Never rely and any news. Rely on the reaction of the price. Prices are generating profits and losses, not news.
ES Journal - 2023/2024
- Thread starter Buy1Sell2
- Start date
Never rely and any news. Rely on the reaction of the price. Prices are generating profits and losses, not news.
It's too early to be judging the reaction to the FOMC statement. The market remains in uptrend.
Looks like a dead cat bounce to me.
Nothing to push things higher aside from the usual down-trend upspikes.
The thing about your megaphone pattern, the low gets lower too.
2023 is gonna close lower than 2022.
Yesterday's mid-range at 4020,75.
Weekly mid-range at 4010,25.
And trend line resistance in this area for those who believe in those.
TL;DR - could be a turning point here.
I'm not so sure we're done below after yesterday's late session sell-off, so would certainly not chase the long side right now.
Trading wise I'm done for the day.
I'm liking only your first sentence.
Of course...
Weekly mid-range at 4010,25.
And trend line resistance in this area for those who believe in those.
TL;DR - could be a turning point here.
I'm not so sure we're done below after yesterday's late session sell-off, so would certainly not chase the long side right now.
Trading wise I'm done for the day.
I'm liking only your first sentence.
Of course...
I can get on board with that - but my view is we still continue higher first.
Ultimately rangebound. Good for traders - not so much investors.
Yes, that's true. That is why the megaphone pattern either gets traded as an expanding range trade or as a breakout. I am looking for the breakout with fresh support and momentum.
I don't trade on news, but I think your statement about nothing to push things higher may be inaccurate since Powell indicated that rate hikes were nearing the end.
I'm gonna shoot ya. One day does not a trend make. It's up over 1% today and I bet it will go up again tomorrow.
