Technical Analysis: I really don't know how traders trade without technicals. The chart below shows how the bias was short for today's session. The composite volume profile showed there was an interesting level at about 504. It's not always perfect as there was a false break of the low yesterday but today the traders in the live trading room discussed a move toward 500 if Tuesday's the low of 502.22 was taken out. The price made a new low came back to the value area and then dived again. In addition to this, look at the volume at the close. Again another sign that the market is bearish. On the higher timeframes the view will only change if there is a bullish engulfing candle or a strong rejection at a support zone. DM me for more information about our prop trading group.
Sean Balmford
3mo
Every shipwreck has a chart room.
Edward Daou
3mo
You are absolutely right, TA was showing weakness and shorting was the play. But as you may know execution is 90% of a traders work. So you can be right and still not make money if u don't have the emotional skills needed to be a great trader.
Head trader and trainer at EDUCATE2TRADE
3moBecause we trade news and comments which currently are the cataylst