ES Journal - 2012

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Quote from trickshot:

What gap is that? On the SPX? But we opened and traded as low as 91.25 yesterday, why would there be any gap? :confused:
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I always look at ES, at least for short term gaps. Knowledge about gaps is extremely important when trading ES.

Often a gap open sets up the day for a move in the direction of the gap, so one does not automatically fade a gap. It`s only used as a target if other supporting parameters says we will trade in that direction.

Earlier when I posted more actively in this journal, I used to post the 50% gap level, which is the 50% retracement from yesterday`s cash close and today`s gap (measured from the open).

I`m not sure if it`s random or not, but I`ve seen price reverse quite a few times from those levels as well. Incidentally, today that level was 98,25 and exactly where we reversed to the tick after the first push towards new highs. :)
 

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Quote from Laissez Faire:

I always look at ES, at least for short term gaps. Knowledge about gaps is extremely important when trading ES.

Often a gap open sets up the day for a move in the direction of the gap, so one does not automatically fade a gap. It`s only used as a target if other supporting parameters says we will trade in that direction.

Earlier when I posted more actively in this journal, I used to post the 50% gap level, which is the 50% retracement from yesterday`s cash close and today`s gap (measured from the open).

I`m not sure if it`s random or not, but I`ve seen price reverse quite a few times from those levels as well. Incidentally, today that level was 98,25 and exactly where we reversed to the tick after the first push towards new highs. :)
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Good post, LF. :)
 
Quote from mastacoli71:

reduce 89.5, avg short 97...bite me market makers
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bidding 87 to reduce, avg short 97. unless something dramatic happens tomorrow or i see something i don't like, i will carry a small position into jobs # short.

i have trade what i see and not what i fear. as long as i understand my risk, i should be ok.
 
Quote from keeptradin':

Last add @ 97.50, avg. 95, reduce @ 95, target 89.50.
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i hope it all worked out ok for you today kt. maybe we will get lucky in overnight session.

i was hoping we would hit 87 after breaking 90 this morning to reduce more but no such luck.
 
Quote from mastacoli71:

i hope it all worked out ok for you today kt. maybe we will get lucky in overnight session.

i was hoping we would hit 87 after breaking 90 this morning to reduce more but no such luck.
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Thanks, got a "gift fill" on the second pullback to 95 and got flat B/E. I had entered the order a couple of hours earlier, so I must've been in the right place in the queue. I got busy dealing with the kids this afternoon and neglected to post the exit...my bad. :eek:

Was very surprised to see the rally we had today, based on the news that came out this morning. Just goes to show that ES is all about seeking the liquidity (stops) and moving the market to those levels. Must be nice to have access to the data that the "smart money" does, kinda' like "shooting ducks in a barrel"!!

Hang in there, I'm sure there will be some crappy news overnight to push us down again...:)
 
Quote from keeptradin':

Thanks, got a "gift fill" on the second pullback to 95 and got flat B/E. I had entered the order a couple of hours earlier, so I must've been in the right place in the queue. I got busy dealing with the kids this afternoon and neglected to post the exit...my bad. :eek:

Was very surprised to see the rally we had today, based on the news that came out this morning. Just goes to show that ES is all about seeking the liquidity (stops) and moving the market to those levels. Must be nice to have access to the data that the "smart money" does, kinda' like "shooting ducks in a barrel"!!

Hang in there, I'm sure there will be some crappy news overnight to push us down again...:)
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Can't beat those "gift fills". Good to hear.

Absolutely. It's almost illegal what they do but it is what it is. As long as we take a shot at guessing where those stops could be, we can try and capitalize.

I don't know if it's my old age or getting run over by a train multiple times but it seems like they run the market further then we think to the upside then on the downside. Like yesterday, 20 pts off overnight low while ATR was around 17. It probably happens just as many times on the downside I just don't remember cause I trade more from the short side then the long.
 
Quote from Laissez Faire:

I always look at ES, at least for short term gaps. Knowledge about gaps is extremely important when trading ES.

Often a gap open sets up the day for a move in the direction of the gap, so one does not automatically fade a gap. It`s only used as a target if other supporting parameters says we will trade in that direction.

Earlier when I posted more actively in this journal, I used to post the 50% gap level, which is the 50% retracement from yesterday`s cash close and today`s gap (measured from the open).

I`m not sure if it`s random or not, but I`ve seen price reverse quite a few times from those levels as well. Incidentally, today that level was 98,25 and exactly where we reversed to the tick after the first push towards new highs. :)
More...

Interesting. So you ignore the ETH moves and only look at RTH prices on the ES?

I analyse/trade gaps too, but only for the SPX/SPY because they don't trade round the clock. I guess thats essentially the same thing as trading RTH ES gaps, except that I don't look at gaps on lower time frames for SPX/SPY, only on the daily.

I guess thats the arbitrary nature of technical analysis, there are a billion ways to look at the same chart, different time frames can sometimes yield totally different conclusions. :)
 
Quote from trickshot:

I see... but wouldnt there be gaps on nearly every trading session if you used only settlement? I've heard of traders ignoring upper/lower shadows in gap analysis, but never the solid body of the bar.
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It`s the market open price and market close price only. If you look at minute bars, it will be random, since choosing a 1,3,5,30,60-minute bar will each yield different views.

Quote from keeptradin':

Good post, LF. :)
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Glad you like it. :)
 
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