ES Journal - 2012
- Thread starter Buy1Sell2
- Start date
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Looking at the Daily chart for ES this move today is such an aberration that it is comical.
From the 4/2 high at 1417.75 to the 4/10 low at 1352.50, followed by a fifty percent retrace to the 1388.50 level on 4/13.
There was a predictable selloff on 4/13 and 4/16 showing a downtrend continuation pattern.
Today the market goes straight up to one tick above the 4/13 high then reverses, and this on what would normally be perceived as negative news in the morning.
So it appears that there were a very large number of stops placed above the previous high in anticipation of downtrend continuation. I'm sure a majority of those stops were run in today's move up, and would venture to guess a majority of those affected were retail traders.
Anyone who does not believe in market manipulation and "stop-hunting" should take a close look at the recent action. It really makes me wonder if there is any point in following the technicals of the market, when the price action appears to be based on where the most damage can be inflicted on those who place stops on their trades.
If only I could have access to that information the way the big players do...but I guess that's why they spend billions to get it.
From the 4/2 high at 1417.75 to the 4/10 low at 1352.50, followed by a fifty percent retrace to the 1388.50 level on 4/13.
There was a predictable selloff on 4/13 and 4/16 showing a downtrend continuation pattern.
Today the market goes straight up to one tick above the 4/13 high then reverses, and this on what would normally be perceived as negative news in the morning.
So it appears that there were a very large number of stops placed above the previous high in anticipation of downtrend continuation. I'm sure a majority of those stops were run in today's move up, and would venture to guess a majority of those affected were retail traders.
Anyone who does not believe in market manipulation and "stop-hunting" should take a close look at the recent action. It really makes me wonder if there is any point in following the technicals of the market, when the price action appears to be based on where the most damage can be inflicted on those who place stops on their trades.
If only I could have access to that information the way the big players do...but I guess that's why they spend billions to get it.
Profit-taking is to be expected at this stage of the game, which is probably contributing to the lower U/D volume.
After a day like today, I would not bet on a selloff into the close.
I like the idea of selling 87 for a point or two as the longs cover, but that's about all I would expect. I am standing aside on this one.
The last half hour should be an interesting one indeed...
search archipelago, the original electronic clearing firm and who bought it and that's who's got the info, your trading acct has a number like your DL or SS,and they can follow ,sum up,extrapolate averages and game this thing like the golden gooseQuote from keeptradin':
Looking at the Daily chart for ES this move today is such an aberration that it is comical.
From the 4/2 high at 1417.75 to the 4/10 low at 1352.50, followed by a fifty percent retrace to the 1388.50 level on 4/13.
There was a predictable selloff on 4/13 and 4/16 showing a downtrend continuation pattern.
Today the market goes straight up to one tick above the 4/13 high then reverses, and this on what would normally be perceived as negative news in the morning.
So it appears that there were a very large number of stops placed above the previous high in anticipation of downtrend continuation. I'm sure a majority of those stops were run in today's move up, and would venture to guess a majority of those affected were retail traders.
Anyone who does not believe in market manipulation and "stop-hunting" should take a close look at the recent action. It really makes me wonder if there is any point in following the technicals of the market, when the price action appears to be based on where the most damage can be inflicted on those who place stops on their trades.
If only I could have access to that information the way the big players do...but I guess that's why they spend billions to get it.
Wow, so that's how they do it?
Man this game gets tougher every day.
:eek:
Aww heck I'll give it a shot...
Definitely starting to see some volume here.
Definitely starting to see some volume here.
Covered ES Short at 87.00 B/E
Today is a day when all shorts will be punished.
Swing shorted 1387.25
stop is b1s2 style at 1480
Target is 1288
stop is b1s2 style at 1480
Target is 1288
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