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Tuesday, November 06, 2012

FUTURES TRADING - DOES THIS MATTER?




Futures trading on a day like this  is not a lead pipe cinch. I am sure readers might be expecting a big political post but I am done after tonight. There will be no more political comments in here going forward. I may mention the PPT but they are not biased to a specific party. They are used by both sides equally. 

I don't know of any consistent statistics to trade election nights and I see this as a short term mid range price action affair. I think the Naz has changed trend to down but the ES and Russell have not in terms of the big picture. That has nothing to do with short term trading for Wednesday. I do not see an edge here in either direction. Further, I don't see much in the way of high probability setups anywhere for tomorrow. I do think if the Bond market could break out on the upside from here it might get loose. 

Other than that I don't have much. We had some large ranges today which messed up some things I was looking at for Wednesday.

I have shown something that some of you might want to study on your own. When you get volatility contractions you can trade the break outs of those situations. You can see where I have marked these instances on the chart and for the most part we got moves that followed in short order. Study this on your own and see what you can find. There are patterns here that do work.

We will pick it up again tomorrow






3 comments:

S. said...

Hi Chris,

Considering the DX, I'm personally wondering whether you would consider the price action a breakout of the resistance, and now a first dip which I could buy into. Or, do you think a breakout should be more extended before you call it one?I'm already short the Eurodollar, but would like to hear your opinion on this one.
greetings from Brazil

Anonymous said...

Is everyone front-running the eurodollar now? Or are we about to get our Turkey trot on? Can you post a little clearer eurodollar chart (at least for your subscribers)? Thank you sir. - Chris C.

Chris Johnston said...

The DX is kind of meandering now I am not as excited about this one as I was. I like strong clear breakouts then pullbacks. This one kind of crawled up here.

I will post the Euro chart tomorrow