Russell pullback makes for a meaningful trade

2023年8月1日

My earlier post on the Russell futures was myopic in the sense I neglected to zoom out into the appropriate timeframe in order to draw the Fib extension. While the concept remains simple, markets intraday tend to shake out short-term participants and keep the liquidity from the shakeout as that is what the markets usually seek. This retracement had a dip past the Fib halfback in today's session and is looking primed to visit new highs. The stop remains in the 1975 area being a very wide stop for a trade entry off 1986.9 taken off today's pullback targeting 2029 for a swing trade profit target. If the price incidentally moves below 1992, take profits and consider another trade on the pullback.