Come on now, bulls. Let's show them who runs this town. Headed out for a bit of sunshine. Low expectations to be honest, but if we get a second push above 5800, I'm hopeful. If we do sell - I got played by the gyrations today and @QTrader20 is my new trading hero. Actually, maybe he already is.
Well the dust is settling, now they lay the multi-hour range trap. The whale algo's let all the smaller whales (and retail) load up on the zdte and the Friday options... happily feeding in the chop while their machines expertly calculate when, and to what degree their next big directional move should occur. Envision a craps table. Right now I suspect today's game (atm) is at the point where the most amount of felt is showing. They'll wait tiil the felt is once again obscured by all the chips of both bears and bulls... figure out the ratios of each, and deliver a few candles (directionally agnostic to their grander move) that clears the felt again... then make the sharp move up or down to the next level they want to set the trap. I don't think any of us, despite whatever indicators are used individually, can accurately predict that near term direction atm. That's what sucks. You have to sit there and wait, with no inkling of when there'll be enough chips on the table to hopefully spot the precursors to one of the table raking moves. It could take one hour, two, three, or 30 minutes. Edit: If anyone understood what I just wrote lol... more power to ya. It's hard to explain actually. Or at least put into words. But I tried.
A long term sticking point for me is differentiating between a reversal and a retrace on a down day. Maybe it's not so strange considering all the wild reversals we've actually seen over the years. I was leaning short until 11:55/12:00. Any advice, anyone?
I am not profitable but just wanted to add to the discussion since I have been watching on the side lines until I joined a few weeks ago. But maybe it is unsolvable? Or you have to wait for further confirmation. Because you will never know when someone(this could mean more than one persons, algo, etc.) decides to sell at 12:00(at the high) if the wave of selling didn't come in your analysis might have come true. It could have been a V day like many other times. I guess what I am saying is you can't really know? Just my thoughts.