Thursday, 3 November 2011

G20 Day

The day in London started with a lot of volatility. As you could see from the ES chart, it was sold off during the Asian day time. The G20 meeting started, with Obama, Sarkosy and others talking and the market went right back up and then surpassed yesterday's RTH close.


I was scalping more than trading today due to the volatility. It was as if the Bots were reading the Bloomberg and Reuters news feeds. Oh, they were!  It was much safer to take lots of quick profits rather than trade a whole swing from peak to trough.


The ECB rate decision was a non consideration as no one thought that a new ECB president would do anything on his fourth day in the job. Greece was still the number one topic there as the G20 actions are predicated on what happens in Greece. Then the ECB cut rates and the Greek Prime Minister offered to resign.


Glad I'm an electroniclocal. Hope this volatility continues for years.


The ES worked its way up with me taking very small pieces out of it until it finally hit a VAH resistance and offered me a short trade.


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4 comments:

  1. Anonymous3 November 2011 at 17:16

    Hi EL,

    Two questions:

    1. When you're scalping the ES, how much are you targeting for your profit? Six ticks? Two Points?

    2. If you're scalping do you have to be prepared to exit sooner to keep your losing trades smaller?

    Thanks for your great charts!

    ReplyDelete
  2. Electronic Local3 November 2011 at 17:28

    Anon 17:16 Depends on where first resistence is. Yes, if there is no follow through I'll take a tick or two or scratch.

    ReplyDelete
  3. Hersh3 November 2011 at 17:34

    I've had my best week ever this week!!! Glad I learned from the Electroniclocal

    ReplyDelete
  4. Electronic Local4 November 2011 at 04:22

    Hersh, Congratulations. Good to see.

    ReplyDelete

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