Friday traded inside of Thursday and the overnight session thus far is trading inside of Friday, as we're coiled in a two-day trading range. The overnight low and Friday's low frame important support; holding that support targets Friday's pivot per the recent Twitter post. We've been making higher lows each day in the ES futures over the past week; I'll need to see the market decisively take out Friday's low before I become aggressive on the short side. Indicator review to follow later this morning, along with tweets during the trading day.
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2 comments:
So we took out Fridays low. I'm not sure how decisive you could call it, but how would you have avoided a bad trade there.
Hi JimC,
I was focused on NQ relative strength on the early weakness; note also no break of Friday low in IWM. A decisive break should be across the board. That having been said, I'm not sure that a losing trade playing early weakness was necessarily a *bad* trade. The info from that trade--seeing that we could not sustain a move below Friday's range at that point--did set up a nice bounce back into the overnite range. Trades that turn out to be wrong are not necessarily bad trades.
Brett
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