By Thomas L. Busby
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Additional info for The Markets Never Sleep: Global Insights for More Consistent Trading
Most days one has to work hard to bring home a little bacon. Take this example of a random day in the markets. “Dad, everything’s up. ” It is a few minutes past 4:00 AM Central Time, and Morgan, my younger son, is reporting on the action in Asia and Europe. When Morgan, was in high school and college, he checked the index futures around the world each trading day. If financial markets across both the Pacific and the Atlantic were trading in the same direction, he called me. On this day, his call is my cue to get to my computer and check out the situation for myself.
My rationale for honoring this particular price point is that I consider it to be a benchmark for afternoon trading in Germany. ) Within seconds, the Dax is trading above the pivot and I jump in again, adding to my positions. A couple of minutes pass and again I am able to lighten my load and exit some of my contracts with a small monetary gain from each contract. I am still long the S&P and the Dax and I tighten my protective stops, dress and head to the office. Some big economic news is being released at 9:00 AM Central.
If so, I will probably trade the Dax. (continued) 24 THE MARKETS NEVER SLEEP My Trading Day (continued) 7:30 AM Many times scheduled economic news is released at this time. If I am in the market from an earlier trade, I tighten my stop and watch carefully. I do not want a storm to blow through and destroy my resources. 8:30 AM New York and Chicago open their sessions and the beat gets faster. I am very interested in the opening prices and the first five minutes or so of trading. I want to know whether the bulls or the bears are the strongest.