2022-12-23

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08:51:21 Pete
08:52:10 Pete	Good morning! A picture is worth a thousand words. That chart serves as my market comments this morning.
09:37:57 Pete	I am just thinking about the trading today, not longer term. The best scenario in my eyes is a wimpy test of support. We get a little retracement and signs of support. The bounce yesterday had some punch so I...
09:39:44 Pete	I am finishing an article that has  taken me a week to write. That my be where I focus my attention today. If I see something, I will comment
09:44:28 Pete	You see these two long candles that cancel each other and you should be on high alert for sloppy trading. The only exception to that would be another stacked green candle right here. Then it would signify a probe for...
09:46:52 Pete	If you took the last two candles and you combined them  mentally the M10 candle would be a doji with a long wick and tail. That = indecision
10:00:48 Pete	Consumer sentiment just came out
10:02:57 Pete	The party is starting. This is a low probability trading environment. Take a drink.
10:03:59 Pete	Mixed overlapping candles on light volume.
10:17:51 Pete	I would like to see this bearish cycle run a little without any move in SPY. Then I feel like my scenario has a chance to play out on the long side
10:32:19 Pete	Long ES 3861 1/2 position
10:34:49 Pete	The scenario I was looking for is playing out. Small bid check early. Buyers confirmed that they are interested and we bounced right away. The long green candle held all of the gains and we barely retraced to the half...
10:37:58 Pete	I want to see the open from the last green candle hold and I want to see a bullish cross that tests the high from Thurs (open).
10:39:35 Pete	I have 5 pts of cushion so my stop is my entry price $3861
10:42:50 Pete	$3876 offer. That is close to the high from Thurs and I would be happy with those gains if we get there.
10:48:02 Pete	Exit ES scratch. That did not last long. Gave it a chance to work
13:43:57 Pete	We have a lower high and a bearish cross. Let's see if it produces.
13:57:25 Pete	The bearish cross happened at 12:45 PM
13:58:05 Pete	About an hour ago.
14:04:07 Pete	Short ES 3854.50 1/2
14:06:40 Pete	@layman The big spike early in the day distorted the scale. Nothing is moving much so 1OP is very flat. Not ideal. The days where you get nice spikes and deep troughs are when you want to me more active. Right...
14:08:02 Pete	1OP is also not normalized like an oscillator that moves between defined ranges like +1/-1. It has to move freely and that does make it more difficult to display
14:09:09 Pete	The main theme today is don't trade.
15:28:56 Pete	I've got this stupid little /ES trade on. Ill-advised. The only thing keeping me in the trade was that the hod would hold and that this "nowhere" market would come back to my entry price. Bidding to scratch, but ready...
15:41:06 Pete	Exit ES $3860 for 6 pt loss on 1/2 position or 3 pts