Seem to be in this 1486 - 1491 area...a rally in overnight into this zone.......is everyone really believing the hype of the rate cut etc........crazy world..well my thoughts are to downside but I know what that got me on Wednesday...I see Market profile numbers , pivots from daily and weekly...
This is called "justifying a position" and can be dangerous to your wealth...
PT
pt_emini
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agree on the bias problem in trading
it's a fine line between seeing or recognizing price structure and developing a strong bias... having strong opinions can be an expensive habit... I personally fight the temptation pretty much every day
when I start thinking the market should do this or that, price should go here or there, I know I am usually heading for trouble. I have learned there is a difference between "should" and "is", and the difference between analysis and trading
One problem I often encounter is looking at say a 60 minute chart and seeing the market direction is up, then trading off a fast chart, say a 5 minute chart which is firing off sell signals... yesterday is a good case in point, the price direction of the 60 minute chart says up, but i did take a short trade which formed off the 15 minute chart combined with the developing MP structure. fortunately the trade worked out ok, but technically I was trading against the primary direction of price...as such I pulled in my expectations and exited at a logical price target off the MP chart.
it's a fine line between seeing or recognizing price structure and developing a strong bias... having strong opinions can be an expensive habit... I personally fight the temptation pretty much every day
when I start thinking the market should do this or that, price should go here or there, I know I am usually heading for trouble. I have learned there is a difference between "should" and "is", and the difference between analysis and trading
One problem I often encounter is looking at say a 60 minute chart and seeing the market direction is up, then trading off a fast chart, say a 5 minute chart which is firing off sell signals... yesterday is a good case in point, the price direction of the 60 minute chart says up, but i did take a short trade which formed off the 15 minute chart combined with the developing MP structure. fortunately the trade worked out ok, but technically I was trading against the primary direction of price...as such I pulled in my expectations and exited at a logical price target off the MP chart.
PT
pt_emini
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an overnight gap like this tends to force counter-trend trades, since much of the upside potential was covered overnight, unless we are going for another +300 day on the dow
the potential for 18 points of gap fill in the ES is a tempting proposition...
the potential for 18 points of gap fill in the ES is a tempting proposition...
BR
BruceM
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yes..I just started short side at 89.75 to target 85.75....seems like most longs SHOULD already be in but they may try to run it higher first so 93.50 is my add point in day session only
PT
pt_emini
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good luck with the short !
i may join you if we see price start moving down
i may join you if we see price start moving down
BR
BruceM
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they're making it too easy..today...the fact that we haven't gone 2.5 above the open price has me still leaning short and that 1490 is at upper edge of distribution zone
PT
pt_emini
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quote:
Originally posted by BruceM
they're making it too easy..today...the fact that we haven't gone 2.5 above the open price has me still leaning short and that 1490 is at upper edge of distribution zone
agreed... 85 to 91... below 85 i see 82
great call on the initial trading zone btw ...
PT
pt_emini
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ES triangle seems to be forming up
NQ got whacked pretty good this morning
NQ got whacked pretty good this morning