So, if we zoom out a bit what we have here is basically a 3 week trading range which could turn out to be either a consolidation before a new push higher or a sell lower. People tend to see what they want to see - so for some it's probably a double top or topping area. Last week failed both to push higher on Tuesday and we failed to push lower on Thursday seeing a great reversal back into the range after the initial attempt and filling a few gaps below. Note: We also saw a spike in volatility last week. Daily As my sample size and weekly prediction skills are limited, I don't put a great deal of faith in these predictions, but, I'm biased long for the week and anticipating a breakout higher as long as we hold above 2850 or so. Maybe 2975-3000 by end of week? Alternative scenarios: b) Continued trading range for a while longer and possibly an Inside Week contained by last week's extremes c) Actually breaking lower and starting a new major leg down from here. Admittedly not much more than a gut feel, but I don't think this is very likely from here.
went long overnight. Am hoping even I can't turn this day into a red one with that sort of headstart lol
Nice headstart! How about a rule to make sure you finish green? Could be a trailing stop, i.e., not give back more than 50-70 % of your realized profits. Or giving yourself 2 more trades after being up a certain amount of points. Or scale down. I'm doing something similar as I would never want a winning day to turn into a loss, but it's not written in stone as for when or how I stop trading.