it appears as if the ES is constantly looking for reasons to go up and it will. the oil is the wild card. The ES's constant decupling when it benefits its ability stay a float. But if oil finally starts upward, we should easily see 3000 this year. not wishful thinking, just an observation and since I trade with no bias's, it doesn't matter to me. its just a line in the sand, up or down.
ES Journal - 2016
- Thread starter Buy1Sell2
- Start date
lofty expectations! You are anticipating a 50% rally in 8 months if oil moves higher?
this is what the next few weeks should look like
I hope so as I been short the Indexes like a year, but am also hedged open short profits from quad bottom. Otherwise if there become new highs I get stopped out and have to start all over again looking for the top. Am really not an go with the flow kind of trader until I get in, then want it to go in direction of my flow. And since my opinions are seldom right and not how I trade, I am very Bullish there be new highs yet. Then option prices will go nuts and selling more Prem.
The expectation is based on how well oil rebounds.
Absolutely agree about going with the flow, but I'm expecting more of a range year and not so much an SP500 breakout. Only long term position I have is GOOG and that one is staying with me until the kids need it for college.
I feel the music is about to stop lol....buuuut could be completely wrong lol
One of those days where many ranges of one minute bars is 2-3 ticks, I still have to risk same but can only go for 4 tick profits and end up taking 30 trades in an hour and 80% is one tick profits. I am not complaining, but I see down the road that whenever economy really tanks and markets going sideways for years, automation will do 100 trades and get one tick profitable trades cause that is all that be there.