Thursday, August 11, 2011

Safer Trading Conditions?

Is the market starting to react to technicals? $ES_F has pulled back to 61.8% fib, and $NQ_F has pulled back to 50% fib from their Tuesday's highs, and bounced. We have a rally under way in both during the Asian session. Who knows if this is the start of normal conditions for technicals. I absolutely hated the last 3 days. There were no credible setups for trading (except the actual lows precisely on WS2). Sometimes we just sit it out and let the machines completely take over. Dumb black boxes just grind it out and then want us to chase. I refuse!! I will wait for my setups and take a trade when criteria are met. I want to see at least one good trade go through. Let's see if ES_F hits 1202 and NQ_F 2214. Then we know there is some order returning to markets. Still waiting...

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