ES Journal - 2019/2020
- Thread starter Buy1Sell2
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I have one though, the upmove we saw before was a retrace and the 2nd leg down was just completed. Added 1 long here preemptively and will add another once the trend line breaks and gets retouched.
EDIT: Starting to see the break of the trend line now on the 1m. Waiting for the retouch before adding another, have already placed the limit at 3002. If it continues up without a meaningful retouch to the trend line the trend is stronger and will probably break above the 20ema on the 5m, in that scenario ill add another long on the retouch of the ema.
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I have two longs in now based on that previous chart I posted, price is dancing around the trend line as we speak. We have retraced to 23.6 of this big down move, if it continues down from here we could be in for a real bear treat.
The consolidation zone we've been in for the last 30 minutes will either break up or down. My guess is down.
How my charts look now, the red fibb is the price projection of the first down leg, as you can see the 2nd leg down was completed almost exactly as projected. The blue fib is drawn from the high of yesterdays close, as you can see there price has retraced back only up to 23.6. If it doesnt go further up the current bear trend is very strong and will probably extend into tomorrow or even next week.
Just as I posted we broke above the recent resistence and 23.6, will dump 1 long at the next fib level 3007, and the keep the other.
Just as I posted we broke above the recent resistence and 23.6, will dump 1 long at the next fib level 3007, and the keep the other.
I don't yet have a long signal but have momentum case for a low in.
Lost my cool and dumped the first long at 3005.5, still selling the other at 3007.
Here is how my chart looks now compared to my prediction earlier, cleaned it up a bit to make it easier to look at.
I know this is going to be a very unpopular opinion, but trade plans do not work for me at all. I play it all by ear and just try to feel the markets and manage the risk, I want to remove as many distractions between what I am observing and what the market is doing. Having a trading plan, atleast for me, only seems to make me try to force my opinion on the market and not truly feeling what it is doing.Nicky, is "lost my cool" in your trade plan
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