You don't like TA in hindsight. You don't like TA in foresight. What do you like? And I did not say anything about a signal. I did more or less explicitly allude to what might constitute a signal. But that made no reference specifically to the 50 day SMA. I am long ES and holding through the close and weekend.
Price? Stop? I like the entry, but can’t help but wonder if this correction will continue. Might see some buying next week first regardless. Good luck!
I bought a handful a bit early when price traded 5150. I added in the low 5160's on the pullback in the minutes following 15:51. My average is 5156. No stop in the market for now and I'll wait to see how it opens. A red close Monday, unless well off the low of day, would be bad voodoo. I welcome any luck the market throws in my favor!
Sorry if I misunderstood you. When I read 'I'm going to buy small ES' I thought you were going to go long. And I understood also that you were referring the to 50D SMA. Again, my bad. And I was asking a genuine question. Are you the same guy as Scat but under a different nick?
I did go long. I just wouldn't call a moving average a signal. I think of it as more of a mean reversion indicator. No lol. And I am sorry if I misread your intent. Trade on and trade through!
Its a solid setup, and we know damn well how the Sunday night open might be a huge gap up if nothing happens over the weekend. Then you might easily be 100 points ahead while everyone is trying to figure out if the gap up open will keep running or retrace. But its 2 days of being stuck in a position if bombs start dropping! LOL... Excellent transparency on your call though! If it gaps up on Sunday, Scat will say buying at the close on Friday is a great long entry.
The line he drew was, is, and always will be meaningless, imo. +100 on the rising wedge you noted. Here's one, hindsight, yes, but also foresight if Monday sees a bit more selling and a test of this weeks low: The NQ trading range has a lower level that I've marked at the lowest daily close since the range started to develop. That level is 18063.50. Each time price has traded below that level intraday, the market has rallied hundreds of points. IF NQ trades below 18063.50, I will be a buyer if it rallies back above that level. I do not know if NQ will trade below, trade below and reverse, trade below and collapse, or gap up and never look back. But I do know that I have an excellent set up to trade if price trades below the lowest close and then comes back up through it. Also, the day after the lowest close saw the lowest daily open since the range developed. That makes that level between 18063.50 and 18073.50 especially interesting from me. If price closes below that level, then I'd be looking for what happens next.
Ugh, so we all thought at the close. Now we hear Israel is on high alert for possible Iranian attack over this weekend. Hopefully, he'll be able to get out without serious damage. This is why holding a position over the weekend is the single biggest risk a trader can take.