ES Journal - 2019/2020

Stalling out here. I am taking profit and will look to get long again on pullback . Hourly looks overdone right here for now. Out 2560.25 for gain of 126.25 pts

 

My next stop would be 2670-ish, but that would put us at 8-9% up on a day with this unemployment???

I know nothing

 

see if it has another leg up here

 

Well we've had huge moves and very larger charts are active.

It's all about supply in the moment though. Doesn't matter how bearish or bullish markets are long term, if shorts are trapped if they don't give them the supply to cover they will be forced to cover higher, which helps support price. Still potential a trap long term, but maybe not an intra-day one. Think about this, once all shorts are out you will need fresh buyers to support price. That's going to be very difficult from what I am seeing.

 

The markets swing wildly by 200 pts intraday. So let's not celebrate yet.

 

Seems unlikely, yes, but so does this leg up to begin with. I just follow price with no regard for the news and in term of recent price movements, those targets are within what can happen.

As long as we don't dip a lot below 2535 or so - I think there's a decent chance we make new highs from here.

 

Trying to determine consolidation zone. Looks like 2600 and 2450 on chart.

 

Markets are no longer swinging wildly. Normal type trading ensues albeit the moves may be larger at a time.

 

Covered 38 from 65 cost basis.. 60 & 70 sell

 

You would never know. VIX still high up there, so wouldn't rule it out.