After consolidating around upper fib zone in less than 2 full trading days $SPX smashed into lower fib zone:-
omg, done for the day. Easy ride for the first 20 points on 8 lots in the morning. Then I went long 12 lots around 3695+/-, moved down stop loss multiple times and decided to cancel because I don't want to take losses, finally bounced back exit 3698-3699 in green, it is luck but all the indicators point to a bounce. It's scarier than yesterday and the day before.
Yeah either best to step away or just accept the action for what it is and work within it. Have to really hold your short positions for a good while, if want to cover it substantially lower. Difficult to do mentally, but it's been doing pretty much the same thing over and over for past few days.
Next target for ES is 3640-ish. Not sure if that can happen today but down we go for sure. Stay safe everyone. Our job isn't simply to make money, but to stay alive to trade another day.
Fighting the urge to chase this move.... I need a life coach to come and take my mouse when I get the urge to sell a winning position. Congrats if you are still short!
Caught a nice one @ 9:46 rode it a bit, cashed in. Tempted a few times but hard to tempt fate with a green day and week in hand.
Anytime your up 100+ handles... or up 100% on your money is a nice time to set a super tight trailing stop on half position.... eliminate the emotion!