I don't use Fibs anymore. I think they're helpful to a point but there are so many indicators that I narrowed mine down to 3-4 and stick only with those. On this play I only looked at 2 signals: the first one was a 1 min 1 day chart. At 10:18 and 10:19, 2 Doji's formed which is a signal of indecisiveness during the uptrend. Generally that's signals a reversal. That coupled with NQs moving towards the downside is why I went short.
Trading Journal - May
- Thread starter Seanote
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I don't use Fibs anymore. I think they're helpful to a point but there are so many indicators that I narrowed mine down to 3-4 and stick only with those. On this play I only looked at 2 signals: the first one was a 1 min 1 day chart. At 10:18 and 10:19, 2 Doji's formed which is a signal of indecisiveness during the uptrend. Generally that's signals a reversal. That coupled with NQs moving towards the downside is why I went short.
Option Expiry almost always provides higher than normal volitility, which is not dependable or predictable. Wild swings will continue to be evident.
Proof positive was the sheer number of significant premarket gappers that were racing well over .35 - .55 positive, only to fail the entire gap upon open and get shorted. This time, most shorts after the opening held through the first 8 minutes and went flat to previous day's close.
Only the fast, with hotkeys were happy, and those who just happened to get through the maze.
This type of microwave trading usually leads to early drinking, blown accounts and frustration that knows no end.
Watch for the 3pm reversal when the Futures close and the unwinding sets in place.
Proof positive was the sheer number of significant premarket gappers that were racing well over .35 - .55 positive, only to fail the entire gap upon open and get shorted. This time, most shorts after the opening held through the first 8 minutes and went flat to previous day's close.
Only the fast, with hotkeys were happy, and those who just happened to get through the maze.
This type of microwave trading usually leads to early drinking, blown accounts and frustration that knows no end.
Watch for the 3pm reversal when the Futures close and the unwinding sets in place.
50.17=51.17???
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