I could have entered in @ 2894.00 for 8-point of gain trade which I'm happy to get out. Lesson learned here is NOT to get distracted again.
Where did you manage to get out? Your chart pic happened to be snapped just as ES hit the low of 2886.75, and it was then back up rather quickly.
Still holding. Either 60 minutes signals turn against me or I hold until tomorrow as I expect more pulling back tonight or tomorrow.
Might be able to make some comments tonight. On the road. Did take a couple more trades after getting back the loss. And exited the last one on a MM. But want to show more ways i look at measured moves after a breakdown of a SPB bull trend.
Anyone seen the @MarkBrown three year audit? No? Must be Schrodinger’s Cat. It collapses when viewed. The definition of stupidity is believing a word that clown types in this forum.
Typically a SPB TREND we run all the session so I trade it that way unless the unexpected or least likely event happens. In this case all trades in the channel were winners. Then the reversal came and came earlier than expected. Nothing to do but exit any longs accumulated, load up, and go in the opposite direction. Here I get back all the losses plus make back close to as much as the loss. Then I get a 2 point trade after getting back into profit.
Similar to what happened to 60-minute chart yesterday, 120-minute chart is now showing dying momentum (with all lines dash red, blue and dash yellow cross below green). Again, these are macro TFs which might take a lot of time to unfold. So, any higher high from 120-minute TF from now on will be erased unless signals reversed which also takes very very long time. I could have gotten out with 6 points of gain @ market close, but I decided to hold since a) big macro TFs are showing sign of weakness and b) only 2-lot per this trade which means tiny in my account. I'll cut losses once marco TFs reversing their direction or I hold for at least 10 points of gain.
Btw, such trading method has nothing to do with trading setups, but only to exploit market weakness after days of rallying/falling. The bigger the TF, the longer I plan to hold unless it indicates otherwise.
Daily Overview - thank you which is exactly what this thread is about - if you use patterns such as i do or intuition or discretion as others do, it's all about using the bigger overview of the market to better understand what to expect while day trading. without expectations we are usually lost in the noise. Oddball Trading System (<click link for .pdf of original article) below hourly chart uses the advancing issues of the NYSE to signal trades on the sp 500 futures. Probably the most profitable trading model ever released completely free to the public that had a 12 year real money track record prior to it being released. I still use this model as a daily overview. It was originally developed on the Ned Davis Research software platform and latter adapted to and the code released for every major platform.