ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
I wonder how many people also see a reverse head and shoulders too though?
With technical analysis. It can be anything we want it to be. Until it isn't possible to be that.
Maybe a channel? Maybe?
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I have to admit if this was an intra-day setup on a smaller chart it would be a decent long setup with decent R/R on ES and not as good but still decent long setup on NQ as well. Not to mention bitcoin held it's 39670 support.
Objectively thing's don't look too terribly bad, so I am certainly prepared to switch gears and attack the long side. But I am still slightly bearish bias ES and other equity markets until we hit at least hit some of these benchmarks and prefer we candle close above:
#1 NQ trading above 15987.25 (would be looking to hit 16103 at least)
#2 RTY trading above 2209.50
#3 Also would likely help markets if BTC can start trading above 44528(would be looking to hit 46800 at least)
EDIT: Regardless I am still a long term bear on BTC and equity markets, I think even if we get a good move up it will be short lived via how I view the TA, but also not a perma bear and am not going to fight the market if the probability currently shows up. Have to be open to the possibility you can be wrong and need to have benchmarks to be able to switch gears and admit that.
Objectively thing's don't look too terribly bad, so I am certainly prepared to switch gears and attack the long side. But I am still slightly bearish bias ES and other equity markets until we hit at least hit some of these benchmarks and prefer we candle close above:
#1 NQ trading above 15987.25 (would be looking to hit 16103 at least)
#2 RTY trading above 2209.50
#3 Also would likely help markets if BTC can start trading above 44528(would be looking to hit 46800 at least)
EDIT: Regardless I am still a long term bear on BTC and equity markets, I think even if we get a good move up it will be short lived via how I view the TA, but also not a perma bear and am not going to fight the market if the probability currently shows up. Have to be open to the possibility you can be wrong and need to have benchmarks to be able to switch gears and admit that.
I see no way how the BTC can "help or hinder" markets based upon what prices it may or may not reach. As of now, seems BTC is a follower, not a leader.
It' s just an additional benchmark, if nothing else of personal preference. There has been a correlation to BTC and markets though, so for example if markets went up but BTC went down and decoupled, I would not favor the upside to markets as much. As oppose to markets going up, plus having BTC getting above it's level as well.
"Likely help" is pretty weak language, so not saying it's a major factor. Just if I was long or looking long the markets I'd rather see the correlation continue, than to see a decoupling of the correlation. Regardless of who is leading or following.
Anything's possible, but the neckline for that has already been breached to the upside and broken again to the downside.
I agree. Plus we are just below what looks to be a bit of a resistance line. Plus some pivots and MA lines etc too.