ES Journal - 2019/2020

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There you go. New LOD and instant 7 point retrace. This is what I alluded to the other day. I don't recall the markets being this snappy in the past (10 years past). But maybe it's just me.

I'm looking for signs of a bottom though - and this may been it.
 
Laissez Faire said:
There you go. New LOD and instant 7 point retrace. This is what I alluded to the other day. I don't recall the markets being this snappy in the past (10 years past). But maybe it's just me.

I'm looking for signs of a bottom though - and this may been it.
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RTY looks like a better long in your scenario
 
Crude oil prices have been on the rise and indeed June CL has broken over $20.00 recently. Hopes are that supply cut-backs will stave-off inventory problems. What's the current demand draw is anyone's guess.
https://economictimes.indiatimes.co...ck-up-in-fuel-demand/articleshow/75469618.cms
Of course, Trump and the government have their plans in case of another contract settlement disaster.
Trump has the Dept. of Energy working on a scheme whereby the domestic oil companies will get paid for not pumping crude. Also, they are looking to use the Strategic Petroleum Reserve (SPR) to store excess crude oil till the demand side improves. Finally, the Texas Railroad commission will be ruling soon on prorationing domestic oil producers whereby they will be given a limited daily target to pump. All of these things are working to put a floor on the price of June WTI crude of $18-$20.
 
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So - consolidation/retracing higher before the next leg down or did we find a bottom here?

So far - just as choppy as last Friday was at this point. Every low is bought and every high is sold. Last Friday NQ was the stronger one too and a tell we'd eventually go higher.

Big picture - we were able to snap back up above the Weekly Low from Monday. So far - a false breakout of that level. I'm leaning long obviously, but not very confidently yet.
 
upload_2020-5-1_21-56-41.png


Tick chart looks like a round top. I favor continuation down trend for now.
 
Sitting on my hands until I get a clear signal
Laissez Faire said:
So - consolidation/retracing higher before the next leg down or did we find a bottom here?

So far - just as choppy as last Friday was at this point. Every low is bought and every high is sold. Last Friday NQ was the stronger one too and a tell we'd eventually go higher.

Big picture - we were able to snap back up above the Weekly Low from Monday. So far - a false breakout of that level. I'm leaning long obviously, but not very confidently yet.
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It's just chop and suited for better traders than I. I can't do scalps efficiently.
If we can get above 2853 and stay there (Preferably on a higher time frame), I'll be inclined to get on board, but for now we haven't succeeded. I'm not short either since we played this same game last Friday and the bulls won.

EDIT: On a macro scale (If that means shit nowadays), I guess I can be considered a little bearish, but that's a crowded position and often not a good one in this climate
 
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