ES Journal - 2013
- Thread starter Trvlwanderer
- Start date
Shorted 1720.5 with a stop at 1727
Objective is 1701
Objective is 1701
Added size 1721
Stopped -4
'round the world people is singin' "buy 'em".
If you did not know that this chart was of ES, had no personal opinions about the economic system, nor knew the prices on the right hand axis, would you short this?
Or would you go long on the next pullback?
Disclaimer: I'm not going long here, in fact, I would expect this market to be due for a pullback soon based on technicals, but it may very well grind higher for a while, especially if 1725 does not serve as resistance.
No short signals for now, except that this market is 'overbought'.
And that is not a good signal in my book, but maybe someone sees something I'm not seeing?
Or would you go long on the next pullback?
Disclaimer: I'm not going long here, in fact, I would expect this market to be due for a pullback soon based on technicals, but it may very well grind higher for a while, especially if 1725 does not serve as resistance.
No short signals for now, except that this market is 'overbought'.
And that is not a good signal in my book, but maybe someone sees something I'm not seeing?
That chart is "just click buy" price action for me.
I don't see the ES as "overbought" until price tests (or decisively fails to test) the upper channel line connecting the swing highs on the daily chart from May through Sept. The longer term LTL broke downside earlier this month, but in a strong trend the initial break of a trend line is usually a trap, so I imagine the bots will just keep bidding this up until the previous high is tested.