ES Journal - 2012

[bigsnack]

Quote from gmst:

Anyways, looks we are going down again. I bet we break 1305 this time.

There are some great ways to approach something like this IMO:

1. Sell now and then tighten your stop / wait and see what happens if we get back down to the bottom.
2. Wait until we fail below 05's and sell it as a level of support turned resistance. This way you can keep a super tight stop.
3. Trade it as a double bottom, wait for 05's to trade and then look for a failure of the test of the DB. Once the failure is confirmed, buy the first pullback.

 

[JoshDance]

long 08.25 stop 07.50

 

[lucky lucille]

Quote from lucky lucille:

cover 8.50

L8.50

cover 9.50
S9.50

or, bigsnack, trade what you see

 

[JoshDance]

Quote from JoshDance:

long 08.25 stop 07.50

stop 08.50
target 16.50 if we can break 11-13

 

[JoshDance]

Quote from JoshDance:

stop 08.50
target 16.50 if we can break 11-13

out 11.50, +3.00

 

[JoshDance]

can't tell if this is a game being played, or real demand

 

[lucky lucille]

Quote from JoshDance:

can't tell if this is a game being played, or real demand

can you ever tell with confidence..

look at the big picture..

 

[GGB]

only scalping by correlations index
unfortunately I got the right way but without patience
my mistake

 

[gmst]

Quote from bigsnack:

There are some great ways to approach something like this IMO:

1. Sell now and then tighten your stop / wait and see what happens if we get back down to the bottom.
2. Wait until we fail below 05's and sell it as a level of support turned resistance. This way you can keep a super tight stop.
3. Trade it as a double bottom, wait for 05's to trade and then look for a failure of the test of the DB.

B - Thank you very much for the excellent analysis. If you are already short, probably there is a 4th way also, which I am attempting now - a swing trade, on the premise that if we break that big support we go down big time.

I sold at 1312.5 and even though I saw bottom getting formed around 1306, I didn't close the trade. Because I am seeing that if 1305 breaks, the price has the potential of going down 10-15 handles more. My stop is at 1314.5. I thought I should bring it to breakeven, but am resisting myself. I could end up losing 2 points on this trade, with a potential reward of 20 points.

 

[Jestersofmalice]

Quote from Jestersofmalice:

long 1310

will probably take another +5 on this one