In my view, double and triple bottoms need to include bars with strong upward momentum. We've not seen that yet.I'd say we came pretty close today, though.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Interesting. You have an example?
I'd say the daily momentum on the 3rd of October and the following day were pretty good.
FWIW, I'm not betting on this area to hold. Pretty sure we're headed lower.
That was my thesis, too, and I considered a long overnight, but glad I dropped it.
Maybe a weak bounce from here into the RTH Open, but my weekly predictive model gives good odds of continuation lower already today, unless, we reverse strongly and open gap up in RTH. Doesn't seem very likely right now, but who knows.
Weak bounces...I'm a late short here at 3594. 20 point stop.
I think we'll see a bigger move once this level breaks. 3550/3500.
It's of course possible we'll see another pop first going into the Open.
I think we'll see a bigger move once this level breaks. 3550/3500.
It's of course possible we'll see another pop first going into the Open.
May add a unit if we break. Not confident enough to do it right now.
Sell the rumor, buy the news.
What if...
...last time that CPI report was front-runned because major players were anticipating it would be good?
What if...
...this time the CPI report is front-runned with major players anticipating it will be sh't?
Covered at 03 for a 9 point loss.
I'm still thinking continuation lower, but we may see a bounce going into the Open first, so probably too early.
In hindsight I should have taken this off B/E easily after the bounce on that double bottom, but wasn't around to manage it. Higher low on NQ.
Or we go range bound - which is the case for the week so far.
Would be boring if we're in a tight range all week until Wednesday/Thursday.
Market's trying to BO now, though.