Quick update to highlight where we are...
We're finally extended back up to the top side after making a nice bottom on good volume. Back on a ledge again after the rally this week, but with the VIX lining up for a top, we'll likely see some chop or a drop first. The strength points to a shorter term bottom for now though so don't expect the drop to be as vicious as previous. I'm not convinced the trend has changed to up in the long term and would not be surprised if the big down trend continues, just after getting everyone excited to jump back on the endless rally... Don't buy it and be ready to short again soon. Our Emini day trading proved that the chop we were expecting was real and gave us a bunch of decent setups off the support and resistance zones. I got long a few times early and couldn't get a runner in the bag, but saw something happening around 10 AM Chicago that made me want to shift to a short, and it exploded down so fast that it stalled my platform. Those are the kind of moves that if your stop is triggered the slippage is 10-15 points and there isn't a dang thing you can do about it. Truly a scary thing to watch when it is happening. Our zones pulled their weight again as we kept bouncing nicely between them. The zones gave us some nice structure to frame the day and take some profits. Not as much as I hoped but any up day is a good day. Tomorrow (Friday) will be fun as selling the bounces seems in order as long as we trade what we see, not what we think... Down is our expected direction on Friday so keep those longs on a short leash, especially in the morning. After that we may get a bounce being that Fridays are generally bullish, but we'll see. Make your points in the morning and do something fun in the afternoon so you won't have to worry about the slow moves in the afternoon... Good Trades, Trader Joe Comments are closed.
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Author"Trader Joe" trades the Emini S&P exclusively and is the main influence behind EminEdge.com. Archives
March 2020
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