Well, if you trade off of the weeklies, you really shouldn't be here. You should be hanging out with Warren Buffet and the like.
Be that as it may, I remember B1S2 doing pretty well during the longest bull run in history, from 2011 to 20xx.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Be that as it may, I remember B1S2 doing pretty well during the longest bull run in history, from 2011 to 20xx.
And weren't you the one who tried to proselytize me into a permabull? Stop confusing me
funded $50k over Labor Day weekend to a separate account, and ready to buy dip carrying to year end, but not yet after the inflation print.
let me see what jp is going to say. 3914 is 23% fib line, 3899 is reachable by tomorrow, back to pre labor day level.
Well here's the thing. I never trade off of weekly or monthly's for day trading, UNLESS that chart is active. For example go look at a weekly / monthly. Most of the time it's just straight up with some pull backs. Really hard to obtain an edge from that.
However pull up a weekly now and see how active it is compared to other times. It's actually moving. The importance of the size and moves of it being "active" is because can reasonably assume in order for a chart that larger to move this much, there has to be larger players with very active selling for us to go a full 8 months like this, with consistent and purposeful selling.
This isn't like 2020 covid where went straight down and literally almost straight back up on the weekly.
So, this is why even though I trade mainly intra-day I currently factor in the weekly chart. Because it's so active, it's important to know because you can expect long setups to have very low to no integrity. The level of integrity we've lost to the long side can effect the win percentage of a lot of long setups and even if it doesn't effect the win% it's very likely to effect how much you can make off the long setup.
Does this make any sense on why sometimes people use larger charts and other times I agree it's a waste of time?
Long term time frames give you levels that attract players that move markets.
Did you catch that buying frenzy? Bull trap?
>> Sure enough.
Caught something, could end up being a trout though haha
NQ did break it's 09/07/2022 lows. ES has not yet. So ofc still macro bearish, but one thing to obviously be on the look out for is if we break lows and than candle close back above them on the Daily chart, that could delay the down move some.
Hope everyone else has decent day.
Hope everyone else has decent day.
Bleh, we have quad-witching tomorrow. Hard to imagine the weekly uptrend remaining in tact with a lot of positions at 3900, which is pretty much where the SP closed today. Very scary.
Triple witching day tomorrow. Now is the third time I said it.
Surely that would influence tomorrow's price action?
Surely that would influence tomorrow's price action?