ES Journal - 2021/2022

[Master Pu]

So following the defence of 3,900 suggested by @schizo it is only reasonable that SPX is being taken 4k for a 3rd test. If bears successfully defend it then we ought to drop fast back to 3,900 and break through it.

The market continues to favor the old way of creating better r:r when buying low as close as possible to support and the opposite when selling. It can be rather mechanical.

Need to now look for a sweet shorting spot

 

[Master Pu]

Nice move up today. Congrats to those of you who caught it.

I'm out of a small long (tqqq) and waiting for a technical trend reversal before going back in. Still in the down channel from last week.

Old School buy signal almost there on the daily:

Just like I once been told by a seasoned trader “too much information on your chart” and I didn’t listen and killed another few years of my trading life, I will now pass it forward by letting you know that you have too much on your chart. Price levels and price action together with risk management is the only true edge, all else, apart from some high tech voodoo AI top shit, is useless.

GL!

 

[Wide Tailz]

Thanks.

I agree - I wasted 10 years trying to make that setup (the old school one) work.

The only year I ever turned a profit was when I was holding myself strictly to using Elliot wave and only taking the third wave, which we just saw today, because it exists in both impulse or corrective waves. It usually springs off a shallow flag. Every other situation is too ambiguous to bet money on, based on my years "studying" everything else I could think of. However, there really is an "obvious". It is to identify the money you will take by agreeing to enter the market with another counterparty. The loser must be known in advance.

But it's just levels, price action, volume and risk management doing it that way. I think all winning methodz have this in common.

Today's books:

 

[schizo]

Need to now look for a sweet shorting spot

Dead cats can bounce for a while. I'm looking at 4075. What sez you?

 

[Master Pu]

Dead cats can bounce for a while. I'm looking at 4075. What sez you?

Don’t know yet, will have a look tonight when I get some peace and quiet in this hen infested house

 

[Laissez Faire]

Breaking out on higher time frames now. 3984 is last week's RTH mid-point.

And 3990,50 is last week's POC for the RTH volume profile.

Could mark out a short term top.

 

[Overnight]

And 3990,50 is last week's POC for the RTH volume profile.

Could mark out a short term top.

That all depends on Powell's piehole tomorrow morning around 9AM ET.

 

[Master Pu]

Dead cats can bounce for a while. I'm looking at 4075. What sez you?

It seems likely that first 4,020-4,040 SPX would be challenged, that’s where I will be trying to get short.

fwiw 3,980 is 50 fibs weekly swing low to high range.

 

[NoahA]

Unless I missed it, I'm surprised nobody has yet pointed out this blue trendline on the bottom of the channel here. So not only did the top dotted black line provide a perfect rejection, but this blue bottom channel line did as well. Its of course never this easy though.

 

[Master Pu]

Unless I missed it, I'm surprised nobody has yet pointed out this blue trendline on the bottom of the channel here. So not only did the top dotted black line provide a perfect rejection, but this blue bottom channel line did as well. Its of course never this easy though.

View attachment 294513

Also confluence found with a horizontal line taking May’s bottoming price action.