I was kind of an idiot today, but also kind of not. It was wishful thinking that a third reversal would happen in as many days — trade up to resistance, lunchtime, fade it. Easy, eh? Not so much. Today trended higher and stayed up there.
I was and idiot thinking the market would do what I wanted it to.
I was not, though, because I still traded my plan and was not damaged much at all.
So life goes on and it is these days that make us better traders. Again, the early trend was set and I could’ve jumped in long, but patience kept me out until most of the move was done.
Anyway, tomorrow is another day and let’s see if 1,280 is tested. The boys at Mr. TopStep and many others seem to think that’s a done deal as earnings come out starting next week – and they could be good. How the market reacts is a different story.
Pivots for tomorrow’s ES trade……
- R2 -1285.17
- R1 -1278.58
- Pivot – 1265.36
- S1 – 1260.58
Gold futures have been a bit unnerved lately and it sure looks like a very clear “head and shoulders” formation is here. If it breaks down, 1,300 and 1,265 come into play quickly. CNBC has had record amounts of “news” on this subject this week – which almost makes me think the bottom is in. But let’s see how this plays out.
FYI – I have scaled out of most of my extra positions, only down to a 25% core for now.
Trade ’em well, follow your plan, and trade the extremes!