ES Journal - 2023/2024

Laissez Faire said:
...I believe the market's at an inflection point here which could swing both ways, so I suppose some churning is to be expected.

Should be interesting to see which way this finally goes. I don't have a strong opinion, but as long as the current LOD holds there should be more upside due today...
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FOMC minutes at 2PM ET could change everyone's view.
 
mervyn said:
if anything, better wait after the jackson hole. blood-letting on the bond side, bank runs will start again soon.
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"
Specifically, officials cited “risks associated with a potential sharp decline in CRE valuations that could adversely affect some banks and other financial institutions, such as insurance companies, that are heavily exposed to CRE. Several participants noted the susceptibility of some nonbank financial institutions” such as money market funds and the like.
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Potential exhaustion gap south tomorrow in the making.... While it`s always nice to be ITM immediately when building a position.. It`s not always attainable.... Perfectly comfortable being long here from 54.25.
I have an attractive Fib Confluence zone down around 4375-85 with resting buy limits set should we see that level.
Every media outlet/ pundit are now screaming bearish overtones, which is always a good sign for a contrarian turn... looking forward to Fridays closing print.
 
Laissez Faire said:
Maybe taking 4 points and reversing short here would be the ideal play...
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Would have been the right play, but instead I stopped out for a scratch and called it a day.

Those repeated failures to thrust higher creating a triple top at the HOD was a sign the market would not be going higher yesterday, yet I held on to my trade which turned into a hope trade at that point.

There have been times where I'm able to make a timely switch and reverse gears, but it happens ever so often that my wishes and desires gets in conflict with what the market is telling me. Maybe it's a psychological issue. I don't know for sure.
 
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