ES Journal - 2016

Nasdaq had held near -20% from ATH twice, there is an open gap at 5k. Retrace maybe, 5k tag is what I think is coming.

 

No indication to go short yet.. True indication is if 1958 zone busts with conviction.

Otherwise treat it as free money. Pick a point of retrace and go long. (BTFD)

 

On The 4hr, our channel is 2026 to 1994, tapering towards the sideways direction.

 

A deep retrace like this provides plenty motivation to be on the short term sell side.

 

If you treat every trade as a long term trade, higher probability your TP hits, even if it's short term in nature on entry and exit.

 

Trading is personal, as humans we seek our own level of perfection. What works for one doesn't necessarily work for another.

 

I get all excited when I see traders trying to pick a top. Just gives me that warm, fuzzy feeling all over. Like watching a car stranded on the train tracks.

 

I know this journal is based on S&P500, but you can't ignore Nasdaq, not in the age of technology progress.

 

don't short and be a hero until it's clear that it's time to short

 

Always stay with the trend until it proves otherwise. Even though I believe that the 2020 area is the top means nothing. The trend is up until it isn't.