Emini S&P 500 expectations.

Targets set just in case this works...

 

I was WRONG again. My stop was hit. I am looking for a new long entry unless the market environment changes.

 

Market is still pulling back as I write this. Trend is up. Looking for a new entry for a long position.

 

I am expecting 2776 support price level will hold forming a base to resume price moving upward from there, more price action is needed. If it does not hold I will need to adjust to what the market is telling. Look at the day and 4 hours charts below.

DAY CHART:


4 HOURS CHART:


Please drop comments, any ideas are welcome.

 

It seems like you're often entering late. After the market has gone X point in one direction is not the time to join that direction.

Know your market. Know how much it can go in one direction before retracing. And how much it retraces...

If you missed an entry, you can always sit on the sidelines and wait for an opportunity.

 

Laissez Faire, thanks for your opinion, any advice is always welcome. Thanks again.

 

Another thing is that my method is not 100% bullet proof, on average I am wrong on 40% of my trades, that is the reason I only risk 1.5% of my trading capital in any trade and my Margin to Equity Ratio is always less than 12% per trade in order to have low drawdowns. I am always working on to improve these statistics.

Thanks again for your advice, I have an open mind looking to learn and to improve everyday.

 

The support level did not hold, interesting.... Waiting for more price action to decide what to do.

 

This is the day chart, interesting to see what the market will do inside the blue circle.

 

By the way, this is my trading gear.