one more. 3 sisters. new short pendings filled and then blown out. retail breakout guys have no clue what is going on. s
you don't get it.............. each trip up / down the mm's are accumulating new pendings that are filled. new retail puts even more pendings up , then these are triggered last trip up or down, more are filled then they yank the rug out and go the other way. all the stops are blown and price runs even faster....... retail does not move the price. the mm's do. forget clean. clean is for newbs. s
Hmmmm, mm controlling that up/down action huh? Should ask one of them to give a course in how they go about doing this.
A famous technician once said, there are double tops but not triple tops. If price trades back a third time, it's probably eventually going to go through.
I took TF long trade when ES was trading back to 1315.50 in last rally of the day. I think ES 1323 pricing will get traded through this evening (breakout higher) and I want to be long in the TF. I will start scaling out of TF long trade when ES is trading through 1325 and higher.
Well this was clearly a case where the bulls wanted it more than the bears. While the technical pattern yielded some (depending on where you shorted) gains after the triple top, the extreme oversold conditions were a buying opportunity. I had an inkling that big afternoon spike move might occur again today, since the same thing happened yesterday. But the triple top was a conflicting signal so probably better to be cautious and stay on the sideline. McMillan believes we rally to the 20 EMA. With a move like today, looks like it's quite possible. It's a good bet there are a lot of traders thinking the same thing. McMillan: Stocks are severely oversold This was a clear case where you need to have good money management when trading TA. If you shorted and had some gains, it was good idea to have your (mental/real) stoploss in place, either for breakeven or a small loss (or small gain, depending on good a trader you are)