ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
25 will be a blink where we're headed if we get follow through next week.
Nobody knows, but it seems like the usual summer doldrum may be cancelled this year.
What's funny is that looking at just this chart, and looking for a similar pattern before with a big bear bar that closes close to the low, you see that on Oct 30 and Jan 29, both of those bars were followed by a nice rally. Perhaps there is something materially different this time given FOMC this week, but no need for fear just yet.
Two things *I* note on your chart...
1) Currently trading in a "lateral" formation. Action is in the shadow of the week of May 14. Simplistically, but with certain exceptions, 2 consecutive closes outside of the shadow boundaries, high or low, are needed to end the formation.
2) A closing high was made the week of June 11. An intraday high was made the week of June 18 which was rejected.
So in a nutshell, until the lateral formation ends, let the shadow be your guide.
There always seems to be a bid in this market.
The above chart was not meant as a prediction - just a warning that a big red weekly bar doesn't necessarily trigger a sell or continuation lower. At least in recent history.
The above chart was not meant as a prediction - just a warning that a big red weekly bar doesn't necessarily trigger a sell or continuation lower. At least in recent history.
Tons of rich people who have near infinite amount of cash thanks to Fed operation BRRRR
This has been the toughest trading short mkt I’ve ever seen for the last 6-8 months . .Like last night . It finally looked like we might see at least some follow threw to the downside .Traders jump on the short side . Go to bed and wake up and stopped out yet again or worse they held and down big .Till were down 10% or more and loosen up not even worth messing with a short outside a 1-2 hr trade .In 2021 95% of my trades have been longs