SInce you are trying to daytrade the E-minis you really should consider the TICK. For example, I can tell you the TICK has been bearish all day today and therefore sends warning signals about going long for most of the day. Also putting some trendlines along the SPX or E-mini charts would highlight the downtrend and the fact that no significant reversal has occurred to trigger a long position. You are trying to catch a falling knife. You seem to simply be trying to guess the bottom which is a very very difficult game to do. You might hit it eventually but you lose along the way as the market keeps moving lower.
No, all lines and that is how I get into trouble... started imagining things. I would scratch the trade if I am not doing this journal thing.
I am not. You trade the trend and I trade reaction to my levels. If everybody is trend trader, you think you would have a winning trade. I am your bread and butter. P.S. BTW if this moves back up, it had nothing to do with the rubber band trade. I don't know what it is.
What levels, I missed what you were referring to? Also everyone is a trend trader, you are either trading the trend or trading against the trend, be it short-term or long-term lol. Phil
I think you are right the market is weak. But I am just trying to scalp when price hit my lines while other technical works line up. Today, there is no clear formation on the way down. I started imagining stuff. Maybe it is just chops. But I don't trade "prevailing" trend.
martys, look I can't figure out if this is painful to read or entertaining. If you were an ass, than we would be laughing but... man I can only say this... Do You Want To Be RIGHT? Or Do You Want To Be RICH?