Short 72.50 Stop 80 Looking for a break of 50
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ES Journal - 2012
- Thread starter Buy1Sell2
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Market was at 1307 at the time of that post.
Lets see what (if anything) happens....
I'm still just quoteing teachers, and looking at this with student eyes,
but 1373.50 is the line in the sand for the EWT classes. I'm told it can go above it, but not close there... I guess on a daily chart... or then they have to redo alot more numbering/charting work.
EWT seems like a lot of work at any rate. But when it works, it's beautiful.
Hummmmm, so EWT or RCG's girl pictorium.....?
but 1373.50 is the line in the sand for the EWT classes. I'm told it can go above it, but not close there... I guess on a daily chart... or then they have to redo alot more numbering/charting work.
EWT seems like a lot of work at any rate. But when it works, it's beautiful.
Hummmmm, so EWT or RCG's girl pictorium.....?
This one gets my vote.
Too early to tell, but opening gap up looks very likely from here. Could we see a gap and go perhaps?
For now, I`m done trying to pick a top and will rather try to enter on a pullback when it happens. I did not get burned badly and my losses were small, but I will wait for some better confirmation next time.
Most of my entries were good, but on the last one I stepped in front of the freight train, sold the gap expecting a drop instead of seeing price pulling back and proving me right on my entry. Exactly the opposite of what I like to do, but my poor excuse is that I was about to leave the house and wanted in on the action, which again, is a really poor excuse.
A nice and clever observation that many of us would do well to archive in our toolbox for future reference.
Don`t step in front of the freight train and follow the path of least resistance.
PA rules... no matter what any concept we have indicates.
Tho I read it as going up too!
LF, I've heard you say you've modified or moved somewhat form Al Brooks price action... can you describe how or in what way?
My classes end in April. I had not hear of PA when I signed up for them. Expect I'll spend more time studying a PA POV when I have more time. Hopefully take the best of both....
I'm in practice using EWT and other things for the bigger picture, targets and stops, and using PA more for entry's.
Tho I read it as going up too!
LF, I've heard you say you've modified or moved somewhat form Al Brooks price action... can you describe how or in what way?
My classes end in April. I had not hear of PA when I signed up for them. Expect I'll spend more time studying a PA POV when I have more time. Hopefully take the best of both....
I'm in practice using EWT and other things for the bigger picture, targets and stops, and using PA more for entry's.
I can`t really say and I never been an Al Brooks purist either. I simply picked up a lot of useful stuff from him and learned to think more intelligently about price action.
But he does not seem to look into the big picture, IMO, and may read a little too much into each single bar. I only see him talk briefly about price levels, which is very important in ES.
With ES in particular, you will got a long way when learning to identify the important horizontal S/R levels and then use price action for entry.
Prior day`s high/low/50% for a long time back, prior day`s pivot point and pivot levels, last week`s high/low/50%, monthly, etc.
The current day`s evolving 50% level. Opening range and initial balance. Measured moves (R10 for example), etc.
Look at higher timeframes (daily) for the big picture, etc.
That`s some of the things I can think of on top of my mind.
Good luck with your studies.
Oh, she`s a tough one. Keeps inching higher.
Looks like we may open around 70 or above today, but there are two economic reports prior to the open that may shake up things and then one 30 minutes after the open. One in 15, one at 9:00 and one at 10:00.
Opening around 70, I suppose we may 1) gap and go; 2) Fill the small gap, find support around 63-66 and go higher; 3) gap and crap.
Looks like we may open around 70 or above today, but there are two economic reports prior to the open that may shake up things and then one 30 minutes after the open. One in 15, one at 9:00 and one at 10:00.
Opening around 70, I suppose we may 1) gap and go; 2) Fill the small gap, find support around 63-66 and go higher; 3) gap and crap.
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