ES Journal - 2012

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Quote from gmst:

I am out of all my trades. flat currently. Doesn't seem that ES is weak. CL didn't recover the loss today, but ES and 6E almost unchanged and this is on back of French rating cut. When market doesn't go down in face of bad news, its a very powerful signal. Seems long euro against maybe aud could be a good swing trade.

Many a times, ES does this volte face as it did today and traps so many traders. I was up +1050 at one time and am ending the day at -50. Its just as if an invisible force sells ES 'ferociously' to induce other traders to sell on back of momentum. And then it reverses itself in an almost straight line fashion. At least, I didn't lose much but I lost the opportunity to make a decent amount today.
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Sorry about your day. I was actually surprised that you sold on the way down when you added. I had a strong feeling from last night that the mid to low 70's wouldn't hold for very long. The market quickly recovered as you said and closed near highs.
 
Quote from iloveoptions:

Sorry about your day. I was actually surprised that you sold on the way down when you added. I had a strong feeling from last night that the mid to low 70's wouldn't hold for very long. The market quickly recovered as you said and closed near highs.
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Hey Thanks. I sold one at 77.25 and covered that one at 75.25. At that point I knew that I was selling possibly close to a bounce area and I just wanted to have one contract for quick 'momentum scalp'. So, I made 2 points on that one.

The big mistake I did was that I carried my 'initial' 1383.5 short all the way down and then carried it all the way back to finally cover it at 1385. When I had this strong feeling that we might get some support in low 70s, I should have gone flat there. But I didn't - this was my big mistake.

When I had shorted 1383.5, with risking a 4.5 points, I was considering if I can get 25 points (I was hoping to get 1360 for gap fill on a short swing trade). My stop was above swing high of 1388. The way price came back later in the day after intense selling, I don't think this swing trade will materialize so I have cut the position, even when price has not crossed 1388.
 
Quote from iloveoptions:

Sorry about your day. I was actually surprised that you sold on the way down when you added. I had a strong feeling from last night that the mid to low 70's wouldn't hold for very long. The market quickly recovered as you said and closed near highs.
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i was impressed you added to short at 77 too.
ES reversal was also impressive.
i hate days like that tho.
scale out next time?

EDIT: nevermind, you did at the right time! looks well played to me.
 
Quote from tortoise:

Nothing would confound and confuse the majority like a gap -and-go to 1400 tomorrow...
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It would not be surprising at all. Stops are sitting above 1397.5 and 1399.75. Why would it be confusing?
 
Quote from mastacoli71:

It would not be surprising at all. Stops are sitting above 1397.5 and 1399.75. Why would it be confusing?
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Maybe so. Then again, I wouldn't put my stops there. Would you?
 
Quote from tortoise:

Maybe so. Then again, I wouldn't put my stops there. Would you?
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I would not but many do and big boys know where the stops are. Gives them an area to get short or take off their longs. Wax on, wax off.
 
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