ES Journal - 2023/2024

That 5600 level provided some resistance as expected, but I'm a greedy guy. Let's see if that was some initial hedging/profit taking and if we can make it on the next thrust.

I'm not sold on the long side for today and still think there's a chance today rolls over for at least a gap fill, but seems worth the risk for now.

Could be another boring day like yesterday.
 
leaving nq alone unless one of these gets hit today i think
upload_2024-7-10_15-40-56.png


ES, will be tempted to get back in long under 35 maybe
 
Laissez Faire said:
That 5600 level provided some resistance as expected, but I'm a greedy guy. Let's see if that was some initial hedging/profit taking and if we can make it on the next thrust.

I'm not sold on the long side for today and still think there's a chance today rolls over for at least a gap fill, but seems worth the risk for now.

Could be another boring day like yesterday.
More...

It seems to me that, while there's still an upward bias, the market is in wait-and-see mode until tomorrow and Friday.
 
Picaso said:
It seems to me that, while there's still an upward bias, the market is in wait-and-see mode until tomorrow and Friday.
More...

Agreed. Could be another snoozer like yesterday until CPI tomorrow. Markets in a tricky spot ATM as the long side is becoming less attractive without a pullback and we all know that shorting this currently is tricky, too.

Moved my stop to 41 as I have to leave it unattended for a bit.

If I was up extremely handsomely, I'd just call it a day here. If that loss hits, it's still a green day, but only slightly so. So, seems worth the risk in case I get lucky for a 5660 print and have a very good day. :)
 
Laissez Faire said:
What's the high probability setup?

Unless you have some secret sauce or pattern, the way I see it, you're still trying to pick a top. And that's an exercise that haven't worked out well for people during this rally.

Wouldn't it be better to rather stay flat and load up on calls after a drop if/when it happens...?

Personally, I'm almost exclusively trading the long side buying dips for now and I'm probably not taking any shorts until I see a new development. I'd rather see the short, observe it and trade the pullback on the long side.

I'm not even a perma-bull. Had a week during the prior correction where I had around 90 % short trades. The trend down was very clear then, but ended sooner than I had anticipated. :)
More...
Look what it did at 300 and then at 400. 500 will be no different. It went in a straight line from 480-500 with no pullbacks or consolidation. Despite this unbelievable bull market it still does have $10-12 givebacks all the time(at least once a month). But the high probability is because of how it reacts to round $100 intervals.

Was a day early and it makes sense that 500 even wouldn't be the high.
 
You must log in or register to reply here.
Back
Top