I think it we will break bellow 116 we will see gap fill on daily very quickly. This triangle needs to solve - and that gap is big magnet. Edit : Do you feel tension?
Even when you trade alongside an established trend, proper ENTRY is still a vital key to successful and effective trading.
I am not trading today. As far as I see situation today, we are bouncing between 100 and 200 SMA on SPY. I do not want to be on incorrect side if one of these will break, and I want "support the winnig side". If we will turn down now it will look like double top and it can be very violent.
My 'stop' is a large percentage of my account. I am always quite UNDERleveraged, and even when I have been on the wrong side of a VERY RARE strong sustained down move, I have been able to 'trade my way out of it'. In the meantime, I go through very long periods of taking +3to 5 points everyday on long trades and thus am able to withstand an even bigger move against me as my account grows. This is how I trade the ES. I dont trade like this with other instruments, but I have personal beliefs about the upside bias of the ES which governs my decisions. I imagine Ammo trades in a similar 'style'..?... (although on the short side! (rather him than me!))
Apex 82 was quite brilliant. I remember his endless calls. We need more like him in here. Only a few of us actually post trades. Id like to see you post some calls Vol! I reckon you know your stuff