So we struck that 4350 recently and I got back into trading then. I didn't make a video at the time as I was still getting back into things. After taking to Long positions, one at 4350 and another at 4370ish, I was able to capitalize on them both.
My issue now is lower timeframe trends call for lower movement, medium timeframe trends call for at least a brief higher movement, and long term trends are conflicted, one for lower and one for higher. These are shown in the following;
Last Macro Trend Signal Spots (ESU Contract)
30m - 4448 Downtrend (9/8/2023) Lower Low
1Hr - 4509 Downtrend (9/1/2023) Lower Low
2Hr - 4500 Downtrend (9/5/2023) Higher Low
3Hr - 4497 Downtrend (9/5/2023) Higher Low
4Hr - 4451 Downtrend (9/6/2023) Higher Low
6Hr - 4451 Downtrend (9/6/2023) Higher Low
12Hr - 4495 Uptrend (8/29/2023) Lower High
Daily - 4452 Downtrend (8/15/2023) Higher Low
Weekly - 4459 Uptrend (6/12/2023) Higher High
Macroeconomic wise, I still am baffled why we have shot back up to this level already, and I see absolutely no reason to go above 4500 at the highest point. However, over the past couple months the level of FOMO rally has proven resilient and I won't discount it. Since my trends are in conflict, and because I am going away for a week long trip, I will likely sit out today and regroup when I return after next weeks movement.
On a side note though, my major issue with how high we were also had to do with the NYFANG being waaaay overbought. Those heavy stocks have cooled and some of this rally is more spread out at this point. So there is that.
I won't be posting Long or Short positions since I won't be taking any today due to being away next week. However, I'd watch for a rally to take us into positive as an entry into the Long, and a move to push lower than the low of yesterday as an entry into a continuation of our downward movement. Anything else to me is a violatile area that is a gamble.
Safe trading! Remember your risk management. Nice to be back and posting!
My issue now is lower timeframe trends call for lower movement, medium timeframe trends call for at least a brief higher movement, and long term trends are conflicted, one for lower and one for higher. These are shown in the following;
Last Macro Trend Signal Spots (ESU Contract)
30m - 4448 Downtrend (9/8/2023) Lower Low
1Hr - 4509 Downtrend (9/1/2023) Lower Low
2Hr - 4500 Downtrend (9/5/2023) Higher Low
3Hr - 4497 Downtrend (9/5/2023) Higher Low
4Hr - 4451 Downtrend (9/6/2023) Higher Low
6Hr - 4451 Downtrend (9/6/2023) Higher Low
12Hr - 4495 Uptrend (8/29/2023) Lower High
Daily - 4452 Downtrend (8/15/2023) Higher Low
Weekly - 4459 Uptrend (6/12/2023) Higher High
Macroeconomic wise, I still am baffled why we have shot back up to this level already, and I see absolutely no reason to go above 4500 at the highest point. However, over the past couple months the level of FOMO rally has proven resilient and I won't discount it. Since my trends are in conflict, and because I am going away for a week long trip, I will likely sit out today and regroup when I return after next weeks movement.
On a side note though, my major issue with how high we were also had to do with the NYFANG being waaaay overbought. Those heavy stocks have cooled and some of this rally is more spread out at this point. So there is that.
I won't be posting Long or Short positions since I won't be taking any today due to being away next week. However, I'd watch for a rally to take us into positive as an entry into the Long, and a move to push lower than the low of yesterday as an entry into a continuation of our downward movement. Anything else to me is a violatile area that is a gamble.
Safe trading! Remember your risk management. Nice to be back and posting!