So what's the downside target for the day? As for me, I'm looking at 3830 (March). That is, if the momo "accelerates". Otherwise, we could just chop.
ES Journal - 2021/2022
- Thread starter Buy1Sell2
- Start date
Me too.
And as I mentioned yesterday a couple of times - wave 3 down but now momo accelerating.
edit : uploaded wrong pic at first.
View attachment 301757
Awesome chart. Does your process help to predict the bottom?
This is my biggest weakness. I always scale out way too early and leave tons of money on the table. I am trying to figure out where this move ends. I am currently estimating 3200. Your chart seems to suggest 3600, which is a great estimate and would create a bit of a reverse H&S long set up.
Only if you have a ball of steel. This might work if you're algo trading, but if you're trading discretionary, man, that would be a gut wrenching rollercoaster. Not saying it wouldn't work. Just that, is it worth all the mental garbage that comes with it?
Nah. I drop my bracket order and only move the stop in favor of. Discretionary is fine.
K.I.S.S.
I'm not here to argue with anyone, but remember what happened on Tuesday right after the CPI release? I don't think your K.I.S.S would have saved your ass and, depending on where your stop was, you would have lost a ton due to a larger-than-life slippage.
IT TOOK JUST 2 MINUTES TO MOVE MORE THAN 150 POINTS AND YA THINK YOUR K.I.S.S WOULD DO YOU ANY GOOD? (I ain't screaming, just emphasizing)
Not if you have a bigger picture outlook. And then not looking at the screen after you put in your trade and walking away from the screen. Not all of us can have that laser focus on the short term and pivot on a dime with our trades like you! 
My stance is the same. I avoid FOMC policy decisions but know chart guys that could give two shits. A signal is a signal to them - even if it triggers two minutes to any possible major market moving announcements.
EDIT: Balls of steel... remember?
Dude(s), I've been trading for 30 years. You think I don't know all the ins and outs? I can handle all the BS about people boasting how great they are as traders. But, at the very least, BE REALISTIC!
What you say is NOT REALISTIC.
As someone who lived through FLASH CRASH, I know for certain what you say is utter crap.
If you know a trader who actually trades PROFITABLY (and consistently) during these chaotic times discretionarily, show me.
What you say is NOT REALISTIC.
As someone who lived through FLASH CRASH, I know for certain what you say is utter crap.
If you know a trader who actually trades PROFITABLY (and consistently) during these chaotic times discretionarily, show me.