Market has a way of inflicting maximum pain for the impatient. Being right is just a consolation prize in this market that is driven by algo trading.
You have to know your levels and more importantly be disciplined enough to respect those levels. It worked for bulls for 2 years incredibly well. Now that trend is clearly down, bears are in control. short term memory tells trader to expect a bounce, exactly when market is fading. It is only human to be wrong on 10 occasions and doubt 11th time. Again you don't have to be right here, just don't be positioned to lose big. That may seem like an easy feat, but it it NOT...it takes lot of discipline to sit on the sideline when random names have given 5-10-20x returns in last year.
This post is more of reflection than a sermon. I have predicted this carnage to the dot, yet haven't cashed big time, because of the path it has taken to the downside.
I am big on 3D chart; which shows ES testing 3D support here. Important level IMO...below we see 4320, you know what bounce means ;)
Resistance: 4468
Support: 4320
You have to know your levels and more importantly be disciplined enough to respect those levels. It worked for bulls for 2 years incredibly well. Now that trend is clearly down, bears are in control. short term memory tells trader to expect a bounce, exactly when market is fading. It is only human to be wrong on 10 occasions and doubt 11th time. Again you don't have to be right here, just don't be positioned to lose big. That may seem like an easy feat, but it it NOT...it takes lot of discipline to sit on the sideline when random names have given 5-10-20x returns in last year.
This post is more of reflection than a sermon. I have predicted this carnage to the dot, yet haven't cashed big time, because of the path it has taken to the downside.
I am big on 3D chart; which shows ES testing 3D support here. Important level IMO...below we see 4320, you know what bounce means ;)
Resistance: 4468
Support: 4320
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.