ES Journal - 2023/2024

themickey said:
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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Going short yesterday would have been a great idea. :)

schizo said:
Sitting on your hands is the best trade these days. Yeah, there will be violent whipsaws like today, but overall the market psychology is pathologically bullish. So, eventually, you will come out more alive than dead.
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Like I said once already: only if you don't trade with leverage. Today's session proved that.

This is not a set-it-and-forget it type of environment for leveraged trading at least. We're seeing consistently huge moves on a daily basis.

You said yourself early this year that this year would be the year of chop and that I'm sure will be the most accurate forecast for this year.

This market have everyone getting super bullish at highs and super bearish near lows.
 
Laissez Faire said:
This is not a set-it-and-forget it type of environment for leveraged trading at least. We're seeing consistently huge moves on a daily basis.

You said yourself early this year that this year would be the year of chop and that I'm sure will be the most accurate forecast for this year.
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If you were day trading, by all means I agree. But suppose you got in the trade for some time now. Then 1 or 2 days of blip should not have much impact. Furthermore, up to now, all the pullbacks have been met by even stronger BTFDs. So tread carefully if you're a daytrader. Otherwise, grow some balls. :D
 
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