ES Journal - 2012
- Thread starter Buy1Sell2
- Start date
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update
closed at 1415.00
I respectfully disagree.
Yesterday, price opened just above S2, which held up nicely to the tick, until we finally broke down to a prior day low (2 ticks beyond) where we made a bottom for the day.
The market then found support at S1 to the tick, twice, before it topped out at R1 to the tick and pulled back, until it finally made new highs late in the day.
Today, the market topped out 3 ticks above R1 which also was the overnight high. Bottom today was 1 point below yesterday`s close/gap.
The market is technical. And that`s why we can profit trading it. But these are only the last two days and I have a short-term memory.
Good trade earlier btw!
I find that crude oil is more disrespectful regarding levels and treat levels more like zones.
ES amazes me at times regarding how "technical" it is and how sometimes a level holds to the tick.
ES amazes me at times regarding how "technical" it is and how sometimes a level holds to the tick.
If we can differentiate our "feeling" analysis and "technical" analysis, does everyone still think the daily chart looks ripe for a meltdown?
To me, it got the look of, "Hey! We`re going higher now. Want to join in?"
I suppose the next days will be critical for the long term outlook, however, my model says there`s a 66% chance tomorrow will be an up day.
If we open flat (+-2 points) or gap up, it`s time to buy. If we open gap down, it`s a sell.
To me, it got the look of, "Hey! We`re going higher now. Want to join in?"
I suppose the next days will be critical for the long term outlook, however, my model says there`s a 66% chance tomorrow will be an up day.
If we open flat (+-2 points) or gap up, it`s time to buy. If we open gap down, it`s a sell.
Quote from Laissez Faire:
If we can differentiate our "feeling" analysis and "technical" analysis, does everyone still think the daily chart looks ripe for a meltdown?
To me, it got the look of, "Hey! We`re going higher now. Want to join in?"
I suppose the next days will be critical for the long term outlook, however, my model says there`s a 66% chance tomorrow will be an up day.
If we open flat (+-2 points) or gap up, it`s time to buy. If we open gap down, it`s a sell.
there is too much money to be made crashing the economy..both parties havent come to any resolution. Markets go down faster then they go up.
technically the market wants to go up.. it violated DT/Trendline.
No worries LF....
To my eyes, those lines and levels have diminished over the past few weeks as full triggers, so I placed less emphasis on them than I normally do...so that has lessened my usage as of late. I don't trade with rsi or stoch as triggers, but they are useful when coinciding with levels in event (to include fed action) and news driven markets. Mainly for exhaustion indication.
I use tech mainly, but there are periods when news and events drive tech to extreme areas that tend to cost me money if I over-rely on them. For "me" this is one of those periods where I have reduced confidence in s/r and even pivots to an extent. Notice r10 and r20 of late.
Thanks for the feedback...it keeps us all aware of price through "others" eyes.
To my eyes, those lines and levels have diminished over the past few weeks as full triggers, so I placed less emphasis on them than I normally do...so that has lessened my usage as of late. I don't trade with rsi or stoch as triggers, but they are useful when coinciding with levels in event (to include fed action) and news driven markets. Mainly for exhaustion indication.
I use tech mainly, but there are periods when news and events drive tech to extreme areas that tend to cost me money if I over-rely on them. For "me" this is one of those periods where I have reduced confidence in s/r and even pivots to an extent. Notice r10 and r20 of late.
Thanks for the feedback...it keeps us all aware of price through "others" eyes.
Looks like they want to take those stops above 1430 and get to that next trend line. I don't think tomorrow but maybe Monday being first trading day of DEC.
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