ES Journal - 2012

[gmst]

bigger picture from a swing trading perspective. We have lots of resistances up here.

1422.75 - last week RTH high
1424 - last week Globex high
couple of major RTH swing highs at 1429.25 and 1430.75 on 6th and 1st Nov respectively

We did see a huge amount of buying at 1383 last week.

1) For a serious up-move from here, price must break 1425 with force.
2) Following a similar logic, a good swing short opportunity seems around 1420 level, say with 6 point stop and profit of 20 points.
3) A 3rd possibility is we keep going up in a very slow and steady manner.

 

[ammo]

narrow +366 margin in adv over dec

 

[ammo]

uvol trying since 10 after a few crossovers but again,13/10 ratio is weak,these arent bearish,just mildly bullish

 

[tomahawk]

We've never left the range of that 1st 15min bar post-NFP report, now 28+ trading hours afterward. Being this close to that bar's high, and with higher lows, it should break to at least 24. But what'll it do first is the question I have.

 

[Laissez Faire]

Quote from gmst:

1) For a serious up-move from here, price must break 1425 with force.
2) Following a similar logic, a good swing short opportunity seems around 1420 level, say with 6 point stop and profit of 20 points.
3) A 3rd possibility is we keep going up in a very slow and steady manner.

Too many possibillities, but I agree.

I fear number three the worst. I want some solid intraday swings now.

 

[BSAM]

Wow!
What a mess.
Straighten up, Mr. Market!
And I do mean up!

 

[gmst]

Quote from gmst:

stopped but short again at 16.75

out of this at 1418.25. still have other shorts - will reduce around 1417.25

 

[gmst]

Quote from gmst:

out of this at 1418.25. still have other shorts - will reduce around 1417.25

I am out of this trade for a total loss of -2.25 points. Price might eventually go my way and I might re-enter if I see some momentum, but I just want to keep my losses small and it has been many hours and price just didn't move and my patience got better of me.

 

[Laissez Faire]

Question.

How do you weigh ETH price action versus RTH price action? Equally?

It has always been logical to me that RTH (using 4PM close) is by far the most important period since that is when the stock market and SPY trades.

However, I have observed that the overnight high and low often are important price levels during RTH and because of that I plot them. Incidentally, the overnight low today was 1 tick below S1.

Pivot levels happened to mark the overnight high and low many times last week as well. Have not done an extensive study on it.

I do however not pay that much attention to S/R and trendlines using ETH charts. Am I making a mistake?

Curious to hear your thoughts.

 

[Trvlwanderer]

Quote from Laissez Faire:

Question.

How do you weigh ETH price action versus RTH price action? Equally?

It has always been logical to me that RTH (using 4PM close) is by far the most important period since that is when the stock market and SPY trades.

However, I have observed that the overnight high and low often are important price levels during RTH and because of that I plot them. Incidentally, the overnight low today was 1 tick below S1.

Pivot levels happened to mark the overnight high and low many times last week as well. Have not done an extensive study on it.

I do however not pay that much attention to S/R and trendlines using ETH charts. Am I making a mistake?

Curious to hear your thoughts.

I plot the pivot and s1-3 / r1-3 from the entire session.