Since yesterday morning, you have had the /ES futures rally a nice 67 points. So it wouldn’t be overly surprising if there were some weakness at this point in time, and that may happen once the European markets open. However, for now, they are relatively flat, and for the bulls that is a victory in and of itself.
Heading into tomorrow, getting some follow through will be absolutely key. There is a heightened risk for a “gap-and-crap” scenario tomorrow as euphoric bulls could be caught chasing the market at the open and thereby creating a gap higher, only to have the rug pulled out from underneath with a price retreat. The bulls will need to avoid this and hold the 1947 level and rally higher.
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Watching the dollars rise and fall in your trading account can turn a well-planned swing trade into an emotional, deeply personal decision. In this episode, I explain why focusing on price action, percentage returns, and R-multiples can help you avoid cutting winners early, holding losers too long, and abandoning your trading plan.
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