On the SPX cash index, 4731 was tagged today. That is a longer term pivot target based on the opening range of the July-December 2021 period, as defined in Mark Fisher's book THE LOGICAL TRADER, page 52. The targets are based on the highest high and lowest low made between July 1-15. This is just an observation. Will (try to) continue to trade the markets as they are are, not as we wish them to be. All the best...
On the futures as well, yes? If we look at the last 10 Outside Days making ATHs and closing near the bottom of the range - only 1 out of 10 actually had any follow through lower the next day - and not much to speak of. 7/10 days closed higher net and above the open. Only 4/10 took out the prior day high, though, so probably looking at an Inside Day today. Maybe 4700/4710 if up.
It can be a hindrance if one gets too locked down in a bias, i.e., expecting up and ignoring the signals which say down. I'd say that a trader should stay flexible and losse, however, you also need some conviction on your trades. So it can be a tough balance at times. At least for me...
Yes! Science. But don't be blinded by the numbers. I read about a man who was killed golfing during a lightening storm. His friends told him to take cover. He said "what are the odds of dying by lightening?" And stubborn man continued to golf. Right up until the odds caught up with him.
what a trap. catch the run up to 4690.50 from last night's entry 4679.75, then doubled the position at 4690.75, was hoping to hit 4700 even. didn't make it but was stopped out at 4679.50. my guess is that the exchange margin by 11:45am tomorrow and everyone is leaving town and wants to cash out the chip. not a bad 2 days. c y.