ES Historical Resistance Breaking Down 7/22/2020
This is the ES at the 4 hour view. The historical resistance is starting to break down. I'm not too surprised actually.
There is a gap above at around 3330 from February that is calling to be filled. Furthermore, liquidity data suggests that liquidity is pretty strong now. So strong that it's drowning volatility runs as well as permabears' pride/egos.
This is why I keep hammering this point. Don't short a bubble. You will be wrong way more times than being right. It's simple mathematics. How many times were you wrong about calling a top? How many times were you right about calling a top?
This is why I wait for the price to come to me. I wait for the price to reach supports and ride my longs from the bounce. This is especially true when liquidity is high and the VIX is struggling to get above all of its daily moving averages.
What's more important? Being "right" months later or profit during those months? It's a question of ego vs being pragmatic.
There is a gap above at around 3330 from February that is calling to be filled. Furthermore, liquidity data suggests that liquidity is pretty strong now. So strong that it's drowning volatility runs as well as permabears' pride/egos.
This is why I keep hammering this point. Don't short a bubble. You will be wrong way more times than being right. It's simple mathematics. How many times were you wrong about calling a top? How many times were you right about calling a top?
This is why I wait for the price to come to me. I wait for the price to reach supports and ride my longs from the bounce. This is especially true when liquidity is high and the VIX is struggling to get above all of its daily moving averages.
What's more important? Being "right" months later or profit during those months? It's a question of ego vs being pragmatic.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.