ES Journal - 2015

Buy1Sell2 said:
Without a print below 2071.50 we will likely make an attempt to go higher. This is why a lot of pros would put buy orders in say 2072.50 2072.25 2072.00 2071.75 2071.5 etc with extremely tight stops. The current Romik(tm) is only valid for pull back at present.
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FOMC in 45 minutes, so it's anything goes. But knowing Yellen, she won't let the market down. Hence, I see 2090 in the horizon.
 
My thought is that we'll see initial pullback followed by market heading higher. If that does not happen, then perhaps we'll see a true trend reversal.
 
--DT UM short 2073.75 Initial stop 2076.75
--I've entered a buy order at 2072.25 to exit trade prior to Fed.
--Out here at 2072.25 for 1.5 pt gain
 
Buy1Sell2 said:
My thought is that we'll see initial pullback followed by market heading higher. If that does not happen, then perhaps we'll see a true trend reversal.
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Wasn't that the very reason they jacked up this market today? In order to absorb initial pullback?
 
schizo said:
Wasn't that the very reason they jacked up this market today? In order to absorb initial pullback?
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I would suspect that you had professional traders buying until the highs were reached, and some breakout traders using buy stops as entry orders one tick above the highs of 10/23 and then also a lot of folks late to the party wanting to get on the train prior to the Fed.
 
I am not a believer in the notion that markets are manipulated to suck people in or that anyone or any group of people is able to manipulate markets. I just believe that there are a lot of people and entities with different timeframes and different objectives. Together, they make a market.
 
It is my view that the concept of stop hunting is in reality a myth perpetuated by folks that have lost money trading against the trend or trading with the trend but using bad stop placement.
 
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