ES Journal - 2012

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Quote from tomahawk:

In general, playing for a 2nd day gap to fill starting at just 5pts/gap in AH seems risky to me. Pek, how do you gauge where you want to enter those plays? IMO, it's risky fading before the gap reaches 15 or 20,
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Well, we had 2 different stories here in the last few days.

The easier one (that I posted about) was actually a 3rd gap. The chance that we would get 3 days of consecutive unfilled gaps was extremely low, as you mentioned. Also, I always count the gap from the cash's close (because that's how the law works) even though we trade the futures. So when the futures dropped right after the cash closed, that 44 line was a huge magnet for the next 24 hours. It did come back to it 3 times by the next open. When to enter long it really depends on the individual and how many contracts he can comfortably trade. This was way more "guaranted" then the gap a day earlier, thus more chance could have been taken.

And I guess this takes back to your question about the 2nd gap being formed a day earlier. I think it was based on the European news thus it was bigger than a usual 2nd gap. Again, where to enter it depends on how many contracts one can trade. There are really no set rules, just one has to keep more firing power in case the market is more stubborn....
 
Quote from Macho:

Sold 135150 stop 135900 or ZB 151'27

Target 134400

Zb's dumped net 7 ticks while ES picked 27 points....nobody wants to sell bonds...wonder why?

This comment might jinx my trade:D ...hope not
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Stop changed to 135100. ZB not really co operating.So no point making my gains into a loser.

I will not be happy though
:mad:
 
Quote from Pekelo:

Well, we had 2 different stories here in the last few days.

The easier one (that I posted about) was actually a 3rd gap. The chance that we would get 3 days of consecutive unfilled gaps was extremely low, as you mentioned. Also, I always count the gap from the cash's close (because that's how the law works) even though we trade the futures. So when the futures dropped right after the cash closed, that 44 line was a huge magnet for the next 24 hours. It did come back to it 3 times by the next open. When to enter long it really depends on the individual and how many contracts he can comfortably trade. This was way more "guaranted" then the gap a day earlier, thus more chance could have been taken.

And I guess this takes back to your question about the 2nd gap being formed a day earlier. I think it was based on the European news thus it was bigger than a usual 2nd gap. Again, where to enter it depends on how many contracts one can trade. There are really no set rules, just one has to keep more firing power in case the market is more stubborn....
More...

Thanks for your comments on the subject.
 
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