I am closing the short position with a minimal profit. Price pattern gave me the impression of a move down and eventually it happened but with very limited momentum. We may still have a massive sell-off but I decided to reduce risk and close the trade. I may re-short the market when we break down. Meanwhile I am neutral.
Over the previous week the market is very strong as it didn't react to all weakness signs I was getting. Right now I still see a weakness. SHORT ESZ7 @ 1553.00
I don't like this price action plus major economic numbers are about to release tomorrow, led me to decide to take a small profit and to be on the safe side of the equation risk/reward. Covered at 1551.50.
It's been a tuff trade. I Closed the short at break even. Usually when a trade is going against me in such case , I am trying to get out ASAP though I believe there is still a chance for down side move in the coming days. Good trading
The market is strong. Though tomorrow is option expiry , I still see a positive picture that makes me to trade the long side. Long ESZ7 @ 1554.00
Close long @ 1519 Market is on major sell off. Maybe because of options expiry. I sopped out with major loss but not one to wipe capital. We keep risk management and that's why we still have gained major profits including today. Good trading
Sorry for not updating here for a long time. It's hard to update on real time on several places at the same time... Anyway , Bearish divergences are spotted at 60 min charts on almost all leading indices. This doesn't mean the market will drop tomorrow but it a thing we must take in account. The uptrend is still intact and those of you who are investors , I wouldn't be too worry. Usually it takes for the market to digest this divergences. The long the digestion occurs , the reversal will be sharper. Not to forget , on the 11Th , fed rate cut of 0.5% can cause this analysis to be irrelevant.