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No I am flat, I swing trade stocks and day trade futures... So if I am day trading futures I trade my set up I have no bias even if I believe a correction is due and it is health for the markets as well etc, if I have a signal to buy I buy if I have signal to sell I sell and I am flat by the EOD. I can not swing trade stocks at this current market condition anymore...
Well if you look at the equity indices for the past two days it looks like it already has begun, too early to call a 20% correction but it has to start somehow.
Can you help answer these questions from other members on NexusFi?
This can easily be classified by a mean reversion trade, price is currently to over valued to and possible at the point where we need to return to the value area to determine if we move up or down i would hardly call the last two days a clear sign.
And if that's the way you trade then it shouldn't be a huge deal to you in what way the market moves ( bull/bear) because you can swing either way. i take a very similar approach and could honestly care less as long as we have some movement for the day.
but like you said it is healthy and could end up helping the markets in the long run.. who knows i don't trade stocks anymore that's a different animal.
I do not know, I do not follow your logic/view not because it is not valid or anything but I do not use this fancy volume profile studies like value areas and all that [and this fancy order flow stuff] as most people here, and I honestly think there is a lot of hype in regarding this tools, not that they are not useful but there is just a lot of hype.
Well markets is selling off at the close and this is a sign of weakness, watch out... And I trade YM, NQ, ES, ZB, ZN, ZF, NG, GC as of today.
Hell of a day, i walked away from the charts at 10:45 am and came back a few minutes ago to see one hell of a sell off. Thoughts on next week? I'm still bullish but am taking longs/shorts regardless.
I'll have to eat my words, I didn't think it would happen that fast. I figured there was going to be a pull back due to the large drop and many would look at it as a buying opp. Still made for a great trading day!