well Bruce.

i was not planning on changing things either, but wanted to get some thoughts on what people that watch profile charts were doing

thanks !