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Almost retraced the entire FOMC pump from last week by now. I wonder how many thought that was the start of a multi-week rally and how they are positioned. If 3990 doesn't hold, well...what's another 1 % drop.

4K dip buyers showed up. Momentum is still down, so probably one more leg lower before the Close. 3990 or more. Maybe scratch that if we put in a higher low here.

Not really, IMO. Unless you're scalping for ticks (as some here may be doing) - it's useful to keep track of the big picture even as a day trader. Of course, there are other ways to do that than the chart I posted above.

Could be there's a minor difference, but I was fairly sure I didn't change anything as this is just secondary charting for me. Regardless, the big picture is still pretty much unchanged.

If anything, it seems to give a good big picture view of where the market is at and where it might be going. No predictions using this. I keep volume at the bottom of one of my charts (5-minute) and use a volume chart as my fast chart, but can't say I've made any very interesting conclusions...

I posted this the 18th of November: Update as of today (didn't redraw anything):

That's all you ever say. And we dropped rapidly shortly after that... :)

Hell of a run, though. The stupid part was losing it... :)

That you were trading NQ futures in your journal here? Algorithmic trading sounds ideal, but I imagine it's a lot of work and possibly constant tweaking to make it work/adapt. Regardless, I think some rules/objectivity is vital for any trading methodology. Pure discretion is not likely to work...

Santa rally is likely cancelled this year.

You took $10K to $100K in a very short period of time (a month?) in your old journal. Was that discretionary trading? I see that you now seem to have abandoned your old methodology in favor of algorithmic trading.

Well, the one I was pointing out was not drawn in hindsight. In fact, I used it in real time to monitor the current down trend. I didn't do anything special or curvefitted anything. Just connected the last two preceding swing highs on the 5-minute chart. The 1-minute chart is more noisy than...

In my experience, those reversals usually fail on a trend day down. Higher time frames were also suggesting otherwise, IMO, so I would be expecting any counter-move to be simply that. A counter-move. I wouldn't short anything now, though. We hit 60,25 and that may be good enough for today...

Obviously, the market is always jigging back and forth. I wouldn't say 6 points on a 55,75 point range day is that much counter-movement, though.

Not a buyer in sight... :)

Bidless market / trend day. There's an open gap from last week @ 3958. I'm sure we'll close it by the Close.

No futures? I was intrigued when I first started reading, but at a glance it doesn't seem that different from the rest of the shops in the same genre. One thing I know for a fact about these pay-to-trade-in-demo firms is that the only funding you'll ever receive is the initial $5K margin...

I believe E2T uses Advantage Futures as their broker.

"Past results are no guarantee of future performance." :) I'm not sure I'm very good with stats, but thanks for that compliment. Maybe. Maybe not. I've no idea, but it seems more likely to me that the current system will prevail than collapse. I'm no expert on macro economics.

I'm sure many did the same thing recently and are in deep sh*t. If it weren't for evil central banks people wouldn't have the opportunity to lend (cheap) fiat money to buy stuff like cryptocurrencies and crypto "art". It wasn't only cryptocurrencies that appreciated like crazy over the last...