The giant descending triangle's horizontal line (support) just acted as resistence. It was also a Williams short entry. I like to keep it simple:
Had 3 trades today but no big deal, a net of 3.25 points. I am a bit wary of going long or short here - but I I look for a long at 1020 or lower, or a consolidation around 1030 to 1045 where it is now, with a probable long on a breakout above 1045. I will consider a short on a retracement after a rally to 1055 and above. Am also looking at the NQ 2-m chart - may consider a trade there.
Hey now, You forgot 10:30 reversal fade ! We don't agree on much, especially those 100 point stops but I do agree that good money management and a poor system will outperform poor mm and a great system every day of the week.
Thats your opinion. However it is not true. It does not matter what money management you use. If your strategy does not work consistantly you will eventually lose your entire account unless you stop trading altogether. Market timing IS critical! That's why Wall Street has spent billions trying to figure out how to maximize this premise. I guess we can agree to disagree. The only thing that matters is making money. I made some today and I'm sure you did too so everybody is happy.