You're short ?
ES Journal - 2019/2020
- Thread starter Buy1Sell2
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You're short ?
So, if we zoom out a bit what we have here is basically a 3 week trading range which could turn out to be either a consolidation before a new push higher or a sell lower. People tend to see what they want to see - so for some it's probably a double top or topping area.
Last week failed both to push higher on Tuesday and we failed to push lower on Thursday seeing a great reversal back into the range after the initial attempt and filling a few gaps below.
Note: We also saw a spike in volatility last week.
Daily
As my sample size and weekly prediction skills are limited, I don't put a great deal of faith in these predictions, but, I'm biased long for the week and anticipating a breakout higher as long as we hold above 2850 or so.
Maybe 2975-3000 by end of week?
Alternative scenarios:
b) Continued trading range for a while longer and possibly an Inside Week contained by last week's extremes
c) Actually breaking lower and starting a new major leg down from here. Admittedly not much more than a gut feel, but I don't think this is very likely from here.
Last week failed both to push higher on Tuesday and we failed to push lower on Thursday seeing a great reversal back into the range after the initial attempt and filling a few gaps below.
Note: We also saw a spike in volatility last week.
Daily
As my sample size and weekly prediction skills are limited, I don't put a great deal of faith in these predictions, but, I'm biased long for the week and anticipating a breakout higher as long as we hold above 2850 or so.
Maybe 2975-3000 by end of week?
Alternative scenarios:
b) Continued trading range for a while longer and possibly an Inside Week contained by last week's extremes
c) Actually breaking lower and starting a new major leg down from here. Admittedly not much more than a gut feel, but I don't think this is very likely from here.
Yes they do. Good post, LF.
went long overnight. Am hoping even I can't turn this day into a red one with that sort of headstart lol
Nice headstart!
How about a rule to make sure you finish green? Could be a trailing stop, i.e., not give back more than 50-70 % of your realized profits. Or giving yourself 2 more trades after being up a certain amount of points. Or scale down.
I'm doing something similar as I would never want a winning day to turn into a loss, but it's not written in stone as for when or how I stop trading.
I still expect a retrace around 2850
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