Yeah, but point still stands the news doesn't really do you any good. You can't consistently make a career off of trading news (or very very few people can). You can make a career off of learning how markets work, price action, signals and etc that give you hints as to how bigger people are already likely positioned. Than when the "news" "randomly" hits, you'll already be on the right side anyways. Just something I've noticed is rarely does news come out and the market ends up going in the complete opposite direction that the charts were positioned in. It certainly does happen, but not often and even some of the times it does happen, it's just a temporary move against to shake people out and than we return to the scheduled programing.
That might very well happen. The last time we had a 10 % correction (September 2020) it was pretty much smooth sailing once the LOD was in. That is - we went almost back up to the HOD before another leg lower making a higher low: The last time prior to that (skipping the Covid plunge) was September 2018 and we had a 60 % retracement off the 10% level before a new plunge for a 20 % correction in total.
I agree that it's not the best spot from here, although this looks fairly bullish to me from my POV. A lot can happen between here and Friday, though.
With no intent of turning the discussion or the thread political, Fridays jobs numbers are expected to be terrible, and are already are in full spin mode... if one knows how to locate "news".
Wouldn't "terrible" jobs numbers support the case for a long? Terrible jobs data might make people think that the Fed would be less likely to raise rates right?
I also think people need a reason for the markets to go up or down, so they love the thought of being able to point to the latest news story as why the markets move. If you think about it, it basically removes all responsibility from the individual that thinks like that. Now they can feel good about missing the move or getting caught in the move "oh man no way I could of caught that move" or "oh yeah that's why my trade lost, it was that surprise news". That's much easier and feels better than accepting or working to figure out ways to be on the right side of trade and build a consistent risk management plan.
This is too funny. I wanted to revisit 2 weeks after the last post regarding this. This time I included the percent scales on both charts. Check it out---- on the left side. Pretty damn close. These both go from 11/30 to 2/1 of their respective years. I don't necessarily think it'll prognosticate February 2022, but so far, for the last 2 months at least, history would appear to be repeating lol. So.... Here's the picture of QQQ from Jan 1 thru St. Patty's Day of 2016. Who knows if the pattern will continue or not. It'd be funny if it did though. Beats me. If it does, we're heading down this week.