ES Journal - 2021/2022

c1rcle said:
It went down a tiny bit, but reversed in line with expectations to make it a winning trade. I don't use the RSI to precisely pick a reversal point, but to pick a reversal area in conjunction with other indicators, pivot points and S&R levels. Because I scale in, i don't need to pick the exact reversal point. If it doesn't work well for you then I can see why you wouldn't use it. I work with the assumption that if everyone who was going to sell, has sold already, then that only leaves buyers left to transact around key levels.

The only mistake I made was to stop and reverse short way too early.
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You danced around my ** there is no such thing as oversold **. :)

That's ok keep doing what you are doing, if it is working.

One day though you will come to the realization of what I am saying.
 
SunTrader said:
You danced around my ** there is no such thing as oversold **. :)

That's ok keep doing what you are doing, if it is working.

One day though you will come to the realization of what I am saying.
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Yeah I tried to define what it means to me, in case you have a different definition.

I don't think my realization will change without new additional information. I still think that if the RSI is below 30, or above 70 (or close) on an hourly or 4 hourly chart (daily even better), then participants will start to think about reversing/closing at the next pivot, or S&R level. Which is exactly what happened.

I closed a bit early though because I prefer to trade in line with the trend. I am staying short for now though because its only a tiny position and at least I am in line with the trend for now.
 
SunTrader said:
You danced around my ** there is no such thing as oversold **. :)

That's ok keep doing what you are doing, if it is working.

One day though you will come to the realization of what I am saying.
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Yeah, but the guy practically nailed the bottom when he made that call. So what's there to complain? The market did rally over 60 points from the bottom (or 50% fib level). If he could do that every day, I would personally hire him. :)

Anyway, a new memo for tomorrow rolled in. Tomorrow will be another repeat of today. We'll likely go down overnight, followed by a melt up during the day and end up green for the day.
 
mervyn said:
Santa Rally technically starts tomorrow. Go long.
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Technically, the santa rally starts first trading day after X-Mas (Dec 27th this year), and concludes after the second trading day of January (Jan 4th this year). If the PCE index comes in lower than expected tomorrow morning, then it should start tomorrow.
 
schizo said:
Yeah, but the guy practically nailed the bottom when he made that call. So what's there to complain? The market did rally over 60 points from the bottom (or 50% fib level). If he could do that every day, I would personally hire him. :)

Anyway, a new memo for tomorrow rolled in. Tomorrow will be another repeat of today. We'll likely go down overnight, followed by a melt up during the day and end up green for the day.
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You must have missed this part:-

"That's ok keep doing what you are doing, if it is working."
 
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