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Catching Big Waves - a trader's journal of surfing the the markets
That is enough for me to retract my thought about ES. May still happen, just not something as clear now. Selling is happening, but into the trend of the day. ES channel top is 1322, maybe they will blow that and threaten to take out the LSP? Do not know, I try to guess as it pulls on CL, but really would not trade it anyway.
The sting of yesterday was still fresh as ever, and it held back my trading considerably today. There were several trades I started to take, changed my mind, took 1-3 ticks and just sat back to see if I woud habve been right or not. net 215, less than half of where I was, but trading at 1/3 the size and risk.
Just got dressed for something more fun than trading, which could be a lot of things and have not decided yet. In the process, the near constant conversation in my mind was still sorting through the events of the past 24 hours, looking for what was learned, what was forgotten.
I did not really answer the questions I was asking today, but something did hit me for the first time; I have been very perplexed about how a trader is to be confident and fearful at the same time.
How do confidence and fear coexist? That question has run through my mind for several weeks now. And maybe the answer is, they don't. There is a word just for that condition where the state of being is neither. Wisdom.
Finding that is easier to do in theory and in writing, than in action, as seems to be true through most of life. But it does exist, and that little realization today felt good.
Yes, ES is a menacing little device, exactly why I do not trade it. 1321 was the correct number, but the thought was on target. Hit the top at 1321.25, with the THREAT of blowing the lid, got everyone long... And look how they say thanks.
Headed out the door, I saw this and laughed out loud, what a surprise ending! Wow, it was ccompletely backwards from what I thought earlier. It would not break, so put it in reverse, get the sellers on board, then ignite!
That is a classic H&S failure now, as it sits, and shorting is off limits
The below statement is for Indices; not CL and NOT 6E and NOT GC.
Methinks Indices UP UP UP early on Friday (pit session); then stabilize.
My own personal anticipation is to watch Friday closely (later in the day) to get SHORT SHORT SHORT for the big-ass open on Sunday (Greek lovefest).
I anticipate seeing a 'zone' of 12,715-12740 on DJIA; equates to 1337-41 in Cash SPX~~then I get real interested REAL fast for a FLUSH lower (see below).
This will be a 1.5-2 week (trading days) swingtrade; but don't take my advice on this one.
Caught 52 ES ticks in 8 minutes on a full position... thank you, news 