ES Journal - 2023/2024
- Thread starter Buy1Sell2
- Start date
10rt +31, done for the day. +100 points in YM reversal.
went long after for the last 4 trades to average down the drawdowns, luckily it bounced back.
Stock market had no conviction today in terms of any strong bounce.
You would think after 4 previous down days, today's bounce - if it were going to bounce - would be a strong day.
Dest said yesterday; "Dont go short", and that's right, the previous down move was stretched, you wouldn't be wise going short into something already pushed hard down.
For illustrative purposes above chart, price will want to get back closer to back into the 5ma channel, but imo, short term (next week or so) the bias is bearish.
I initially had visions of the last few days left of this month being strong, but alas, highly doubt it.
As a long only stock trader, what would I do now?
Nothing, sit on hands, I'm neither overly bearish nor bullish short term, but am bullish longer term.
3900 is my bottom approx.
You would think after 4 previous down days, today's bounce - if it were going to bounce - would be a strong day.
Dest said yesterday; "Dont go short", and that's right, the previous down move was stretched, you wouldn't be wise going short into something already pushed hard down.
For illustrative purposes above chart, price will want to get back closer to back into the 5ma channel, but imo, short term (next week or so) the bias is bearish.
I initially had visions of the last few days left of this month being strong, but alas, highly doubt it.
As a long only stock trader, what would I do now?
Nothing, sit on hands, I'm neither overly bearish nor bullish short term, but am bullish longer term.
3900 is my bottom approx.
nasdaq russell held support and sp500 held 50dMA, other individual megacap names showed seller exhaustion or healthy pull back type of price action. don't see a reason to be bearish, unless we test those prior week lows again. but would like to see more retracement of the 2/21 candle tomorrow and see a good weekly close. every day a new clue
Well we're right back where we started. 4015 +/-
Where'd it bottom out at? Like 3975ish?
I certainly didn't expect that bounce, but like I have said several times here, I only post on this thread when I'm pretty sure, and those calls are made based off of what I see the algo's doing in the last couple hours of the rth. And they definitely pushed things down early.
Tomorrow's a coin toss now. No opinion. Today's close was certainly bullish. I'm still not buying the hype however.... and there's no way I'd go long.... but with that said, there's no debating that close was strong-- sooo... no idea. Still bearish near term, just unsure about tomorrow.
Trade what ya see I guess.
@destriero bless me with the move down into 4000
nobody else is short into 4005 at least? lol
out
