Cover 11062 YM -15 Cover 1296.75 ES Missed that dip to 11038. Last time I ever hold a short overnight. I've been stopped out of every single short position held overnight because of the MRC. Lesson learned.
Maybe you should have more faith in statistics. Although there WAS a midnight rally last night (30 points) it ended abruptly by 7 am, and this night goes down as flat in the books. So far this year 4 downgaps, 1 upgap and 2 flats... Now let's suppose someone was playing long last night, I would like to know if he was using a trailing stop loss and locked in profits or gave back all the gains?
rofl 4 gap downs??.. what charts you looking at? whole point of MRC is not go gap the market up... but to make sure we dont gap down huge..... Again.. its not a "guaranteed gap higher"... "its a guaranteed no risk long"
Overnight charts, dear. Check out my blog in the Strategy trading section. It is hard to argue against the FACTS. That's why I decided to record the overnight moves, because I knew some of you would come and just plainly deny what happened... So you say, the point is not to gap down? That is SLIGHTLY different what you said a few months back: "Eqt: we gap up more than 90% of the time imo" So far you can be happy if the January statistics going to get a 50-50... By the way, I solved the Midnight Rally mistery. The overnight futures simply react to other markets mostly the Nikkei and the DAX. So 2 nights ago the Nikkei dropped 300 points? We gapped down 50! Last night the Nikkei rallied 150 points, we had a midnight rally of 30 points. You guys say last year the MRC worked well? Of course, because overall the Nikkei went up 40% and the DAX 25%. Remember there was only 4 downgaps in December, quite accidentally if you look at the Nikkei chart, there were 4 drawdowns too. So mystery solved, I want the fees sent to my paypal account! And you are welcome...
yawn... read the original thread... I didnt start it my good man. It is a fact that there is NO FEAR and market NOT allowed to gap down.. and holding long futures overnight has NO RISK as the worst you do is get out b/e end of story
fact is that the market right now seems to be in a phase where gap downs are closed most of the time. there will be breakaway down gaps in the future - no doubt. question is when and how deep. for example it is also a fact that the biggest gap up / trend up days happen in bear markets - but that's another story. just wait and see.