On a day when just about everything was red my preference would be to look to the short side (if I traded stocks in this case) with this double top into 150% external retracement: Everyone WAFU tonight haha
My oh my, what a linear day! This type of trend line voodoo should enrage the TA haters. Once you have 2 reaction highs connect with a trend line & than extend out - that's where she goes, the path of least resistance.
I haven’t been a Pure scalper for a very very long time. Since then I’ve used those skills to leg into inter market spreads on appropriate occasions. To me, speaking from my own experience - there’s more risk to waiting for a market pause and a Retracement to fade than there is to race a fresh breakout. By racing a fresh breakout I mean to hit a bid or lift an offer when the market is moving fast beyond a recently established trading range. We are in extraordinary times with the volatility and trading range to justify this measure. Under subdued trading ranges naturally this is a trap.
When I scalped Treasury Bond Futures - I was very very keyed in on highly correlated drivers. I watched the Cantor Fitzgerald and Brokertec Cash Treasury Markets, the CME S&P Futures, the Yen, the Dollar Index, Gold, and Oil as I recall. In the PIT you had maybe a half second edge to pick off paper. You had to understand what drove Commercial order flows.
But squids do not have bones, and yer being all Admiral Akbar there, bone. Teehee. https://www.youtube.com/watch?v=4F4qzPbcFiA
Overnight (Not US NYC trading hours) the ES Futures will move substantially due to Asian and then later EU market influence.
Yes of course, same with Forex, but the market could continue its Asian-European trend or reverse completely, later. Not sure how the Asian session could be used to consistently predict tomorrow's price.