ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Might have been mellow but $SPX and $NDX still dropped -1.5% & -1.75% respectively.
And there have been many "mellow" days down since the first trading day of the year.
I believe today retroactively confirmed completion of Wave 4 back to Wednesday's close. So on a minor wave basis yesterday's low was wave 1 (of greater Wave 5), today's high was wave 2, the drop this afternoon was the beginning of wave 3 which are usually the longest and the fastest to move. Continuation on Sunday night or latest Monday morning I expect.
Hey, yesterday $SPX up/down volume percentages were -93.16% down, today it was "only" -86.62%
Baby steps.
Monday
https://www.federalreserve.gov/aboutthefed/boardmeetings/20221003closed.htm
It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, October 3, 2022, will be held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th and C Streets, N.W., Washington, D.C. and by audio/video conference call. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.
https://www.federalreserve.gov/aboutthefed/boardmeetings/20221003closed.htm
It is anticipated that the closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, October 3, 2022, will be held under expedited procedures, as set forth in section 261b.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board’s offices at 20th and C Streets, N.W., Washington, D.C. and by audio/video conference call. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve Banks.
Initial pop went higher and was more stable than I expected, so that through me off a little. After that just kept shorting pops all day long. Had a pretty decent day, but really should of been even more out sized gains than I had. Need to take max advantage of days that like this once they set up so cleanly. Just hard sometimes to find a balance between getting too greedy and being patient.
Once the market sells off hard, these pussies will freak out and reverse course. Some of them have changed their mask already from hawk to dove. It's always been that way. Don't assume it will be any different this time.
Well, I first went short at 3658, 3662 and 3880, it popped to 3684, pretty scary trades, and finally bailed out at average 3667 with a small gain.
Could have gone long or short either way to make money but I rarely trade actively in the afternoon because my margin wasn't big enough.
Maybe they are starting to have second thoughts about both raising rates and withdrawing QE?
Which Powell was asked about back in June and said:
"I have no reason to think quantitative tightening will lead to liquidity problems, says Fed Chair Powell"
How about asset bubble bursting problems Mr Chairman?