Then, that 11 ticks TEMPORARY BULLISH( from 109-29) FORMATION was good only for a 5 ticks quick scalping profit. How do you know?, just look at the bounce from 110-07 to 110-15 earlier (5:45 am to 7:15am). The actual bounce from the low was actually 9 ticks to 110-03 ( how is that for an accurate prediction !)
Pull up a 3 min ZB. Lance's point is that you would have bought hopefully at 109 29 somewhere between 0848 and 0854 CST. At least this is the answer to your question concerning his statement. There is more later.
I see. And I will not ask about this until I've had time to reflect on this further. Something stood out like a sore thumb. Thanks!
Correction: Then, that 11 BARS ( 3MIN) TEMPORARY BULLISH( from 109-29) FORMATION was good only for a 5 ticks quick scalping profit. How do you know?, just look at the bounce from 110-07 to 110-15 earlier (5:45 am to 7:15am). The actual bounce from the low was actually 9 ticks to 110-03 ( how is that for an accurate prediction !)
It certainly looks like the Housing Index is a non factor, at least at the moment. Still I think selling here it is aggressive. Just IMO.
It would seem like one has a license to print money just before an FOMC meeting. You would bank on the fact that extremes on either end of the price range are meant to be bounced off of. How many "V" days have we seen consistently just before important monthly meetings or reports since I started this journal? Today is an excellent example. When to go long for the second time after the original long mentioned previously at 109 29? It is pretty obvious on the 30 min chart isn't it? The 1230 30 min bar says it all.
so are you going to buy a bunch of contracts (today or tommorow), or wait until the dust settles after the announcement?
The panic for the TICS data (foreign treasuries purchases cut by half vs. previous month -"Net holdings of Treasury notes, corporate bonds, stocks and other financial assets increased $32.9 billion, down from June's revised $75.1 billion and smallest gain since May last year" ) kepts some traders and economists busy for half an hour or at the most until WS opening..then they begain cover shorts and squaring positions ahead of PPI and FOMC.
If I had anything to base a decision on, maybe I would consider it for a second or two, but then I would remember what has happened more than once recently where prior to the FOMC I and others were leaning one way, only to watch as the market moved significantly against us. Thank God for stops! No overnight positions for me until after the FOMC. Tuesday I'll be looking for quick 4 - 6 tick trades. Wednesday I'm looking to make larger trades.