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Sean,
I trade the night session at times (or carry over)
and one target I will typically watch is a .618 expansion of the prior day
session's last high to low or low to high (last rally of the day or decline of
the day). Adding .618 of that range to the high pivot and subtracting the
same from the low pivot gives me a "range". I set my profit target (exit)
to the level I expect price to go to. As far as a stop, if it is inside
the "counter-trend" direction and the market moves against your position you can
expect to get hit, it will likely move to the opposing expansion. That
being said money management should always be the determining factor, the above
will give you a feel for the night ranges frequently, absent of any significant
news that is. Fridays was a bit narrow but here are the
calculations?
Example late low 891.75 with rally to 895.50 = 3.75
range
.618 x 3.75 = 2.37.
895.50 + 2.37 = 897.87 say 898
891.75 - 2.37 = 889.38 say 889.25
If one went home short (which I did) your would
likely exit the "trade" at 889.25 (which I did) :-)<FONT face=Arial
size=2> Your stop would be just above 898 say 898.50 to 898.75
assuming that agreed your money mangement to risk that level.
My 2 cents on levels to watch anyway (you can also
use a 1.0 expansion to the target if you want to be more aggressive, but not on
the stop side however).
don ewers
<BLOCKQUOTE
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----- Original Message -----
<DIV
style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Sean Cassidy
To: <A
href="mailto:realtraders@xxxxxxxxxxxxxxx";
title=realtraders@xxxxxxxxxxxxxxx>realtraders@xxxxxxxxxxxxxxx
Sent: Friday, September 06, 2002 3:23
PM
Subject: [RT] After Hours
Stops?????????
I am trading the emini S&P
and was wondering how people handled their stops if they are hit during after
hours trading. If my stop is hit based on the charts and work I have
developed.....should I get out? My gut feeling is this is the sneakiest, most
manipulated time imaginable. Would appreciate any thoughts on this, I dont
really want to have to watch my positions at 3 am sat....the only thing I want
to see at that time is Benny Hill.....or Miss November.
SeanTo
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