Nope, this is not a normal drawdown. This it total liquidation mode tonight. We rarely if ever see a drop this severe in both NAZ and ES. This indicates we should have a sproingy bounce to at least reasonable levels by end of week.
You are correct, the probability is this is not a normal pullback. Could always get a V shape recovery, can never rule that out, but that's just not the probable scenario here at all. NQ has it's last defense right around this 15600 area, start trading much below that and probability increases for another mini liquidation event, like when we lost 16000.
Your panties get wet because of a 3% move? Have you entirely forgotten flash crashes the 2008 market sell-off and countless other events that produced real moves? Total liquidation. Lol. Well I hope you are short to the hilt and make a killing granddaddy.
Not exactly. I made a good trade in the MYM this morning, caught 140 ticks long, but have long positions in MNQ and MES that I am nursing. I am not worried about them at the moment since they are, of course, in the June months. Time is my only edge. The MNQ is 16240, and the MES is 4688. Based on my observations though, these declines are uncharacteristic. I'll have an update in my journal on Friday, of course.
Mmmm. I see what you are doing here. You are trying to puff your chest and are saying that you have suffered greater drawdowns than I ever have, and should not be shaking in my boots. K, so where is YOUR fucking REAL trading journal? You talk the talk. Do you walk the walk?
Total liquidation mode? Did you already forget March 2020 or even parts of 2018 when futures were dropping 3 to 8% overnight? The S&P and Nasdaq are down less than 1% as i type this. Probably just a milder repeat of late 2018 when the Fed realized they couldn't be so hawkish since it would cause the markets to tank.
I am not TALKING about the percentage of drop. I am talking about what seems to be happening on the institutional level. They are liquidating positions in toto, not transferring to other asset classes! They are going to cash. That is what I mean by liquidation! The rotation out of growth and into value started two days ago, but it seems they are no longer rotating into anything. They are all just going to cash? Bonds are crap, value is crap, even commodites are crap. That is what I was intimating.