Another bad start of the week with sloppy trading, I'm afraid. Took a loss overnight on an early long with a too wide stop. One thing is knowing what to do. Another thing is to practice it flawlessly. That said, I'm long again from 63 and will probably stop out around B/E in case we pull back even lower. What's your take?
Weak bounce off 3750 for now. Basing out here or moving even lower before the Open. My crystal ball is fuzzy. For now, I’m reading this as a deeper pullback before the next major move higher. Already hit my anticipated levels to the upside, but, I think they should print during RTH before any major reversal lower. I may easily be wrong.
Interesting. I was most definitely wrong so far. Stopped out of a few longs. Maybe all the way back down to 3720 by the Open, then. Congratulations to those who faded the highs and shorted this. I didn't see us pulling back this deep. I have no problems admitting that.
Early longs and weak hands probably folded on that pullback. Add in some short covering and late shorts. Up we go. At least it's an interesting story...
Took a few stabs to capture this falling knife, but now that I got it I'm going to be a long gambler just like you and simply hold this. I feel very strongly about a new move to at least 3800 and probably 3820 and even beyond. I just don't know how that path will unfold... Most likely not a larger gap down on the Open, but will run from the Open if we open around unchanged or with a smaller gap up. Even a larger gap down I think would be a good buy.
Everyone has their way of setting targets, I know that B1 has a fluid one, not predefined by any level, he looks at price behaviour, I like to go with 50% of whatever previous range you are looking at, so I would set a target close to that 50% of the previous range, therefore initiating a long position very close to or right at support, most of the time, not waiting on price to confirm a reversal, sometimes can be seen on 1 min chart though (fwiw).
So, based on that. Where is your target for this up leg? I'm probably going to take an exit at 3815 if I get it. That might be as much as we get pre-market.