Check out the 10:10 bar on ES. Essentially a failed breakout below yesterday's LOD. I've been reluctant to short beyond a scalp this entire week so far as there seems to be a ton of demand in this zone clustered closely together. Predictably, we reversed of the current week's Open now, so it's not clear yet if we mean reverse one more time or not. If, however, we can print 4500 and keep moving above that - I think we'll get continuation higher.
One problem trading micros is that I now find myself swinging for the fences on most of my trades being a greedy asshole, so I might have to find a happy medium. Took a few scalps with a full e-mini on the way up that's massively more profitable than my cute little micro trade.
Yeah, but I didn't have a great way to distinguish today from yesterday per my view. In other words yesterday my view paid off and made good money. Today had similar setup and it worked for a while, but once we got above the 4479.00 without any pullback pretty much knew I was trapped and had to take a loss. I did eventually flip long and get my losses back, plus made tiny bit once some charts started to into short covering mode. So, I understand conceptually what you did and you're saying, but for me to stay consistent it was just a trade I had to take, play the probabilities and if I am wrong, I am wrong. If that makes sense.
So for me, this is one of those things where you have to have a big picture view, conviction, and not get so caught up in all the noise. I was lucky enough to catch the sell-off at the end of the day on 2/3 but have been holding through all of this "muck" since then looking for a resolution to the upside. Based on today's action, the stops will be going in. I have been trading "stopless" because I didn't want to be taken out by the noise when nothing had occurred to change my view. Who knows how this plays out. Good luck all!
It's all good. I like to catch big swing moves, but I am becoming just as effective at trading smaller charts as well. Like there's been a lot of short traps set on this move up on smaller charts, that I've been longing.