ES Journal - 2012

[uptickk]

EUR/USD keeps bouncing off the 1.3285 area

 

[Picaso]

Quote from kinggyppo:

Yep I wasn't really speaking at/to you. The point is that traders have to be careful waiting for the big short. You have to be aware that it may never come.

Yep

 

[Lawrence Chan]

Quote from chaykapwr:

out on my long, GMST might be right on this one

op ex next week.

Look at the round numbers

SPX 1350 SPY 135

 

[gmst]

Quote from gmst:

short 1346.5, stop 1348

stop to 1347.

I don't know if this short will work or not, but rationale for this short was different from today's technicals. Rather I was seeing a potential 1:4 or better risk:reward on this trade. With a 1.5 point stop, I was hoping to get 6 points at the minimum or 12/15 points if I am lucky.

The reason for taking this trade was that rally post NFP has gone on for way too long. Its very rare in my experience that rally post a good NFP number lasts till wednesday. Yesterday I short at 1243.25 and covered at 1244.75. I was trying to do the same thing yesterday. And since ES had practically not moved today (just 2-3 points higher than yesterday when I covered my short trade), it is telling me that there is not much energy left in this upmove. Atleast there should be some correction, before we see bulls again willing to buy heavily.

The only thing I was not too sure about this trade was the stop, maybe a stop of 1251.5 would have been better, as sellers would come in around 1249-50. But that would have meant a risk of 5 points which I was not ready to take on this trade.

 

[Lespaulr0cker]

L 44.75

I may regret this...

 

[Lespaulr0cker]

...yep, stopped out at 42.25

 

[Macho]

Selling 1 @134100 another on at 134375

Stop ZB 141'24

 

[gmst]

Quote from gmst:

stop to 1347.

I don't know if this short will work or not, but rationale for this short was different from today's technicals. Rather I was seeing a potential 1:4 or better risk:reward on this trade. With a 1.5 point stop, I was hoping to get 6 points at the minimum or 12/15 points if I am lucky.

The reason for taking this trade was that rally post NFP has gone on for way too long. Its very rare in my experience that rally post a good NFP number lasts till wednesday. Yesterday I short at 1243.25 and covered at 1244.75. I was trying to do the same thing yesterday. And since ES had practically not moved today (just 2-3 points higher than yesterday when I covered my short trade), it is telling me that there is not much energy left in this upmove. Atleast there should be some correction, before we see bulls again willing to buy heavily.

The only thing I was not too sure about this trade was the stop, maybe a stop of 1251.5 would have been better, as sellers would come in around 1249-50. But that would have meant a risk of 5 points which I was not ready to take on this trade.

stop to 1344, am targeting around 36-37 area

 

[bigsnack]

Quote from gmst:

stop to 1344, am targeting around 36-37 area

I see 37.25's as a bounce point if we keep going.

 

[BCE]

Quote from Lawrence Chan:

op ex next week.

Look at the round numbers

SPX 1350 SPY 135

Was just going to mention 1350. Didn't quite get there. Needs to push through that level with conviction it seems to continue this trend.