ES Journal - 2021/2022

Never too late to join a strong trend. We might be a bit overextended for now, though. So, not willing to risk a pop below current lows.

Make that 82.75 for the stop.

EDIT: And out for 1 ticks of profit. ;)

Not worth chasing at this point, IMO.

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Laissez Faire said:
If I were to guess, I'm thinking we'll see an Outside Week - barring any news that would reverse this. That means sub 3886,75 by Friday.
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mervyn said:
we are not even at the pre-labor day low yet, so chill out.
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Current low overnight is 3878.

I refer to RTH prices/session, though. So let's see where the market goes in RTH. But I think we have a good chance of revisiting these lows in RTH if the market reverses here.
 
Buy1Sell2 said:
Headed out shortly to Sydney. Talk in a week or so. Weekly uptrend may be negated tomorrow. We'll see. When I drilled down to shorter term charts, I did not find an ideal place to get long using the weekly as the overall guide. ---- Longer term monthly chart remains down down down. This is The Big One.
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And then the long grind up begins
 
I don't necessarily agree on the longer time frame charts being a waste of time but you have to know how to use them -- so even though price had reversed up at the end of last week -- the price trend and momentum on a weekly basis was still down (something that I wasn't paying enough attention to on Monday). And going out to the monthly (the next higher time frame), the momentum was still down (and B1S2 had acknowledged monthly was still down).

Along these lines, I have developed some long-term analysis techniques that I can even use on quarterly charts to forecast up/down quarters for particular markets. You don't always get clear signals but when you do, they work really well. And even on a shorter-term perspective, that big picture analysis helps shape your trades.

Concinnity said:
Well here's the thing. I never trade off of weekly or monthly's for day trading, UNLESS that chart is active. For example go look at a weekly / monthly. Most of the time it's just straight up with some pull backs. Really hard to obtain an edge from that.

However pull up a weekly now and see how active it is compared to other times. It's actually moving. The importance of the size and moves of it being "active" is because can reasonably assume in order for a chart that larger to move this much, there has to be larger players with very active selling for us to go a full 8 months like this, with consistent and purposeful selling.

This isn't like 2020 covid where went straight down and literally almost straight back up on the weekly.

So, this is why even though I trade mainly intra-day I currently factor in the weekly chart. Because it's so active, it's important to know because you can expect long setups to have very low to no integrity. The level of integrity we've lost to the long side can effect the win percentage of a lot of long setups and even if it doesn't effect the win% it's very likely to effect how much you can make off the long setup.

Does this make any sense on why sometimes people use larger charts and other times I agree it's a waste of time?
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