50% retracement? actually, i have the same idea, seriously, but my past probability is a bit on the low side, interesting that someone else would have the same notion
I do not think we see any Fib retracement from here. However I Guess market will be sideways, "" most likely in the range of ES 1050 - 1150 for the next 5-6 weeks """ Therefore , from here if it straight goes 20 -30 points higher, then it will be a good short. Once again I say if it goes straight, like in 2- 4 days... if it goes 20- 30 lower, you should buy. always with a good stop loss since we all know you can never ever say what happens, I do not want to initiate any new position where this rocket is now....
what is the the difference between trading what is happening and what you think will happen? its a pithy zen like comment, but what does it mean?
I think it means: be short when it goes down and be long when it goes up. Don't be short before it goes down and don't be long before it goes up. A lot of traders think they need to predict in order to make money.
so 'trading what is happening' rather than 'trading what you think will happen' just means trading with the trend?
oh. lol Well, even if one trades 'what is hapening' they must still have an idea of what they 'think will happen' otherwise they would never take a trade!?
IT means that at this price I do not want to initiate a new trade, I only open a new position if the price goes 20- 30 point lower or higher and I will fade it since I am anticipating that ES will fluctuate in a range of 100 150 points for awhile ... I believe that the straight going up time is over,, we are going to be in a side ways movement for a while... My plan is also a half load position , not more than 6- 10 point stop.....
My stop losses are triggered based upon what is happening. Otherwise, my entries and exits reflect what I think will happen.