Well the pre-buy signal barely even held NQ up and did absolutely nothing on ES as it actually made a new low overnight. So, I am back to the expectation of 11208.00 NQ getting filled on NQ and will trade accordingly. Any longs I take will be taking profits quickly. As lower probability we get continuation moves that sustain themselves. If we get some decent up moves prior / during open and can find a short setup, than I will be looking to hold a runner to the best of my abilities to 11289.50 which is a place where NQ can get a bounce and than I will look to re-short that bounce for 11208.00.
I try to adjust based on what's happening. Trading with-trend on a trending day, I look to put pullbacks and ride to new highs and keep repeating that. If I trade counter-trend because it looks like price is climaxing at a critical level after multiple legs up, I'll scalp. My exits right now are based on the 5-min ATR but I see now that it can be flawed in a range environment. If you get in at 1000 let's say and the ATR is 5. If price goes against you at first to 997, is the target still 1005 or should it be adjusted to 1002? (1002-997 = 5). In a "confused" environment, I think the latter. And that's assuming there are no critical S/R levels in the way which then should take priority.
Often, but not always, there's some consolidation after a major move. Monday was a major move down, so Tuesday was an expected consolidation day on that basis alone.
I don't think we'll see a sustained trend higher until post-election - barring any news items (vaccine, stimulus, etc.). So, generally, it's good to be prepared for some range bound action. Since the volatility is so high - there's still very nice moves (mini-trends?) 10-30 points up or down to ride in any given session these days.
Market fixing to punish the stupidity of the Trump/Pelosi/McConnell triumvirate. McConnell is the worst of them. Never trust a man so profligate as to require three sets of double consonants to spell his surname. Such a man will always force austerity on whomever he can out of guilt over his extravagance of consonants. I wonder if all credibility has been drained from the creek that powered the water wheel at the rumor mill. But wonders never cease.
Came close in ETH. I think we have a good chance of printing 3287 today. Should be good for a great bounce. Either way - odds are strong we'll see a higher close than we open. Good luck all.
Medium term charts really oversold here and in a spot for a bounce, so hoping gives the market some lift, so can look to short into it and build a swing position short. Hope not a good thing to rely on. Good chance of NQ 11289.50 and than after a possible bounce there NQ 11208.00 so similar view as you today.
The specialists/dealers really don’t care what the latest reason or price is. They just see an opportunity to build inventory at a value price and kick them out at higher levels.