From the Department of "I guess something works, until it doesn't".
Approx. 10 point range for several days. Boring, but actually a decent trading week, all things considered. At least until mkt decides to break out or down from the trading range. Pretty easy to place your orders and stops (and bets). Well, until it isn't. 😊
ES daily. I have been watching that MM 4/8 line at 3125 for awhile. Was thinking maybe we touch it sometime next week to top out for a bit, we run out of time, down kinda hard for a week or two, then up into mid to late January for a more meaningful top and decline.
A touch of 3125 would be a 5/8 move off the Dec low. Markets seem to want to react the first time up to the 4/8 line, and also after 5/8 moves. Probably too much to ask for a drop to the 3/8 line at 2968 before another move up, but if something happens in the impeachment hearings, or Trump tweets something stupid that generates a kerfuffle, I suppose anything is possible.
I know you are flying off in the opposite direction to points east, but if you ever want to make some Latin American entries in your travel blog, you are always welcome to come down and hang out with Mr. and Mrs. Finger in Cabo San Lucas. Pic attached of the view from my "trading desk" this morning, although gotta admit not much trading going on today.
As an added enticement, I will also introduce you to Chula Parranda tequila. It might change your life, but as I can attest, not necessarily for the better. 😎
Apologies for hijacking the thread. I promise the next one will be about trading, or maybe the trades I'm not taking today . . .
I have an idea to pass the time until the market starts behaving. Every time I look at the tagline in your Twitter feed, I say to myself "Finger, this has to be the day that he changes the "o" to "a" in "shorting" just to see if anyone notices." Alas, I'm still waiting . . . 😋
Playing around with the ES daily chart today and just thinking out loud here, but 2812 has been a pretty decent support and resistance level going back to last year. Wondering if maybe we touch it say, tomorrow, then have one of those patented vicious rallies for several days, maybe top out around October 10, then back down? On or around October 10 seems to frequently mark important highs or lows in the past.
Also, last 2 declines of note have been 232 and 253 points. A decline back down to 2812 would be about 213 points, in the neighborhood of the last 2 declines.
If we match either of the last 2 declines before a bounce, if my math is correct we would be looking at about 2794 or 2772 before a bounce.
Also on 64M chart this morning we touched the last Gann Fan support line drawn from August 25 low, so not surprised we jumped about 30+ points off that line, at least the first time down to it.
As I type this, December ES is right about where it was at 1:59 p.m. e.s.t., despite the approximate 25 point swing from top to bottom after the announcement.
Was it Jickiss that used to say "nothing has happened yet"? 😕
Those who can, trade. Those who can't, like me, try Dad jokes and "comedy". 😜
16M Dec ES--not all that far earlier this a.m. from filling last night's gap. But now what? Go down and try for a double bottom, up and bump head around 3005-3008? Both? Neither? 🤔
I guess that's why I'm the King of the Sofa and not King of the Traders.