Wednesday was another rally day for the market, but another quiet day for most of us looking to trade the overnight. Below is a look at the Odds Sheet as it stood at the close.
The only index security we track that was meeting the min criteria for a trade was NQ. And in fact NQ did not meet the min criteria until ti took a sharp fall just after the 4pm NYSE bell. But ES is what I trade, and it’s 1.10 Average Profit Factor was not near the 1.30 minimum I look for. The EdgeFinder pointed to the Holy Thursday propensity for the market to gap up that I discussed on the blog yesterday. Overall, the things we look at here at Overnight Edges just weren’t providing a strong consensus. So I again sat out.
In the end it mattered very little to me since ES opened this morning with just a small gap up of 0.50 points. Some traders in the room did take NQ, and they likely made out well, since it gapped up 10.50 points to start the day.
Happy Easter, enjoy you’re long weekend, and rest easy!
New to the Odds Sheets? Check out this video for a detailed explanation.
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