where are we headed after this consolidation?
1367.50 resistance/support
1367.50 resistance/support
S/R Emini Journal
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The Bulls are really hanging in there. Some profit taking....
I guess it confuses me because I've never seen the market this over-extended (keep in mind I've been doing this only for a little over a year) and continue to have strength to push. I figured that with a big slap like we had this morning, things wouldn't be able to push back upward like this...but I guess the buyers are way outnumbering the sellers in this rally. Thats all, really. It just confuses me to see the markets have such strength when people call for a major correction to happen...and it never does.
a few things for you......develop an excellent mechanical system and then .....stop thinking......u can't possibly know what comes next bar, only high probability.............stop anticipating.....stop listening to people.........if u r intraday trader........spend a few more years and then it makes more sense to you.....not to say you can't do well in the meanwhile......incrementally.
TinGull, one of the hardest lessons I had to learn is that the market does not behave rationally from day to day. It is only rational over the long haul. Stocks can go up because they are going up, and they can go down because they are going down. No other reason is needed. Therefore, one has to learn to just accept what's happening and not try to second guess it, or predict what will happen next.
This is both the most important and the hardest "trading" lesson to learn. It goes against human nature, and that's what makes it so damn hard to grasp. Follow "tradequicker's" advice.
We are all brought up to believe that the stock market is a function of the economy. And that is absolutely true, but only on average over time. The day to day market marches to a different drummer. So if you are a trader, just observe what's happening and act accordingly. Don't try to rationalize what is going on. It can't be rationalized because it is often not rational. Forget those pundits that say the market went up or down because of such and such. They haven't any more clue to what's driving the market than you or i.
This is both the most important and the hardest "trading" lesson to learn. It goes against human nature, and that's what makes it so damn hard to grasp. Follow "tradequicker's" advice.
We are all brought up to believe that the stock market is a function of the economy. And that is absolutely true, but only on average over time. The day to day market marches to a different drummer. So if you are a trader, just observe what's happening and act accordingly. Don't try to rationalize what is going on. It can't be rationalized because it is often not rational. Forget those pundits that say the market went up or down because of such and such. They haven't any more clue to what's driving the market than you or i.
This morning the delta swung down to -25k and so business on the bid out performed business on the ask by this amount.
Now we are at +7k as we move into the afternoon rally.
Forget buyers and sellers as they are always equal ... they must be since every traded contract requires one of each.
What moves the price is bid / ask pressure.
So your delta is bullish for this afternoon?
How many major corrections have you seen on a chart? Do you have access to historical data? Personally, I would start reading/asking people like B1S2 some questions regarding tops/bottoms, establishing the trend on a longer TF will help you immensely. There was nothing strange to me about this current price reversal to the upside, we are in bull mode on longer TFs, therefore all selling has to be approached with care, probably not the best choice of word to use here. During the bull run the safest principle is to buy near the bottom of channel and sell at the top, but only when based on a proven signal like a divergence. Basically, do not rush into selling tops during the bull run, though buy pullbacks near the bottom of channel would be my advice
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