ES Journal - 2023/2024

Wild moves. Not for newbies like me... :)

mervyn said:
I had no idea what the trigger was for the reversal.

First short 2 lots at 4120 just before he starts to speak, drawdown all the way to 4175, got little bit worried, then short m*fk down on the 3rd 5 minutes red candle. Luck has a lot to do today, nothing technical.
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50 points of heat per contract? That takes some conviction.
 
I think this is where @themickey approach where you have an idea of where the market is going to end up allows you to focus on one thing. For me, it was buy weakness as the bias was a positive close. Still got another hour or so but so far so good.

Laissez Faire said:
Wild moves. Not for newbies like me... :)



50 points of heat per contract? That takes some conviction.
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formikatrading said:
I think this is where @themickey approach where you have an idea of where the market is going to end up allows you to focus on one thing. For me, it was buy weakness as the bias was a positive close. Still got another hour or so but so far so good.
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Is that @themickey approach? As far as I understood he's bearish for this week.

I did okay today buying weakness, too, but like @mervyn admits to I also had a great deal of luck today. If Powell had commanded the market lower before higher I would have stopped out.
 
$SPX_Barchart_Interactive_Chart_02_08_2023.png

My call for the week may have to change.
There is this resistance level which SPX today overcame, that's a very strong incentive for mkt to continue on up.
The nasdaq which had been weakest is now strongest, it decisively is above resistance.
Going short from here is a bad idea.

Edit: However mathmatically, my algo says there is a strong incentive for mkt to pullback over the next week. In other words, theres a tug of war, one system is bullish, another wants to pullback.
 
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themickey said:
View attachment 305788
My call for the week may have to change.
There is this resistance level which SPX today overcame, that's a very strong incentive for mkt to continue on up.
The nasdaq which had been weakest is now strongest, it decisively is above resistance.
Going short from here is a bad idea.

Edit: However mathmatically, my algo says there is a strong incentive for mkt to pullback over the next week. In other words, theres a tug of war, one system is bullish, another wants to pullback.
More...

Thought you didn't look at charts...? ;)
 
Laissez Faire said:
Thought you didn't look at charts...? ;)
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Not correct, I dont use charts as a means of determining my trading decisions, too time consuming labor intensive, but for illustrative purposes I have to use them.
If you trade one instrument, yeah charts are fine, but for hundreds of stock, nah.
 
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