The market is neither rational nor irrational. You learn to trade by learning to read price behavior...it will do what it will do but you can know what is more likely than not with the effort required to understand it. From that effort and subsequent understanding a base can be formed to test strategies based on price behavior.....and become a trader.
Multi week high coming up here at 2947,25. Even though I think we will trade it and possibly through it by a fair amount, I'm not playing it. I don't like the R/R on this trade as the upside is uncertain and sellers can hit the tape any minute now. EDIT: The market does like round numbers, so maybe a 2950 touch before we pull back for a while.
and who’s judging me besides you two lecturing yodas? i was being facetious in my remark about closing your eyes and holding to 3k yet I believe we will get there based on this fomo short squeeze and I am long and plan to be all day unless market tells me otherwise.
Im also a price action addict but today Id' rather close my long and run then consider going short when the patterns turn. really, not today.