How's everyone been, Perceptions are long term sideways chop, the FED is keeping a lid on explosive upside with a 'pending' rate hike. The bottom is protected by the banks/FED which need to sustain the wealth/account balances in 'market participants'.. Market participants are mostly retirement accounts/college savings plans, a constant amount gets allocated to the market, so prices have upward bias. interesting trade is the gold trade, people can't explain why it keeps trending down. So in this type of situation just sell it short. A confounding trade is one of the better trades, since most aren't biased in taking it. Chris
Gotta ways to go on the 4 hour bar right now. So difficult to say what intraday will be the rest of the day. The 82 area may provide support. We'll see. For now I will be long on a buy stop at 2088.50. Otherwise will look to sell rallies.
Phase 3 of the journal is a Socratic theme. You've asked a great question about stop size. Yes, stop is way too large for a day trade. -As far as H and S, I don't look at patterns like that.