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