Expectations is of another 100+ full points today. You are just observing the foreplay with S&P up a lousy 40 points. A proper short covering massacre would be "appropriate" after PCE Price Index release. But let´s see. Keep an "open mind".
amazing action and range yesterday. Some serious profits/points available for those of you with the magic touch! I'm sure a few of you crushed it (LF, flash etc!) Small red here. Kept zigging when I should have been zagging! Always annoying in hindsight as days with such huge ranges that looks fairly 'smooth' in terms of the PA always look so easy after the event and a simple moving average system would have made some serious bank! lol See if we get some good action today. Hopefully i'll do a bit better
Why would you be really surprised? I revised my target to 5540 as I probably won't be around when/if it hits and I don't want to be too greedy. Move stop to 5455 to lock in some beer money. HODL to 5540.
Depends on where the markets at by then. If it's close to my stop I may decide to just go flat. May very well be stopped by then anyway.
..'trade the PA not the price, no price is too high or too low, just stay inline with the PA, and take into considerations multi timeframe support and resistance, pivots. '
Here is my MNQ trade in my personal account. I bought 1 last night at 75, and another this morning on the back test of Wednesday's low at 166.50. I just did MNQ because I do not fell 100% comfortable with overnight swing trades on NQ when I'll be asleep and unable to actively manage the trade. Which is funny as I'd be more likely to fudge something up if I were awake to manage the trade. I'm not sure I'll hold through the news. I'm not even sure I'll hold through the end of the current hour.
This is my technical artistry on the 15 minute chart. The white line is struck at today's open, the green line at the level of Wednesday's low, and the red line at yesterday's high. The blue lines are me trying to employ what I learned from Edwards and Magee. Whether or not I hold through the news will depend largely on whether price is above the current globex high or if it is double topping at that level as we get nearer to 8:30 AM.
The trader in me says its a double top at the globex high and I should take profits. Me right now The gambler in me says it's only 2 MNQ's and even a full stop is just a fraction of what I'll make today in my prop account.
Adjusted take profit to 258.75. I'm imaging a channel and the upper limit of it should be near that level. Stop loss is now 19172