You seem to be contradicting yourself. First you agree with me saying that this is not the time for slow uptrend bucks to be made, and in the same sentence you seem to insinuate that I am saying this time is now, which I am not. High volatility markets are fun, but they are jumpy and not possible to trend very effectively in a long term trend following perspective. Which is why I say that the slow uptrend is the place to make the big money, when it is occuring. Right now it's not occuring, right now this is a high volatility market that could go either way. When the slow grind up begins again, which it shall but I don't know when only how to identify it when it occurs, this thread will grow quite again as everyone is just going long and making big easy money. It was never my thinking that made me the big money, it was my sitting tight.
Buying and Selling...Supply and Demand...Greed and Fear...human nature, indeed, never changes. That's the basics of it. But 1929 and 1987 and 2000 and 2008 and everything else in between are all unique scenarios and cases. The devil is always in the details, to succeed. Pit traders who scalped for profit are extinct unprofitable dinosaur traders now, for example. The big money, in my opinion, is not made during boom or bust cycles...but rather being able to do it relatively slowly, normally, ideally everyday. Be Both...the tortoise and the hare.
It is the best book to read once you have earned some knowledge in the markets, before it is very hard to decipher the gems in it.
in the short term we bounced on the long term support and are now building an ascending triangle that should carry us up to around where the long term resistance and short term downtrend cross large chance of a drop down from there to retest the lows and start creating a larger descending triangle. 4h chart daily chart
Big picture time. Friday's failure to launch was a significant development. We held the 3/27 high nearly to the tick. We have had two nearly equal price impulses dictating market action, 3/22 post fed sell off and 4/4 engulfing day. I always consider fed catalyzed price impulses to be important areas of interest. We also have the 100 day and December pre breakout highs just above at 2700. Given our Friday failure I see that as a brick shit house of resistance should we move above 3/27 highs and would be looking for a false breakout. Under the hood the xfl put in an engulfing reversal. Again, right at December pre breakout highs and right in the meaty part of 3/22 post fed impulse price action. There is extremely strong impulsive price action providing support going back to 11/28. Everything being equal, don't fight the fed. You actually have to consider the impulsive price action form 2/2 and 2/5 fed induced with 2/5 being the day Powell ascended to the Chair. All that being said I see extremely limited upside and odds favoring the downside to Feb-March lows from here, not in a linear fashion or dramatic crash although that could easily unfold as well.
Soooo what`s the point .. aside from some old, regurgitated cliches & your new avatar with a couple of semen stained blankets?
Looking for a spot to slide on my shorts.. one leg at a time... Resting GTC sell/ buy orders placed well off current market are still in place... One more hangman spike north would be ideal but don`t see Bullys having the ability to get it up.. pun fully intended. PA Gettin` Gettin`Gettin` Kinda Heavy....
...That's your theme song...it's heavy on the intensity and emotion and aggression. -- All killer emotions for a trader to possess. Most traders should attempt to remain calm, and neutral, and patient, and open-minded, ,