Week : -90, +365, +255, -40, +265 I kept dipping my toes on the heels of the weak econ report and kept gettin stopped out. One stop out is ok but I guess I wasn't satisfied with one. I decided to let price play out a bit and finally saw that the buyers decided to support 2842, but it was only for a brief period. At this point when you look at the price structure it looks very weak. I mean if you were long would you want to see that many lower highs in an otherwise strong up trend? Probably not. So I felt strongly that the line in the sand is 2842 which is right around those levels that were mentioned this morning. Enough conviction to enter full position on the break of it. Once filled, my first contract is taken out when price pauses. This is to help pay for the trade incase those dip buyers decide to jam it up again. Then I trail my stop on the second lot and monitoring price to see how quickly it can cut through 37. It was a clean sweep so now my target on this second lot is 31. After closing the second lot I let price pull back a bit, but I remind myself that we are in a very powerful macro up trend and a V reversal is possible. So I close in on my third lot. Hope you all had a good week, the journey starts again on Monday
To see more upside price needs to break above 2842 and use that as support. I'll be watching this level carefully to determine whether I short this level or not. If we don't hold it then downside targets are: 2828.25, 2820, 2810, 2790
Damn, dissapointed that shorts couldn't flip 2820 and turn it into resistance. Otherwise I think price had enough speed/momentum to take out 2810 and possibly bottom around 2790. Maybe they can still do it, lets see..
Rallying back now... Instynct, I also trade the NQ as my weapon of choice. Do you ever look at intermarket relations or components of it to see where thing are at (i.e. aapl, msft,intc?)