Things have been hectic here and the Overnight Overviews have suffered. So I’ll cover the last few night’s briefly in this post.
Thursday night’s Odds Sheet is below.
The decision was pretty easy for me to sit out, and it turned out to be the right one as ES gapped down big on Friday morning.
Friday evening the action was more interesting. Unfortunately, I neglected to grab a screen capture of the Odds Sheet. The way things set up, ES needed to close at 1811.50 or lower in order for ES Odds to meet the minimum long criteria. I indicated I was going to go long if that happened. I put in an order with about 4 seconds left to go until the close, and I was filled at exactly 1811.50 with 2 seconds left. But then ES ticked up and closed at 1811.75. This invalidated the signal I was trading on. Therefore, I indicated that I would look to get out of the position with at least a scratch when ES opened for its late session between 4:30 PM EST and 5:15 PM EST. But I would not sell for a loss if it gapped down against me at the 4:30 open. I felt there was an upside edge, and if I couldn’t get out with a scratch or a small profit, then I would hold the position and use a normal stop and target. As it turned out, ES opened at 430 at 1811.75, and I was taken out with a 0.25 point gain.
If ES had closed one tick below are, or if I had just decided to hold the position and traded, it would’ve worked out quite nicely. After a fairly scary dip Sunday night, ES fought its way back and opened up strongly on Monday morning.
Next we have Monday afternoons Odds Sheet.
This time there was nothing really borderline about setup. I sat out. ES did gap up pretty strongly on Tuesday morning.
Now for yesterday’s Odds Sheet.
When it shows up all white like this there is very little chance I will take a position. There was one EdgeFinder study yesterday suggesting a longside edge, and that is the direction we were talking about in the trading room, but the Odds just weren’t there. So I again sat out. This morning did get off to a good start, with ES gapping up 9.75 points.
I’ll be back a little later with some research for tonight.
New to the Odds Sheets? Check out this video for a detailed explanation.
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