well, looks like we recovered from the Brexit. Some of my friend who aren't traders recon that the Brexit was gonna cause the next recession. I seriously can't see the ES drop out of the sky without some sort of serious catalyst, and I mean bad financial issues, like a major country defaulting or some major company defaulting.
Reminder--these position trades are at 2 times margin whereas the trades I take daily on short term charts can be up to 10 times margin on the very short term charts.
I shorted ES @ 2090.50. A stop loss has been placed at 2090.50. I am looking for a move down to at least 2028.50, which marks a 61.8% retracement of the move from 1981.50 to 2104.75. Moreover, a move to 2028.50 on the ES would most likely fill the gap on the daily SPX chart between Tuesday's high (6/28) and Wednesday's low (6/29). It has been my experience that daily gaps on the SPX eventually get filled.
Certainly. The smaller the time frame, the smaller the stop chartwise and the bigger the position taken.