Tuesday’s trade was for me brutal for the first 8 minutes. I’m calling it an anomaly, a period in the market when proven strategies fail briefly and traders are thrown off balance. Check out an additional post from me tonight – “Anatomy of a Trade” for a more in depth discussion on trading. Back at the ranch – the NQ thrusted higher from the opening and the trend basically carried prices higher until the last hour. At this juncture I am giving the benefit of all doubts to the Elliott count and using the applicable rules to define when the count would be negated as is. I have been running a “preferred” and “alternate” views that up to this point are interchangeable unless the NQ breaks above 14840. That is “No Break Zone” so a break above 14840 will change the near term picture and I explain that in tonight’s update. Currently follow through buying should be contained below 14697 to keep the current count in favor. That being said I need to stay open to another up trending day or a seriously strong downtrend resuming. Both unfortunately carry an equal weighting and would both still fall in the “corrective move” basket.
May 12, 2022
Thursday’s trade kept the volatility popping and the trading opportunities flowing. The ES started ...