Dude, tread carefully. When it falls this much, this ain't no trap. On the contrary, they trap the bulls, namely, they will pounce down on any bounce.Good point. But its more oversold nowPlus I reckon its a bit of a bear trap right now. I would have expected a way bigger/faster drop than we saw after the SPX support broke. So feels like a fake out.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
I was busting your horns VZ... pls don`t take it personally as I didn`t intend for it to come across that way.
As far as the "tips/ advice goes... I was paraphrasing Jesse Livermore on accepting them!
-Steve
PA rolled over at the 33% Fib retracement level from previous swing hi... Heavy Heavy!!!
My point about oversold (in quotes) is I don't believe in the OB/OS concept.Good point. But its more oversold now
Will quickly shut down my long though if this goes down much more.
Price is what it is. Market gurus and talking heads started that nonsense at some point in the past to explain what they have no idea about.
Price is "oversold" yet continues to get more "oversold". At what point does "oversold" end? Of course the clueless will say it ends once price turns direction. But then we get a dead cat bounce and they will say, no "oversold" period isn't over yet. Nooooo kiddin'.
Best to not think in those terms.
Schitz …Was this your carry over shirt from yesterday… or did u enter this short last nite?
That train left the station a week ago today when $SPX wave# 4 closed below the wave#1 low or overlapped it which cancels any EW bull trend scenario and resumes the bear trend:-
I guess it depends how you look at it. I have never listened to talking heads. I know they are just trying to connect the price action to events that the casual viewer can comprehend.
I tend to look at the hourly and 4 hourly RSI. When that goes oversold after a big relatively fast move down I tend to look for a bounce. The previous price action around this level on the NQ also supported my thought process. I prefer to move with the trend, but I just didnt think there was much room for more downward action.
This could still turn around and I could be wrong, but for now I've caught the falling knife with my teeth.
If this is your way of apologizing, then I accept.
Here's the link to that trade: