ES Journal - 2012

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68.00 would be -100 off the recent high ... that's not even -10%. 1359 is 50% retrace back toward the June low. Those numbers seem like very possible targets in this environment, IMHO.
 
Let's get ready for the possible 2nd gap play. The "guaranteed" base line is the price of ES at 4 pm. Anything under that (later on overnight) is a buy....The bigger the gap, the better....
 
Quote from Pekelo:

Let's get ready for the possible 2nd gap play. The "guaranteed" base line is the price of ES at 4 pm. Anything under that (later on overnight) is a buy....The bigger the gap, the better....
More...

Thanks for the heads up :)
 
OK, checking in early morning. The established baseline was 1390. In AH the price pretty much moved above that and stayed in the 90-95 range, so technically there was no 2nd gap, except for around 5 am when finally we dipped below but only for 2.5 pts, so not a huge opportunity. And we already came back, so by 6 am that little 2nd gap got closed.

Now some of you might ask: How do you play the 2nd gap rule if there is no 2nd gap?

Well, by going long at the close. If there is no significant downgap (like last night) but we drift up, you made money, if we go lower, you are guaranteed not to lose money. And of course you need to be able to average in in case of having a 2nd gap. The safest probably is using 1/3-1/3. Let's say 1/3rd at the base line, 1/3rd at a 4-5 pts gap and if the gap gets even bigger, the last 1/3 at 8-10 pts.... the thing is, we don't know beforehand how big is the 2nd gap gonna be....

So again, using last night's action, if you went long at the 1390 baseline, you had multiple times of taking 4-5 pts of profits. (I think we waved 4-5 times between 91-95).
 
Quote from Pekelo:

OK, checking in early morning. The established baseline was 1390. In AH the price pretty much moved above that and stayed in the 90-95 range, so technically there was no 2nd gap, except for around 5 am when finally we dipped below but only for 2.5 pts, so not a huge opportunity. And we already came back, so by 6 am that little 2nd gap got closed.

Now some of you might ask: How do you play the 2nd gap rule if there is no 2nd gap?

Well, by going long at the close. If there is no significant downgap (like last night) but we drift up, you made money, if we go lower, you are guaranteed not to lose money. And of course you need to be able to average in in case of having a 2nd gap. The safest probably is using 1/3-1/3. Let's say 1/3rd at the base line, 1/3rd at a 4-5 pts gap and if the gap gets even bigger, the last 1/3 at 8-10 pts.... the thing is, we don't know beforehand how big is the 2nd gap gonna be....

So again, using last night's action, if you went long at the 1390 baseline, you had multiple times of taking 4-5 pts of profits. (I think we waved 4-5 times between 91-95).
More...

Pekelo, you are awesome :)
 
Quote from Handle123:

I have reversed, Bought 1384.75 and Protective stop at breakeven.
First target is 1424.75

I been busy today!
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missed this, nice work
 
Hello, this all looking fishy to me, our revenues declining substantially in the UK at the moment and with weekly charts showing signs of a tiresome price action I can't stop reminding myself of what happened last time there was a meltdown.
 
Quote from romik:

Hello, this all looking fishy to me, our revenues declining substantially in the UK at the moment and with weekly charts showing signs of a tiresome price action I can't stop reminding myself of what happened last time there was a meltdown.
More...


Good to see your around. If Apex is around would be like the old days.
 
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