Well you cannot skin that short term cat with that long term knife. It is likened to skinning a squirrel with a machete. Cumbersome at best. You do eat squirrel don't you?
ES Journal - 2017/2018
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Well now I agree and I respectfully disagree. Rules can be nothing more than guidelines to embrace probability. When they become the object and focus then we have erred. The goal is to make money not trade rules. For example here is a rule. "Follow the trend." But that needs to be defined. Which trend? JSS wants to follow the long term trend. That is fine and dandy. But that won't work for intraday trading. What happened two years ago has little if any impact on todays session. So, for todays session i should look for another trend. The trend from Friday's high (the prev) session was down and remained down all night. That has much more influence on todays session that some forgotton trend in 2013. As concerns PA. Well B.O. are the bulls exerting their influence to force price up. That happened right after the open RTH. but the overnight trend was down. So, a trader should wait and see if there is follow thru on the B.O. Simply because most B.O. fail. If we would have kept up HH and HL on swing legs on this mornings B.O. then yes probabilty favors long. But instead the B.O. collapsed. If i were long at this apparent collapsing my rules would promptly go into the garbage bin and i am getting immediately getting out and grabbing whatever profits i can get. There are rules for markets in general and then there are PA rules. But what REALLY rules is not my rules but the market is what RULES. I am not being very smart to argue with the market regardless of what my rules tell me. The market cares little about me or my finally crafted, tweaked, carefully designed, rules. The day to day PA is a fight between the bull and bear institutions. The chart will show you what they are doing and who is winning. See, at this moment on 10:05 bar we are rallying back to probally the ma after a wedge bottom (three pushes down). If i were long on this rally i would ride it until near the ma or for any little profit and then look for shorting. We do have a higher low but the PA TO LEFT says extreme weakness yet. So i would not ride any rally far. But if it turns into a good rally after it comes back to test the extreme then i may look at going long for a bigger haul. Otherwise, i am looking for shorting opportunities until PA shows me otherwise.
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You cannot make money consistently unless you are flexible simply bevcause the market is extremely flexible and to make money you have to follow the market not your rules. The market can go up or down further than anyone can imagine. It can also reverse back and forth for every few bars for longer than most think possible. I gotta go algofly will soon be here....bye ...again..
Depends on your definition of short term, few minutes to few days are both short term.
Why long now? Every P.B. Is barely getting close to the 21 period EMA. I would be shorting every P.B. until PA screams otherwise.
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