Take a look at the channel and the fibs... /ES
Yee-fricking-haw. The majors all moved just under 7% today. What a run up! 54.38 points on the SPX(1144.36 +3.92) alone. How many of those points did I capture… oh about 10. Today wasn’t the best trading day for me. For starters, I was a bit gunshy after last weeks never ending bull brigade, and my uncanny ability to short into it for a loss, to get into the market. My analysis said a long position with a reasonable (5 point or so) trailing stop would be a good place to go overnight.
That would have been a fantastic play. Earlier this morning, I rode the /ES up a bit, then shorted into it about 4 or 5 times. Needless to say, that wasn’t very profitable. I hoped in later on in the afternoon and rode the /ES up to about 816. Currently, I’m short.
You can see my chart on the right side of the screen. Basically, I’m seeing a retracement towards 800 (801 or 795), followed by another bounce up. This could be the start of the next wave to the upside. Mole has some great wave count analysis at Evil Speculator that you should take a look at.
That is it for the night. My plan is to stay short with a tight trailing stop, then take a look when I wake up and decide a direction (long, short or flat) based upon the price movement.
