ES Journal - 2019/2020

eXIT LAST 1/2 3673.5 +15

 

Well done!

 

My analysis and thinking was that this was a good level for a Xmas rally to launch from.

 

Thank you LF

 

Great job EON Kid...Once the market went above the 5min 3x3 at 11:15 it hasn't closed below it since then. 2 hours now pretty much straight up!

 

Update. Must have been something magical about that 3653 level. LOL.

 

3653 is the 50% PB of the recent up move of 3636 to 3671 using ETH chart.

 

Interesting. Not how I derived it, actually. Must have been an interesting confluence. Usually don't hurt when that happens.

 

quite a few traders have been sharing their using effectively 50%PB a lot.

 

Sure. Definitely worth paying attention to.

But on a move-by-move basis - not so sure. And often you'll have multiple moves on your chart. So, do you look at the 50 % of all those...? Suddenly, you have a lot of lines on your chart which all can 'matter'. I've done some work on the distribution of retracements on 'major moves'. There does not seem to be anything magical about the exact 50 % retracement as far as I can tell.

I pretty much only use RTH charts/values for my analysis, but I know other profitable traders would disagree with that...