ES Journal - 2012

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Sold @ 1363. Stop @ 1365.

Last shot for now.

I`m starting to believe that this market will creep a little higher and test the highs before any significant correction, but I could not help myself.
 
Quote from Laissez Faire:

Fake breakout?
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64's first methinks. I have been working a bit more with volume, and there are some great tells, usually with volume spikes. It can often be as simple as waiting for a volume spike, and then looking to see which way the market moves from the point of that spike. For instance, with this last push up, there was a sizable volume spike as we cleared the morning session's high at 60.75's. From there, we began trading higher than where that spike came in. Now to me it wouldn't really matter if that spike was a spike of selling, or a spike of buying. All I'm assuming is that whoever pushes that much size is going to want to protect their position. Either by getting out at break even (causing buying pressure), or by holding the bids above their entry (also buying pressure). The fact that we started drifting higher after that volume came in can be a pretty good head's up by itself.

Thoughts?
 
Quote from Laissez Faire:

Still offering 68, but don`t think I will get filled today. :)

But I do know that I want to enter a short before 04:15.
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Going long here for a multiday swing trade is just as nuts as trying to short the ES for more than a few hours. The ES could easily retest/exceed the Sunday night Globex high of 1369.75 by a little before starting a correction on the daily chart. I view the downside higher probability for the next 1 to 2 weeks. I am currently just watching to see what sets up on the daily chart. Depending the price action in the next few days I may try a short-term swing short trade.
 
Quote from ActiveTrader07:

Going long here for a multiday swing trade is just as nuts as trying to short the ES for more than a few hours. The ES could easily retest/exceed the Sunday night Globex high of 1369.75 by a little before starting a correction on the daily chart. I view the downside higher probability for the next 1 to 2 weeks. I am currently just watching to see what sets up on the daily chart. Depending the price action in the next few days I may try a short-term swing short trade.
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That`s exactly what I`m thinking myself.

I think I will get toasted on my last short if I maintain my stop at 65, but I think I will rather take the loss and see if I can get a better entry as this market seems to keep creeping higher. I have not completely decided yet.
 
Quote from Laissez Faire:

Sold @ 1363. Stop @ 1365.
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Stop adjusted to 1371. :)

I think I will be able to get myself out of trouble tomorrow.

If the 70 area gets taken out, I guess we continue creeping even higher for now.
 
Quote from Laissez Faire:

Stop adjusted to 1371. :)

I think I will be able to get myself out of trouble tomorrow.

.
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Holy crap!! Are you serious? What do you think is going to happen overnight?
 
Quote from Macho:

Holy crap!! Are you serious? What do you think is going to happen overnight?
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Holy crap? What do you mean? :)

I don`t know what will happen overnight, but it is highly unlikely that my original stop at 65 will not get hit.

Since I`m utilizing close to minimum margin, I can afford a 8 point hit. I just don`t want to wake up and see that the market traded to 66-67 before reversing.
 
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