Stop @ 24.
ES Journal - 2019/2020
- Thread starter Buy1Sell2
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Stop @ 24.
Stop @ 28.50.
Either we break above this range and trends higher or we don't. Not interested in sitting through a second leg down.
Stop @ 28.50.
Either we break above this range and trends higher or we don't. Not interested in sitting through a second leg down.
I'm on the sidelines. I'm not really sure where this is headed
Beautiful double-bottom.....nice call.
Welcome to the club. LOL.
I knew a bounce was likely and that I'd probably at least get out breakeven on my entry. At this point - I'm just going to follow the market and see where it takes me.
Weakness is often followed by strength and the Week Low is often put in at Mondays. So maybe I can get lucky.
If you look at the weekly chart, if this pullback is trying to complete an ABC pullback, you could be right, this might be the bottom for the week.
Cycles are up for today and with this pattern, definitely expecting rally to continue today. We are right up against a little resistance this morning (around 7:00 a.m. EST) so wouldn't be surprised to see a little pullback before resuming the up move.
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Moved my stop to 27.50 just in case they're just running some stops below 30.
If stopped (likely) and we make a new leg below yesterday's Low - I'll try another long entry.
EDIT: And stopped for + 14,50.
I saw that 50 was sold in real time, but got greedy and figured it was just a retracement before the next push higher.
Frankly, I think a good leg lower is likely on the day. Maybe 3400. Let's see where we open.
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Exactly what i was i speaking of a few days earlier . Even though we might run today and you eventually being right its irrelevant as you were stopped out on a big wiggle down. For a trader being right on the direction by day end is meaningless. Traders could care less were the mkt goes by day end they just want to take there 5-15 pts. Now you've gone from bullish to bearish over a 20 min period. Thats after the move was made .
Not really. It depends on the strategy.
As for today - I've said I don't have a strong opinion. This is particularly true for the ETH session where I don't feel I have an edge unless it aligns with what I can see happen in RTH. My predictions are always for the RTH session.
But I know there's a big probability we'll close in the green today, so I'll be going long on dips trying to enter a swing position for a leg higher.
For disclosure, though: I believe I've said I don't trade my predictions mechanically and that my main trading strategy is more short term. My goal for this trade was to set up a swing trade, though. At the same time, I didn't want to give away all my profits on a dip lower. If it was a short-term trade I'd take my profits at 50 and re-enter there or at lower prices.
To show you with an example, then. If you knew with a high degree of conviction where the market will close today - you can short pops above that or buy dips below that. So, to say it's meaningless is simply not true.
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