Even most Downtrends call for a technical bounce
So I am long here again at 3918, and I'd like to see us at least run back up to 3990 to revisit the lower end of the funnel before we make the major move I was expecting downward.
I don't expect a major move upward today, but possibly just a move back to zero, which would net me slightly below $1500.
In spite of going against the flow yesterday, I sniped my entry points fairly well, and while I got stopped out on all of them, each one netted me between $50-$200, for a grand total of $700. Not bad considering I was going against the flow and was clearly at risk of going negative. I actually had even gotten into one last night at 3945 because of how certain I am we see some upward movement yesterday evening, but when things weren't fizzling and I didn't want to stress about the trade overnight I just hopped out at 3950.
With the inclusion of the 6hr trend, we are currently holding these trends;
Last Macro Trend Signal Spots
30m - 4060 Downtrend (12/01/2022) Higher Low
1Hr - 4026 Downtrend (12/02/2022) Lower Low
2Hr - 4026 Downtrend (12/02/2022) Higher Low
3Hr - 4009 Downtrend (12/05/2022) Lower Low
4Hr - 4009 Downtrend (12/05/2022) Higher Low
6Hr - 3945 Downtrend (12/06/2022) Lower Low
12Hr - 4091 Uptrend (11/30/2022) Higher High
Daily - 3923 Uptrend (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The 12hr is currently signaling though down here around 3923 (in the video it was there, when I just glanced it is gone here at 3924. We would have to maintain this downward movement until 13:00 EST to hold this downtrend signal, and I still think at least in the short term we run up and collect some of the trends we left behind as lower highs (30m/2hr/4hr).
Economic Data;
NonFarm Productivity may have SOME impact, but overall I don't see today's data causing a huge shift in positions.
My sentiment going into today is as follows;
Shorter Term - Bullish
Short Term - Bullish/Neutral
Medium Term - Neutral
Long Term - Bearish/Neutral
Safe trading, and remember your risk management plan
I don't expect a major move upward today, but possibly just a move back to zero, which would net me slightly below $1500.
In spite of going against the flow yesterday, I sniped my entry points fairly well, and while I got stopped out on all of them, each one netted me between $50-$200, for a grand total of $700. Not bad considering I was going against the flow and was clearly at risk of going negative. I actually had even gotten into one last night at 3945 because of how certain I am we see some upward movement yesterday evening, but when things weren't fizzling and I didn't want to stress about the trade overnight I just hopped out at 3950.
With the inclusion of the 6hr trend, we are currently holding these trends;
Last Macro Trend Signal Spots
30m - 4060 Downtrend (12/01/2022) Higher Low
1Hr - 4026 Downtrend (12/02/2022) Lower Low
2Hr - 4026 Downtrend (12/02/2022) Higher Low
3Hr - 4009 Downtrend (12/05/2022) Lower Low
4Hr - 4009 Downtrend (12/05/2022) Higher Low
6Hr - 3945 Downtrend (12/06/2022) Lower Low
12Hr - 4091 Uptrend (11/30/2022) Higher High
Daily - 3923 Uptrend (10/28/2022) Lower High
Weekly - 4366 Downtrend (2/14/2022) Higher Low
The 12hr is currently signaling though down here around 3923 (in the video it was there, when I just glanced it is gone here at 3924. We would have to maintain this downward movement until 13:00 EST to hold this downtrend signal, and I still think at least in the short term we run up and collect some of the trends we left behind as lower highs (30m/2hr/4hr).
Economic Data;
NonFarm Productivity may have SOME impact, but overall I don't see today's data causing a huge shift in positions.
My sentiment going into today is as follows;
Shorter Term - Bullish
Short Term - Bullish/Neutral
Medium Term - Neutral
Long Term - Bearish/Neutral
Safe trading, and remember your risk management plan
Comment:
We are getting the 30m Uptrend signal here. I may cash out at 10am and call it a day and get some rest. Possible we rise up to the 2hr today if we have a significant rally on the excessive move downward.
Comment:
I bailed at 3948. Gonna take a nap. $1500 for the day isn't bad. We lost that 30m Uptrend signal, surprisingly enough. I still think we end up heading higher. But yikes, we just lost that movement within minutes.