I realize we touched the June low, but for me, I don't see a bounce off the June low as was suggested earlier----
B1S2, we are totally screwed until we see true capitulation and the Fed going "whoops we went too far and we did not know the data." I should know, I am long in the biggest drawdown in ET history...2300 (M)NQ points. I am not proud of this. But it is real, and I really hate it.
It's a bit larger than I am comfortable with. 2300 points is quite a large drawdown. Considering the time left for the position, it does not bode well. I think by the time middle December comes around, this trade will close at a loss but at least not as large as it is now. As a bull, I got caught up in the bear. Oh well. That's the way of the Fed.
I don't mean to pour fuel on the fire, but why the hell did you not bail out earlier? Or use any stops?
Short 31 SL 64 If I'm correct, it should rally up to 64 and reverse. Believe me, I'm your trusted contra-indicator.
Because of the action I saw during the June-Aug run-up. I thought it would continue when the Fed started talking. I am just burned out on trading daily ranges, and I have been on a trend-following thingy for the past 6 months, and is has not worked out. I really thought inflation was licked in midsummer, but nope!