There is nothing I hate more than technical issues with the trading desk. I really need some sleep tonight, but after installing my CA Internet Security Suite, my futures trading platform is DOWN. Last time this happened it took almost 48 non-stop hours working with technical support teams all across the globe to get it fixed. Great...
I really wanted to study the trend lines on the ES and YM tonight. So I am gonna have to work through this problem. Thankfully, I am flat overnight. But what if I weren't? Can you imagine having a 5, 10, or 20 contract position on the ES and not be in a position to monitor each tick? Frankly, I don't think I could handle 1 contract with zero visibility. I am a very visual trader - perhaps to my detriment - but I must watch each tick up, down, sideways, or gap. I need to be able to judge a head fake from a breakout. A high risk scenario from a low risk scenario - all from the live charts.
Anyway, price action moved as I thought and we did not get the significant pullback that the world expected. If you read my last post yesterday, you will see that the pullback zone was not reached and judging from the mixed trading on AAPL and TXN in the after hours, I think we'll get some weakness in the morning. Perhaps we'll get that final wave v in the EWT that I presented on the hourly chart.
There will eventually be a bounce and I suspect it may even reach that Major Short line near 1130. But I am as sure as I can be that the sellers are in control for now and the general conditions in the market are shifting.
Cheers!
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4 comments:
Hi David , hope the Computer problems get taken care frustration defined
as I write the Es are down 8.25 , lots of night to go we will see what daylight brings .
Today sure looked like a wave4, it is possible that is was only 4 of 3 ,
Rsi generally peeks in wave 3 of 3 , and it peaked ( low ) at close Friday.
There are some sub wave problems that also point to.
But lets look at that after 1080 a tuff nut to crack.
Hope you computer and you start getting along...
You guys need to sleep at night.
Except when there are computer troubles of course.
Good luck on market & machine!
Still computer problems?
How you doing Paulus ?, I hope David , has fixed his computer problems , that is no fun at all .
My view is a bounce to 1005-06 and down would mean we have one more down leg to go . (wave 4 playing out)
But a bounce to 1116 is more likely and then a hard turn down .( wave 2 playing out )
A rise above 1124 would start to worry me , that this was a dry run.
My view is short and sweet today :)
$ having tuff time breaking 79.xx
SHS in 30 year bonds .
My best for everyone . included Davids computer .
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