typical bear raid to clear out some shorts for a push down. trendline here.. for weak shorts to cover.. here. in forex this is done a lot on news reports, and I see it happening in spooz more, a large player will spike it in the opposing direction to clear out stops then quickly reverses it down...stranding new bulls at upper price levels...and destroying other trades. RT letters sent out...
sure was....stopped on 58/59 sell.....maintained 65 sell.....staying power a must on short side paying off...i believe we`ll see fresh lo`s & all rallies to be sold . edit:fresh lo`s could easily be next week as well. a higher hi here would`nt surprise me to 72/74.....
I'm a true believer in algo trading. I don't have the patience to manually enter trades and conduct risk management minute to minute. I will enter trades manually only if the systemized trigger going to lagg, or frontrun my own system. All it takes is a few seconds lagg in risk management, to fuck up your whole trading day.
had to be quick to take profit there.......covered a few at 54.25...but not enough....had scaled buys down to 50.25.
ES went over the overnight high on massive volume, and sharply reversed. The pivot point here is 73 (I figure overnight numbers in my calculations), and that was not hit. I'm still keeping those buy limit orders in place for ES and for stocks. On a positive note, LOW and HD (home improvement retailers) look stronger than they have for a while.