Morning Update: Looking for price to reconcile lower
Updated
This B-wave cannot complete fast enough for this trader. From the mid-December spike into 4180 to our recent consolidation, this retracement downwards has not been easy. It's January 6th, and I have yet to do my first ES trade of 2023. I'm hoping that is about to change in the next several sessions. I am looking to short puts within the April expiration date. I am unsure the strike but looking at 3400-3600 area. I have made no determinations yet because based on my analysis we need a c-wave lower. My plan is to track this c-wave to the point I can zero in on a conclusion area.
...until that happens I will not be putting a trade.
Some traders must be involved in the market everyday, throughout every machination...I can not relate to that type of trader. I am not testing theories when I trade, I am not gambling when I trade...I trade for profit. That means the end result must be more than when I started.
Today I am expecting our c-wave to get underway in earnest. Suffice to say, regardless of what the market does....TODAY IS NOT A DAY FOR TRADING FOR ME.
#themarketneverbottomsonafriday
Best to all,
Chris
...until that happens I will not be putting a trade.
Some traders must be involved in the market everyday, throughout every machination...I can not relate to that type of trader. I am not testing theories when I trade, I am not gambling when I trade...I trade for profit. That means the end result must be more than when I started.
Today I am expecting our c-wave to get underway in earnest. Suffice to say, regardless of what the market does....TODAY IS NOT A DAY FOR TRADING FOR ME.
#themarketneverbottomsonafriday
Best to all,
Chris
Comment
Getting DM's now about the spike up on the jobs report. Nothing has changed my perspective in the above post with the exception of the micro labeling. Until we take out 3900...I have no expectations to expect this upside is anything other than wave 2 or II of the beginning of a c-wave down.Comment
With Price advancing above 3900...this count needs to be revisited. I'll update over the weekend.Comment
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