ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Unless dip buyers show up here at 4K / unchanged, this is shaping up to be a false breakout of last week's high.
That low volume above last week's highs was an early warning.
That low volume above last week's highs was an early warning.
FBO indeed. Let's see if it's a pullback or a reversal. Intraday it is for sure a reversal.
Almost to the minute!
Random or not? You use those with consistency?
I only recently started paying more attention to the SPX so never really traded off of any of its levels before.
I was already short the NQ and adding to the position the more overbought the ES and NQ was getting. I tend to have mixed opinions about my trades throughout, so I was just looking for different scenario ideas.
One idea was that the SPX could run up to the 4100+ level downward trend-line and bounce down. Another idea is that it could drop from that 4008 - 0.618 level back down to the 3800 area before then going to the 4100+ trend- line. Most likely it will do something entirely different.
The move could have been random, but it did bounce down precisely off the 0.618 level, plus I also feel like a large steep upward move is more retracing in nature and could therefore continue to the downside. We will have to see if this becomes a larger reversal from the 4008 level or just an area some people decided to sell from.
If we drop at the bell, or sooner because WMT comes in weak, wait till about 10:20 EST and buy the dip. Pretty sure we close up on the day, but we may not have seen the bottom yet.
It all depends on how the market reacts to WMT initially.
3995 now.