E-mini S&P 500 Futures (September), Daily Chart
Yesterday the stock index futures drew another ugly bar. The action has been rangebound for quite awhile now, so traders
are used to being frustrated, if not humiliated, day after day.
(I'm now labeling my charts with the appropriate contract month since some readers have
expressed confusion about my continuous contract charts.)
E-mini S&P 500 Futures (September), 3-minute Chart
You can see that yesterday's intraday action in the ES was brutal; I'm sure that many intraday players got faked, shaked,
and in the end, badly baked. The private chat gurus who got smacked will publicly claim to
have "stood aside" of course. Convenient, eh?
10-Year Treasury Note Futures (September), 30-minute Chart
The Notes in comparison gave a very orderly downtrend day. Narrow range inside bars on intraday charts offer
great spots to enter the market. You don't want to overthink your execution, but always remember that
the smaller the time-frame the greater the noise. In other words, don't assign too much significance to any one bar
in a small time-frame.
This market has fallen so far so fast, I would tighten the trailing stop on the old short
down to 112^12 (112.38). Yesterday's
wide range bar is a sign that the good days may be coming to an end.
Previous Entry >>> Simple Is As Simple Does