Discussion in 'Journals' started by johnnyrock, Jul 20, 2017.
That's not a signal
Wouldn't that qualify as relevant, considering real life feelings if fear and greed?
For your sake, I hope it plunges...I just don't see the R/R rationale from a technical perspective.
Are you forgetting that yesterday we had a 150 point NQ sell-off, and it has recovered only ~24%? Not to mention...Have you ever heard the term "Friday-afternoon rallies"? I think those happen more often than "Friday-afternoon selloffs".
Lol. You may be right. I have been reading Farley's book again and attempting to play off tje ebb and flow of range expansion/contraction.
Not a signal, but the risk of holding overnight dictates the closing price. And in this case, it's over the weekend and a particularly risky one at that.
Combine that with the 2:30 tech peak, rising VIX, divergence between Finance and Tech, and there's a pretty good bear case for the end of day.
I only take technical trades. I'm not smart enough to figure out the meaning of life everytime I take a position. As to overnight risk, it's a bull market 'till it ain't.
I agree with you being bullish--am myself in fact. But I suspect we'll go down, not up during the last 15 today...that said, I can't say I agree with J-Rock's time stop in consideration of that.
Today is a good day for mid- / long-term profit taking, with a perceived risk that could spiral out of control hanging over the market. Traders may rule the day, but institutions rule the close.
If I followed that advice, I would literally be rich! Although this trade is actually trading with the very short term action of late. IMO, a large descending triangle broke down on the 240' chart. As far as tje bull market is concerned, this is not even a blip.
Instead of closing this at 3:45 I am going to let this run into the close. The price stop remains the same.
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