ES Journal - 2012

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Quote from Laissez Faire:

Pull this for now. :)



Pulling my earlier statement as well. :)

Not sure what to make of the price action today. Certainly no apparent weakness to me, but we made a 1 tick lower double top at the end of RTH and the globex high at 73,75 were not tagged.

If we were to trade above 70, I was sure we would at least take out the daily highs and the AH high.

But no, just consolidating here in this zone for one more day. Some probably perceive this as distribution, while others think it is consolidation before the next push up. For all purposes, the trend is still up and not yet broken. No apparent weakness on the daily SPX chart.

I`m soon ready to resume full-time day trading. Much easier to predict the next intraday leg instead of the next major swing. :)

Any takers on tomorrow`s action in light of what happened or not happened today?
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No idea what will happen tomorrow. Like you said did not take out AH overnight 73.75 but it will probably happen tonight. The market continues to stick in the daily time frame channel so I don't see much holding it back if it breaks 73.75 until about 76.5 - 77. After that, no idea. Panick buying will probably set in so maybe that will be blow off top or just an attempt to test daily upper TL around 89.5. I vote for the blow off top to get mom and pop investors long so we can get some vol back in this market.

Good to hear your coming back full time. Looking forward to your commentary. Wish I could contribute more but I am just trying to find my way right now in ES.
 
Quote from Laissez Faire:

Not sure what to make of the price action today.
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It was a bit of a strange day from my perspective. I made sim dollars, but I did not trade very well overall, and thankful given the mistakes I made (mostly impatient entries, and getting caught up in chop) to have been profitable. Fortunately, I took only one short and probably would have had a worse day had I not been trading from the long side. This is how I see it:

http://screencast.com/t/GfUU0Hpy

I posted a chart yesterday showing the market accepting higher and higher prices. We have had only one day out of the last ten where the VPOC was lower than the previous day's, and even that was not by much.

Quote from Laissez Faire:

Some probably perceive this as distribution, while others think it is consolidation before the next push up. For all purposes, the trend is still up and not yet broken. No apparent weakness on the daily SPX chart.
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Agree, and I would bet that we will see a big high volume day and some consolidation before a real serious correction, but I have a hard enough time with intraday movement, let alone trying to guess weeks in advance.


Quote from Laissez Faire:

Any takers on tomorrow`s action in light of what happened or not happened today?
More...

For me a lot of it will depend on what happens overnight. Tomorrow we have prelim GDP at 8:30, and it's probably not a game changer but still interesting; Bernanke testifies at 10am as well, which has potential for impact but likely not a whole lot IMO. As you can see from the chart below, the market really liked the 55-60 area. Still long for me if this area provides enough demand.

http://screencast.com/t/w5s3LP9G
 
Quote from mastacoli71:

No idea what will happen tomorrow. Like you said did not take out AH overnight 73.75 but it will probably happen tonight. The market continues to stick in the daily time frame channel so I don't see much holding it back if it breaks 73.75 until about 76.5 - 77. After that, no idea. Panick buying will probably set in so maybe that will be blow off top or just an attempt to test daily upper TL around 89.5. I vote for the blow off top to get mom and pop investors long so we can get some vol back in this market.

Good to hear your coming back full time. Looking forward to your commentary. Wish I could contribute more but I am just trying to find my way right now in ES.
More...

Hit mid channel resistance and bounced. I was too chicken to take the short in fear of it going in my face like every other short has lately. Oh well, RTH should be better today. One can only hope.
 
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