ES Journal - 2012

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Quote from bigsnack:

It's just a hunch, but based on what I'm seeing I'm smelling a possible double bottom and then a move upward.
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The order flow shifted to long at around 12:15/12:20pm ET, but I was too scared to try long again at that point even though it smelled like a good 4+ points to the upside. We will probably have sellers at the upper area marked here, strong R from last week. If it pushes through that, probably won't see 05 again, but of course this is just my hunch and I'm way off today.
Pic in next post.
 
Quote from gmst:

Yes, very well can happen, support at 1305 is pretty strong. 8 attempts (24hr session) from Friday to Today but couldn't break it. Only the kind of selling we witnessed in morning today has a chance to break it, which could come post 3pm. Otherwise we go higher towards 1325.
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the fact it keeps returning to 1305 from higher levels is bearish in my opinion
 
Hi, I bought at 1307.50 and sold at 1309.50. As trade went my way, I brought up stop a tiny bit since I did not want to take a big loss if market decided to tank. Can anyone comment if they saw what I saw when I went long. I only took .50 heat on this trade.

Reasons for trade was market had made a good high for the day before pulling back. It then hit a support level and was trending higher. Market then makes a HL at a fib retrace level and I thought it could at least go up to the previous LH resistance level.

Also, original thinking was to possibly go long a 2nd contract at test of support, but once trade started going my way I decided that the HL level is now support so my stop is below it and I was not going to do another contract. To prevent me from taking profits early I stopped watching the market.
 
Quote from bigb:

the fact it keeps returning to 1305 from higher levels is bearish in my opinion
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Just to keep something in the back of your mind. Demark was on bloomberg on Friday, predicting S&P will finish this up move on Tuesday, his +ve target was 1338-1344.

The selling we are seeing again and again and price returning towards 1305 indicates that a medium term top (15 days to 1 month) could be in making now. And we might go down below and explore 1250-1270 area over the next week or so. Just guessing thats all.
 
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