I'm for the ping-pong today, but it seems one too many (lower) touches for me.
Sitting this one out.
ES Journal - 2023/2024
- Thread starter Buy1Sell2
- Start date
Sitting this one out.
This has got to be an epic fake fade. I can't see them giving out another free large red bar.
We're up 0.5-0.8%.
It doesn't have to be a red bar or a V, it can as well be a lateral range.
We'll see but after 5 red candles in a row, it's unlikely to have another red one and would just have to rip a little to bring it right back to the open. They love to play tricks like this. Make you think the market is doomed to go down more and nothing can hold, but then it rips right back to the open to green candle.
OUT here +12
Yep, there's your V. Fake fade complete. No we will have to wait till at least Wednesday to see any dip possibility. Algos will by every micro dip and this again gaps up tomorrow.
Ok, nicely seen. If I may ask you a question: what makes you go from V-fan to the sky is falling, everything has changed and back to the V lately?
I always expected a $10 rip. Had to happen. It can't go from 503 to 474 and not at least retrace some of it. It was confusing with the gap sitting at 468 which was still in play. Plus they need to wreck everyone's puts. There's still a decent chance this ends up at 468 by weeks end, but the usual structure of a market week having to pump Monday and Tuesday and then dropping Wednesday still in play. This pump is actually pretty bearish once the market is allowed to fall again (likely Wednesday or Thursday).
To answer your question, stress and how rapidly this market is changing vs the non stop V mania we had the past 2 years. As for today, a lot of chart studying how the market transitions from downtrend to reversal/ or bearish bounces.
Flip short 5610