Instynct and Inks, do you two trade just off proprietary technical's, i'd love to hear your random thoughts on the unfolding market activity. Just say what you think.. I do
I currently see no reason why we wouldn't test the 1224 on the ES and 2200 on the NQ. I am a big believer in market balance areas and excess to determine the start and end of trends. Currently we just broke out of the 1170-1200 balance area on the ES with high volume and a large gap to prove excess (11/30 to 12/1 opening gap), I really see a test of 1224 and possibly higher for the rest of the year. I tend not to trade the ES and use the NQ as my main trading instrument now. I have for a while traded the euro, but without much success. I traded stocks for a while and did pretty good but nothing to brag about. Just trying something new with the NQ now. My trade yesterday to short the balance area high of 1200 was obviously wrong. Should have realized that large gap of excess and a bounce off the balance low of 1170 on the ES was setting all markets to rocket forward. I would love to be a longer term swing trader as I am really not that good at day trading but account size really limits me to this. I would have to employ larger stops and that just is too much mentally and financially for me now ha. I may make up to 3 trades a day or as little as one a week, just depends when I can get away from work. But I am always here listening and learning so keep up the great work on this journal!
My sentiments can change constantly as the market unfolds, so for the most part I don't want to post all kinds of viewpoints that are constantly at odds with each other. Plus it can affect my ability to processing the market with an open mind. Today so far my bias is up all day. Look the NQ price structure during lunch time. Usually the lunch time gang will fade this to some decent support level but that wasn't case. In fact they were so weak you probably didn't even notice them earlier. Instead price moved in a side ways, slightly up fashion with the occasional strength of buyers showing their hand. Not to mention we are trading above all kinds of critical levels - Vwap, previous high etc. ES has bullishness written all over it. Just rolling along and gobbling up any sellers it can.
well, i'm "expecting:" a climatic push up here to ~90, then rapid descent to ~who knows where, but i'll be short then