I tell ya, just when the market has me trained to balance myself with bullishness as much as I can, it turns out 100% bearishness is the way to go.
What I mean is this – – and I've alluded to this many times in the comments section – – because of the swiftness of yesterday's fall, I thought it would be a good idea to go long the /ES in order to catch up updraft overnight. In other words, I didn't want to be caught totally short in a rising market, so I wanted to take on a big /ES position to take some of the pain away during a bounce-back.
Well, a bounce-back just doesn't seem to be happening. Look at the minute bar graph below. I've tinted in a couple of areas where a launch should have taken place, but it kept flopping.
I gave up about 20% of yesterday's gains through all these "insurance" moves. It feels like I've just been taxed. Anyway, enough of that nonsense. It just isn't working.
