ES Journal - 2019/2020

[syswizard]

Ended up buying all the "dips" inside the move down, but constantly having to settle for a small profit instead of getting a decent bounce.

Same here...as soon as I entered long, the market would reverse. Only one weak bounce all day. What a change !
I think the bots were programmed to sell all bounces today.

Let's see what tomorrow brings.
Strange times.

6 pm open is wild and wooly....14-15 pt ranges within minutes.
Market is just thrashing about like a wounded animal. It's really been hurt.

 

[trading_jean]

Same here...as soon as I entered long, the market would reverse. Only one weak bounce all day. What a change !
I think the bots were programmed to sell all bounces today.

I am impressed the both of you took longs today and didn't end the day with a loss. Means your entries and stops must be perfect. I would think most bulls were hurt today. I know I would have been, luckily the trend was at least clear so I wasn't tempted to buy.

 

[syswizard]

I am impressed the both of you took longs today and didn't end the day with a loss. Means your entries and stops must be perfect. I would think most bulls were hurt today. I know I would have been, luckily the trend was at least clear so I wasn't tempted to buy.

No, I was definitely down on the day. Traded both ES and NQ. The market had my indicators whipping all over the place....one of the most volatile days I've ever witnessed. It was just "whip city" and the algos/bots were just going wild.

 

[Hivey]

I am impressed the both of you took longs today and didn't end the day with a loss. Means your entries and stops must be perfect. I would think most bulls were hurt today. I know I would have been, luckily the trend was at least clear so I wasn't tempted to buy.

After such a big move overnight, I decided to play for the bounce, which didn't come. I never expected it to drop nearly 200 points, so especially later in the day, I was therefore not comfortable going short, even though it was the trend.

Below a 2min chart with my trades. They were certainly not perfect, but you can do a lot with sizing. I always leave plenty of room to add when it goes against me. All trades were from the long side and all were profitable.

 

[Overnight]

https://www.elitetrader.com/et/threads/es-journal-2019-2020.328086/reply?quote=5124219

If you do not have a magic pencil, or are not NQurious, don't make predictions. Yet.

 

[tiddlywinks]

An outside day would really fuck things up at this point, on the daily and the weekly!

Not a prediction.

 

[FriskyCat]

Totally surprised by today. Obviously not that we're going down, as it was long overdue, but because it basically went in a straight line without even a decent bounce. And that on no news. Days in a row even the slightest dip was bought and then this.
Ended up buying all the "dips" inside the move down, but constantly having to settle for a small profit instead of getting a decent bounce. Let's see what tomorrow brings.
Strange times.

This is really the template for a lot of down moves past few years. Basically, the one way moves higher via overnight drift, spikes on open, spikes on close remove the price discovery of the old days, so it's a lot of "squeeze" type action. The pent up selling seems to concentrate over multiple sessions (days/weeks, etc) while internals diverge, yet price stays sticky/buoyant...then it's unleashed in one session (always does seem to be unrelenting one way like you mentioned). Basically we cleared out 3225-3230 to 3000 in a prolonged binary move. Take a look at Russell as well. Reached down to a pretty significant daily support level on a one day 6-7% drop.

Strange times indeed.

Edit: forgot to mention the importance of FAANG's and the role they play in cap weighted indicies. The concentration in 5 names can keep the market elevated while other stuff is sold...didn't apply so much this cycle, but I've seen it frequently in previous prolonged rolling top cycles.

 

[vanzandt]

Just looked.
Up 15 points by 9:12 PM est. Uh-huh.... hmmmm
3025

........get long guys. At least for the open. Or a quick scalp tonight.

 

[Spooz Top 2]

So did anyone catch that 30 Min H&S with me that I alluded to yesterday morning?

Perhaps if you didn`t catch it... It kept you out of trouble on the long side overnight....

Some posters saw shampoo... some saw a profitable set up laced with $$$.....

 

[syswizard]

Just looked.
Up 15 points by 9:12 PM est. Uh-huh.... hmmmm
3025

........get long guys. At least for the open. Or a quick scalp tonight.

Yeah, we are likely to get a rebound from this one day move down.
One question:
How long will that bounce last ?