ES at a critical point
We are now at the new red channel top that began in October 23 and blue channel top line intersection at approximately 5694. Previous test of the blue top line was in DEC 21. This saw a 22% decline.
Could that happen here? This is a possibility, but we are still trending up. Shorts normally aren’t taken at tops, but when we lose supports. We continue to buy supports however and have been for months and until this changes, then shorts should be treated as grenades. When taken they have to be bought back quickly.
Personally, I only had 1 short trade this week, which was initiated on Thursday after we lost support at 70. We then saw a test of major support at 30.
Those who took a short at the top may be rewarded however and really should only be in risk free runners at this point. We may get one more test of the 5700 zone. It may be worth trying one more short attempt, but I will not. The win % is just not there in a bull market and we continue to trend up.
Todd H.
Could that happen here? This is a possibility, but we are still trending up. Shorts normally aren’t taken at tops, but when we lose supports. We continue to buy supports however and have been for months and until this changes, then shorts should be treated as grenades. When taken they have to be bought back quickly.
Personally, I only had 1 short trade this week, which was initiated on Thursday after we lost support at 70. We then saw a test of major support at 30.
Those who took a short at the top may be rewarded however and really should only be in risk free runners at this point. We may get one more test of the 5700 zone. It may be worth trying one more short attempt, but I will not. The win % is just not there in a bull market and we continue to trend up.
Todd H.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.