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It was hourly. The news wasn't enough to drive the price down on its own it seems. It started to go back up again until it bounced down again off this fib level with a bit more power. That was ages ago now though. Will include the time frame in my screen captures going forward.

Perhaps the 0.618 fib level was more convincing

For a few mins anyway

Yeah I tried to define what it means to me, in case you have a different definition. I don't think my realization will change without new additional information. I still think that if the RSI is below 30, or above 70 (or close) on an hourly or 4 hourly chart (daily even better), then...

Should have stayed long. Gave it all back in the end, but will hold the short for now.

It went down a tiny bit, but reversed in line with expectations to make it a winning trade. I don't use the RSI to precisely pick a reversal point, but to pick a reversal area in conjunction with other indicators, pivot points and S&R levels. Because I scale in, i don't need to pick the exact...

I left a tiny bit on the table. Expecting a reversal on the hour, so scaling in now for a bounce down off the 3800 SPX level.

Going to start going short again now

Closed for approx. 50pts gain (I open lots of tiny fractional positions so its hard to track the exact amount) on NQ.

I guess it depends how you look at it. I have never listened to talking heads. I know they are just trying to connect the price action to events that the casual viewer can comprehend. I tend to look at the hourly and 4 hourly RSI. When that goes oversold after a big relatively fast move down I...

Good point. But its more oversold now :-) Plus I reckon its a bit of a bear trap right now. I would have expected a way bigger/faster drop than we saw after the SPX support broke. So feels like a fake out. Will quickly shut down my long though if this goes down much more.

That's what convinced me to add to my position a bit more. Plus its oversold now.

Switched to long with a tiny position

Closed for basically no profit, feels too risky chasing this down.

Hate chasing moves, but went short as the SPX broke below support.

I am the same. Waiting for the SPX to get to around 3920 before I start building into a short position again. So staying out of the market until that happens or we break down below the recent low again. Got to admire Schizo's approach of making gains in both directions though.

Awesome chart. Does your process help to predict the bottom? This is my biggest weakness. I always scale out way too early and leave tons of money on the table. I am trying to figure out where this move ends. I am currently estimating 3200. Your chart seems to suggest 3600, which is a great...

Fair point, you are looking at the time of the trade, where I was just looking at the statement itself.

WTF. I would have thought TSLA would be the hardest hit out of that bunch!