March 25 - A Day In The Trenches... Going (Almost) Nowhere

Again....Let runners run and nothing else....

The last 24 hours has been about the ES Major Inflection point 5820-5840

After such a run in ES it was only typical to see the price action we saw today.

In this mornings newsletter I wrote:

As we move higher in the zone, we note higher highs in price and momentum stalling. This is what happens after such a run, momentum can’t keep up and we have pullbacks and consolidations.

While pauses before/in the level are typically continuation patterns….

I think we’re going to see a selloff today early to give us opportunity to add to our longs.

I included this in my notes at 9:37AM EST

When prices enters an inflection zone, and we have negative divergence on a larger time frame, we typically see price stall, consolidate, and even selloff.

While we didn’t “selloff” this AM we did fall from 5834 to 5813, the only long opportunity of the day, of which I did not take.

I didn’t take it because I’m long runners from much better pricing and we’re at the top end of an inflection point, the top end of a channel, we are diverging with 5850 the high end of the megaphone and critical resistance area.

But it worked.

At 9:45 this AM when price sold off into the 5813 demand, I said:

If 5813 holds → 5835, 47, and 58 are targets

5813 provided T1 of 5835 in quick order….

I said 35, 47, and 58 would be the targets.

We got one.

But that was about it today.

A day of consolidation….

And overtrading is the #1 killer of profits….

March 10, I was pounding the table to buy…

Now, I’m pounding the table to do something else…