karoshiman

Covered remaining 50% of long pos. in YM @ 14,478 with a profit. Upside B/O out of cons. area failed. Support at 14,480 should have held.

You are right, this may very well have to do with this. Although, I would expect an even wider range for a top of this kind.

... now it was a wise decision!

... not in hindsight... but you never know... I'm currently thinking about trying to benefit more from the shorter term fluctuations, i.e. holding my positions only 1-3 days instead of several days or longer as there are more opportunities, I think (also, to lose money, of course ). Need to make up my mind about that.

Covered 50% of my long pos. in YM at 14,458 with a profit to be on the safe side.

Will do! ... Thank you!

Okay, re-enter YM long at 14,351... seems the down move was only a stop-run. Price back above last intraday confluence zone with high volume.

Out of YM long pos. at 14,333 with a loss.

I am... ... now slightly in the red...

Liquidity is not an issue at the current stage of my account size. What I like about YM compared to ES is the granularity of it ($5 tick size vs. $12.5). I like to trade NQ as well (like I did in this journal several times), but I do not expect a big move of NQ to the upside, whereas I see that in YM/ES. I tried to have a look at the Russell, but to be honest, up to now, I had some issues with the data. The charts did not show properly. But I will look into TF.

That stop was different to the one you quoted, lastninja. We had a new swing low in this case.

Re-enter long in YM at 14,363 (June). Was too afraid of the swing low.

No, you are right. That stop was stupid. I'm only human...

Out of YM long pos. at 14,345 (June). Last intraday swing low pierced.

Long in YM at 14,363 (June). Same idea as before.

finviz.com

Out of YM long pos. at 14,293 (June) with a loss. Trend line broken. New lows overnight.

Long again in YM at 14,310 (June) after consolid. near trend line on 60 min. chart. Good risk/reward.

Thank you, Cory! To you, too!

Out of YM long pos. at 14,378 (March) with a profit.

Agree. I find (usually) their break more useful than their continued validity. However, a "trend channel" is nothing more than higher/lower highs and higher/lower lows, which basically defines a trend. But I agree that it doesn't have to be so "clean" along a trend line. My mentioning of them regarding ES and NDX was more meant as a context to show that these 2 behave differently than YM. Obviously (now ), ES and NDX provided the "false signals" here. This whole YM trades of mine show beautifully how markets do trick people. I think most people behaved like me. Otherwise, this up move wouldn't have been possible (shorts covering their positions). I was right with my very first assessment of YM, but got caught up in the - admittedly strong - day-to-day fluctuations, which for me, are unusual for bull markets. I still do believe that we are near a top. But for the time being, markets "want" to go up...

Out of YM short pos. at 14,244 with a loss. Long from 14,251 due to flag on hourly today (continuation indicated).

Based on the above again short in YM from 14,037 (March). This is not a Deja Vu...

ES in downward trend. NDX broke trend line.

Equity markets currently building a major top, IMO. Strong sell-off into the close. Broadening form. on YM (today only stop run). (attached DJIA chart)