ES Journal - 2012

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In a very unrealistic simulation scenario for me, I am still sim short several more units than I'd be trading with real money, average is at 55.25 -- yesterday I put the stop around 66, as the key resistance is really just under there at 64s. I'm doing this remotely so I can't really get a good look at my charts, but value built lower yesterday than the day before, and while the chart does have a bit of a "basing" look to it, I'll keep this on. 49.50 is first target and will take about half off at that point. Rest is at 36.00

BTW, I think 1308 is a fantastic longer term target for a short, if you expect that a correction is coming and that it will be the biggest correction of the year. Hope this works out for you LF. I won't say "so and so WILL happen" but any significant correction, which must happen in all markets at some point, WILL be drawn to 1308, it's just the way it is IMO.
 
Quote from JoshDance:

In a very unrealistic simulation scenario for me, I am still sim short several more units than I'd be trading with real money, average is at 55.25 -- yesterday I put the stop around 66, as the key resistance is really just under there at 64s. I'm doing this remotely so I can't really get a good look at my charts, but value built lower yesterday than the day before, and while the chart does have a bit of a "basing" look to it, I'll keep this on. 49.50 is first target and will take about half off at that point. Rest is at 36.00

BTW, I think 1308 is a fantastic longer term target for a short, if you expect that a correction is coming and that it will be the biggest correction of the year. Hope this works out for you LF. I won't say "so and so WILL happen" but any significant correction, which must happen in all markets at some point, WILL be drawn to 1308, it's just the way it is IMO.
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Below 50 down to 47 is measured target for several swings from above.

It is also prev week midpoint. =)
 
Quote from JoshDance:

BTW, I think 1308 is a fantastic longer term target for a short, if you expect that a correction is coming and that it will be the biggest correction of the year. Hope this works out for you LF. I won't say "so and so WILL happen" but any significant correction, which must happen in all markets at some point, WILL be drawn to 1308, it's just the way it is IMO.
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Thanks.

Yes, sooner or later. But when?

Maybe one last push to new highs first? The trend is still up, although I was expecting a a correction from here.

Ready to lock in some profits here.

I think they may just be delaying the inevitable here at 53. Just a crazy guess. :)
 
Quote from Laissez Faire:

Thanks.

Yes, sooner or later. But when?

Maybe one last push to new highs first? The trend is still up, although I was expecting a a correction from here.
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Wouldn't it be nice if we knew the "when"? We can't, but I think you have a great basis for a trade, and you hit the "when" pretty much as well as could be hit. Whether it will followthrough later, no one knows, but you have positioned yourself to take advantage of it IF it does.

Maybe the 13K dow tag was enough to trigger enough selling to get it down. I am wary of calling at 1308 right now because on the profile so far this year up here there is basically pre-NFP balance, and post-NFP balance. 1330 is kind of the boundary between the two, and I would imagine that there will be some buyers between 1330 and 1335. Below that 1308 is a huge area of concentration, by far the largest of the year, and should act as a magnet. The market is up something like 8% or 10% since late December, and with lower participation higher, the market must auction lower at some point to attract more buyers. It will likely auction to the most "fair" price to attract the most buyers--1308. Just my 2 cents.
 
Quote from trickshot:

I see the same thing. We should get a sizeable selloff of at least 20 handles if this area gives way.
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got within 4 cents,bounce 1st?,the trans chart ,that's a wide nip,good for support,dvol over uvol was only 2/1, a little less now...... for this last month or 6 weeks,selloffs have met buyers just above supports,avoiding hitting stops
 
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