What's the point? The money has been in selling all rips for three weeks in a row now. Taking longs in current structure makes no sense.
I think @flash crash is right. Close out the week near the lows. Maybe we can see some capitulation and panic finally into Monday morning. This rubberband is going to snap back at some point, although I'm pretty sure we are headed down after that bounce to put one more fresh low in at the very least. I'd like to see some panic selling into the close tomorrow followed by a fat gap down to get long off of (still risky as hell).
Longs can be taken with close stops as nearly everyday there are long opportunities on the 1 minute chart. A short that is held all day would likely need less leverage in my view. ES/SP is a long only market that offers quite a bit of support in general.
Well, that depends on your time horizon. On the 1 minute chart, both shorts and longs were profitable. Long only means that ES/SP is in general a market with folks hungry to provide support and to bargain-hunt.
Oops, sorry. But my remark was in reference to the previous bear market. circa dot.com crash. Trump factor is just a catalyst for the current selloff, albeit a major one. I think we would have sold off anyway, with or without Trump's unremarkable input.
The hourly chart appears to be losing downward steam. I think there is a greater than 50 percent chance of a large bounce tomorrow and I suspect there could be quite a bit of short covering. However, none of that matters if a trader doesn't use prudent risk management.
True. And yet I am sitting on a very good week at the moment and 75% of my net is from the long side. Goofy? Yes. Yes I am.