ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
K, if that is all you can give me, then I can assume that that is a monthly chart of ES, and July was green PA!
Do I have this corect?
Yes, and by itself, contributes nothing to reversing the monthly negative price action. In fact, it fit nicely into the MNPA. -----Weekly is the most important time frame as it closes on Fri where traders would be holding over the weekend.
There is a massive fundamental shift supporting these moves. You saw one of it's legs today with Powell's hawkish tone. And it ain't just a weekly deal. Do you account for that in your positioning?
No. I pay little, or no, attention to fundamentals and news. These are reflected in the charts, although the most important aspect of charts is sentiment.
But isn't sentimental tone set by the fundamentals and the news? What I see now, in my third eye is a drift down into a range until the FOMC at end of September. There are going to be motions in the ocean on the PPI and CPI between then and now. How can technicals save us? I just don't see it.
I do, however, recognize that you cannot print money, creating inflation, then raise rates, while shutting down energy, with no new viable system in place and expect to not have a depression.
I have no idea what is MNPA, but I do agree, the July inside bar, with declining volume, was not a reversal signal.