Little something I picked from Lawrence Chan when he used to post on ET, 50% retrace is one of those major magnets. You would have thought that there would be more complex parameters for where things turn around, but not really.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Little something I picked from Lawrence Chan when he used to post on ET, 50% retrace is one of those major magnets. You would have thought that there would be more complex parameters for where things turn around, but not really.
I totally agree. On a long-term timeframe, if you find the ultimate top and bottom of a range, that 50% is magic. I used to utilize it when I was trading CL. I gotta try to get back into that sort of simplistic TA which can work, but the FA is currently mucking it all for me in equities.
I don't think this would have much relevance, unless really drastic data comes out, which I doubt would be the case. So apart from some vola, we should continue up tomorrow.
Not that I'm into conspiracy crap, but I kinda think the "big boys" or the "pros" orchestrated this from the beginning. Just look at the huge rally from the European open up to the CPI announcement, followed by the monster drop that lasted until the opening bell. Then the rip up like there's no tomorrow.
Seriously, unless you're a total noob or a complete idiot, this isn't normal. It smells.
It should be right up your alley! A total schizoid market, doesn't know if it is coming or going! It is hearing voices in it's own head. (Kill the bull! (No, kill the bear!))
They are all whores, so info gets leaked between trading desks at different institutions, none of them can manipulate the stock market independently, unless one was to create a Black Swan event by throwing the towel in, so do they collude? Of course they do.
I'm of the belief that a tail can wag the dog. If you can move the futures market enough, it will move the cash market as well. That's what triggered the Flash Crash.