ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Yesterday was crazy, today is reasonable. I have a large drawdown but will sit on it. Luckily cash out some this morning.Anyone else shocked that this is trying to erase all the fomc gains
All the longs got flushed out on the way down, and shorts got squeezed on the way up. This move is all new short positions being opened so yes, this down move is reasonable. I just was expecting busy as usual in the markets but times have changed I suppose
Anyone else shocked that this is trying to erase all the fomc gains
Not really. This is why people shouldn't buy breakouts.
Buyers of today's breakout on the daily are getting / got SMOKED.
U guys are smarter than me ! I was not expecting it to retrace but then again, I wasn’t dumb enough to buy at nose bleed levels.
Unlikely smarter as I know you are quite skilled at this stuff. I just know that breakouts fail somewhere in the 80%'s markers. 99% of retail LOVES breakouts and they get sold to them over and over again as the greatest thing ever in BS teaching materials.
Mostly are the folks rolling over to new contracts, some funds roll at the last days. 4650 is as good as any number. But the tech got crashed for no particular reason.
If there is one thing that has saved my skin time and time again, is that the moving averages and the V-Wap are a traders friend, mind you I am not referring to any kind of cross, but moving averages themselves reflect a certain level of relative strength and when price dips below or rises above, watch how price is impacted, in the days of old, traders would say Bulls like markets that are trading above the 200ma and Bears like markets that trade below,
Sympathy pains for $ES's wicked sister places further weight on price,