JI
jimkane
Rep: 3,058
Posts: 33,089
Yes, J, it was a clear 5 waves down to that tight grouping with a 2.236 extreme ext ret, and a sweep below all those lines, and that was it. The shorts were trapped and the breakdown traders, and then they just killed them. If I was in that short trade off the high I'd have to have given that area serious consideration. With such a narrow range day it was such a small move, point-wise, it would be hard to get the reward/risk really good if one felt that area may very well stop it. It was more a nice 'first thrust' area, but as we saw, it had no intention of going down today.
JI
jimkane
Rep: 3,058
Posts: 33,089
Okay, crew, I'm assuming M scratched his trade and went to enjoy the outdoors or some such rose-smelling nicety. I'm out of here. See everyone later. A few more people in this daily ES section, maybe T showing up again, and it would be quite nice. Lots more fun on a good trading day, too.
MR
mreiserer
Rep: 110
Posts: 2,220
quote:
Originally posted by jimkane
Okay, crew, I'm assuming M scratched his trade and went to enjoy the outdoors or some such rose-smelling nicety. I'm out of here. See everyone later. A few more people in this daily ES section, maybe T showing up again, and it would be quite nice. Lots more fun on a good trading day, too.
Yeah, sorry. I scratched the trade fairly early and just closed my charts down. Sometimes you have to know when enough is enough. Today was a waste of time and that's part of trading...
JI
jimkane
Rep: 3,058
Posts: 33,089
I was just hoping you caught some of it. I guess we both had the same idea.
MR
mreiserer
Rep: 110
Posts: 2,220
Well, even if I did it would have been 3.5 points at the most and I certainly wouldn't have exited right at the bottom, but waited to see if it finally flushes out. So I reckon it would have been 2.5 points at the most. With all the agony of sitting through the chop still a complete waste of time imo.