Am I understanding correctly that the trend we are having today is down as set by the futures market + open so if the reacion to ben is negative let's say then it is entirely possible to see further downside action for the rest of the day?
Sure, statistically speaking: Typically Trend days will have a counter move (bounce) 1 hour to 1.5 hours intoyeah, second that - nav is right.
speaking of which, nav - do you have any way of measuring wether a v-bottom has a certain chance of getting retested during the same day? i am looking at a 30 min chart.
jjc can you explain more of the typical tuesday profile?
play. Days of the week have there own (statistically significant) time for a low (or high, suprizingly symetrical). Tuesday's bounce peak occurs typically around 11:00, and is unlike any other day of the week
(statistically speaking).
Normally such a large move in the overnight/morning will guarantee a trend day; however ATR is high these days with the increase in volatility and the size of the move in relative terms is marginal. In short I'm waiting on the markets response to Ben's words.
I might add here the purge down distance as it stands now is not un-characteristic of a shake out of weak handed longs.
I might add here that I don't think the trading competition comes from other traders during these days;
it is the institutions and I don't think sharing information hurts any edge I may have.