ES Journal - 2021/2022

Flat and done for the day. I had the guts to enter long even on that large gap up, but not any longer. I figure we have a good 20 points higher to go, but we can see a deep pullback from here as well, so not worth the risk right now.

A deeper pullback to say 60/65 should be a worthwhile buy though. If it happens...

Zodiac4u said:
Spank session for the Bears for sure, $SPY is eyeing 68, I don't think it will get there, but who really knows with this goofy market, someone is in charge of the steroid pills, hopefully they run out soon because this is not normal.
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Since when is this market normal anyway...? :)

If last week's sell-off was an exaggeration - I figure that this move higher can easily be explained as a quick re-pricing.
 
Did a check on my basic statistical model and it seems to agree. We will at least not see new lows today, unless something happens. Which I think is very unlikely.

Will check back in within an hour or two too see if there's a pullback to enter long on - for a ride back to the HOD (double top) or a new HOD in the last two hours. If not - hands off and wait for another day.
 
Buy1Sell2 said:
I see the beginning of a bear flag. Sometimes beginnings of bear flags morph into bull flags. Right now, based upon the known, I go with bear flag and stay short.
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I know how you feel about scaling out, and in theory a purely all-in / all-out could get the most out of a move, but isnt this is a time where it could have helped, however theoretically inferior?
 
Builder17 said:
I know how you feel about scaling out, and in theory a purely all-in / all-out could get the most out of a move, but isnt this is a time where it could have helped, however theoretically inferior?
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I would say no. if I were inclined to take profits, I would have removed the entire position which would have been superior.
 
Laissez Faire said:
Flat and done for the day. I had the guts to enter long even on that large gap up, but not any longer. I figure we have a good 20 points higher to go, but we can see a deep pullback from here as well, so not worth the risk right now.

A deeper pullback to say 60/65 should be a worthwhile buy though. If it happens...



Since when is this market normal anyway...? :)

If last week's sell-off was an exaggeration - I figure that this move higher can easily be explained as a quick re-pricing.
More...

I gave up predicting and assumptions, I'll leave that to the swing traders, that mental banter is more than my mind can handle, every 24 hour period there are two and sometimes three 2 hour sessions that provide enough without the need to be involved with the twists and turns these markets provide, I'll leave that to the young, I only follow momentum, two or three times in a 24 hour period there is enough to make any account happy, FYI, $SPY may see 70 before the end of the day, but since 12/8 options are expiring tomorrow, we could see it during the Globex session, :)
 
Laissez Faire said:
Didn't get the deep pullback. Looking for another thrust towards the HOD going into the last hour of the day which will print a double top or make a push for 98,50 / 4700.
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all signs saying overbought, NQ is on the way down. I'd lay low today to find a better entry. only cash out 25 points today.
 
mervyn said:
all signs saying overbought, NQ is on the way down. I'd lay low today to find a better entry. only cash out 25 points today.
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Maybe in the monthly, but we still have the rest of the month for that print, but when Algo's slow down price to a crawl time decay enters the arena and this messes with the overbought signals and it allows for more upward expansion. anything can happen but these markets are fed controlled, best to stay on the side of momentum,
 
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