posting my wave count for you's guys.... could be way wrong of course.... ..was thinking wave 3 might go to 1375 or more... feedback appreciated.... respect.....
Went short for a scalp from 1403.50, closed at 1400.50 for a quick +3. Long from 1401.00 Stop 1399.50 (6 ticks). If I'm wrong, I give back half my scalp. My anticipation on this long is not a scalp, but rather long yardage. First PT is 1414 (13 points).
Interesting note ... was just watching Bloomberg and cnbc simultaneously, and both had interviews of fund managers being asked the same question - how much of their portfolio was currently in equities. Can you guess their responses? ... no surprise - Bloomberg guy: <25% ... cnbc guy : 100%.
Stopped out at open. That's what I was afraid of. Was hoping to get well above my stop before the open, because it always whips around in the first few minutes. Presently flat. EDIT: Still unclear about market direction here, so remaining flat for now.
price action extra choppy this morning.. not surprising, but tight stops more likely to get hit quickly. yesterday's low finally reached.... down so far looks like up to me!
These markets are very easy to trade these days aren't they? Every day has a trend (or two). Good trading to all.
When trading with the longer term trend, stops can be expanded away from your entry. When trading counter to the longer term trend, that 's when they need to be tighter. It is very hard to lose big money when trading with the longer term trend-----very very hard.
Long here from 1403.75, with 6-tick stop. EDIT: Stopped out. Memo to self: If I'm going to trade with these close stops, I have to wait for better confirmation before entering. (I can see B1S2 smiling.) EDIT: Move from 1392.50 to 1409.50 to here (1397) is way more than a standard 50% retracemnt, so I've gone from bullish to neutral. Back to being unclear on direction and on the sidelines. Too anxious to get in the action for my own good this morning (i.e., overtrading). EDIT: Wonder whether today will be trendless sideways consolidation here around 1400+-, more suitable for scalping than long-ball hitting? Seems to me we haven't had one of those for quite a while.
Looking at daily chart, two things strike me: 1. We haven't had a daily range less than 20 points in ages. Perhaps one is overdue. 2. Presently trading within 10 points of the bottom of a 90-point-wide descending price channel. This makes long-term trend down but most probable intermediate-term direction is up. Of course, this analysis is +-10 points, which doesn't help too much tactically when trading with 6-tick stops.