In recent weeks, I've seen more charts like this one...Simply vertical, "buying panic"...
ES Journal - 2016
- Thread starter Buy1Sell2
- Start date
It's now or never I suppose...In the old days I'd say yes, this sort of panic buying is toppish, but these are "modern markets".
Meanwhile QQQ/Nasdaq all over the map with half the glam stocks surging the other half dropping like lead weight...
When you have direction wrong, everything fails.
You first saw megaphone, failing.
Island reversal, failed.
Need to keep an unbiased outlook, because in the end, everything can fail, but noticing that is a big part of the puzzle.
Screenshot attached, the megaphone is doing opposite of what they are "supposed" to do, and that downtrend-line has been tested one too many times, more stop hunts ahead are in order, bears not having a good time.
Good luck.
Attachments
Expecting a little dip here as is happening. 80-82 area. Then a new smaller leg up into the close from there. Expecting a close at the top of the range. There's a small chance we'll make a new high (but not much greater than the current), but most likely it's in for the day.
(just for fun)
(just for fun)
When the directional is wrong than one has to be flexible enough switch sides. Bias stands in the way of flexibility.
yes, oil has been busy working on its top.
Have you ever done a study on ES/CL correlation?
I've never used that relationship anyway, but I've spotted them decouple enough times that I don't find any value in it (for me, that is).