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After a day like yesterday, it was a relief to wake up to see the /ES somewhat softer. I shorted 20 /ES in my personal account just after the regular market close yesterday, and that has managed to patch up a bit of the damage. Given the current environment, I am keeping my /ES goals quite modest, with a target on this position of just over 800, since I now consider decent support (given its important role as resistance until it blasted through it yesterday).
Good luck today; we all could use some!
I imagine today was really hard on a lot of Slopers. It was no picnic for me. I haven't done my thorough examination of charts (and, amazingly, I got stopped out of very little today), but I wanted to just share some thoughts in bullet form. These are absolutely in no particular order…….
Again, I know there is a lot of pain out there, but as long as sensible stops and sensible sizing are used, you can always live to fight another day. Last Wednesday stunk. Today stunk. But the market is going to do what it's going to do, and to my way of thinking, using charts intelligently is the best way, in the long-run, to survive and thrive. I'm licking my wounds a bit, but I'm ready to take on the market again in the morning. Let's none of us get overly bearish or bullish. Let's take each day at a time, and let's keep learning from one another. We're here to support one another, and it's never more important than at times when the going seems toughest.