Wait for the channel to break on either side, AND CONFIRM, dont go chasing the first channel breakout, these are algo driven instruments, it could easily be a headfake, but if you see one side or the other of the channel break, then it pulls back then it still holds, (over or below the channel break), then take your shot.
Very tough to go to bed right now, its currently 1a.m. eastern but here is what the ES is looking at, im fairly confident it cracks tomorrow now at this point, but if i take the shot im not sleeping all night, lol Life choices.
Ive been watching ES grind down all afternoon and until now, i finally bit the bullet, probably shorted the low, but worst case i only took 2 contracts at 2471.25, stop over 2473, target, who knows but it will be a fun ride. What can i say im a junkie.
Sorry guys, probably got overzealous on this, i still think thats the way the ES goes, but i had no business shorting into that small of a range, i finally bored myself to death and punched out for a scratch. There really was no way that ES short was going to work for me. Still watching closely for a brek below 2470 though, just not willing to hold and guess, and roll the dice.
LOL, i effed this up beyond belief but somehow im up 50 bucks still have 1 long ES contract, but im getting carved up trading inside of the channel, when i have no business doing anything here. I keep trying to anticipate the side of the channel that is going to break instead of just letting it happen, and going with the flow on one side or the other.
This is the literal definition of being cut up in chop, but i felt like when we didnt roll over the first time i shorted the ES, that was the pivot point, 2471 held with ease and absorbed everything that got handed to it, so i switched long, i was sized in the other way, but dumped it for a small gain since ES is still stuck in a channel, bottom line im up about 100 bucks through all this with 1 ES contract long average 2471.75, its a clusterfuck to say the least. I shouldnt be trading inside the channel but im trying to anticipate the move so i can add when it happens. Right now i think the move is up, but ive been wrong lots today so dont quote me on that. Im just trying to have a small position and be nimble so i got something to add too whichever way it goes.
Out of ES long here at 2474. dont think ive ever fought that harrd to make three hundred bucks in my life, lol i should have just waited for it to break the channel on one end or the other with conviction. I traded like a champ i guess considering how poor my logic was throughout this whole thing.
Starting to think about shorting ES here again now as per the initial plan, i still think we break down today, i want to get 2474.75 as my initial entry.