Search results

So shifted focus to RTY here -- much easier for me to see logical support. I'm in off lows this morning but will put stops in place.

Not much of a bounce today.

Both NQ and RTY took out yesterday's lows and reversed -- looking for the rebound now. We'll see how we finish up. Sometimes you might have a pretty good idea of where the market is going but harder to pinpoint the exact path it takes to get there.

We also hit my wash-out selling threshold yesterday which often leads to a bounce

Glad that you had a great day. Just know that when you get to the point that you don't feel the need to post about your day you will have become an an even better trader.

Yesterday's low was 76.4% retracement.

We'll see how this plays out but there were some positive divergences on the daily chart yesterday. I also think the RTY daily chart looks like there could be decent support so can't rule out the correction has run its course.

We got some short-term support at that one level I mentioned but it just bounced and crashed.

BOIL and KOLD

Some possible support this morning for ES right here. We'll see what happens:

The reason for it making no sense is that folks keep making false assumptions about how the financial markets work. Meanwhile, the best gains right now are just buying the dips.

That may be true, but in the present moment, nothing is fundamentally wrong -- in other words, I am not seeing anything significant in the financial markets that shows me there is a problem that is telling me to take cover.

For now, this is the camp I'm in until proven otherwise. There is nothing "fundamentally wrong" with the market right now.

Good stuff, vanzandt. Just my observation but I have seen a lot of people get overly caught up in the micro view or only looking at small time frame charts when larger time frames may sometimes give you a high probability of one thing happening over the other. For instance, I have been...

We got a little ST overbought earlier today but this still may have more based on my longer-term (but still short-term) oscillator which is not overbought yet. I bought NQ, though, on this pullback to support.

Merv in scalping mode.

I can see that. I'm more of a position trader -- even if I'm getting in/out in same day. Just do you and trust your process.

To vanzandt's point, I viewed it as a non-event too, except for the buying opportunity. Just tried to focus on my read for the day.

I'm leaning with vanzandt on this.

Makes sense. Glad we can have civil discussion on this! Seems like there are some good folks on this forum who know what they are doing!