ES Journal - 2017/2018

[Spooz Top 2]

Now we have broken above no matter how you draw that TL. I need to see a retracement and bounce on the TL before I go net long however. Still flat.

We have now.... Not yesterday when I posted it.

 

[Spooz Top 2]

We`ll see.... Small but something to build upon & Avg up.... That`s if my Stop isn`t tagged at Even...

I missed the whole session today aside from first hour of RTH... was hoping PA would drive a little deeper & hit some size... There are tremendous benefits to scaling.

Stopped at Even 99.50 on the overnight... Patiently waiting on the Slingshot pullback move back to the broken TL Kiss combined with a splash of Fib Confluence... 6th straight up Day..

 

[manonfire]

We have now.... Not yesterday when I posted it.

My spy chart says we just barely traded through. I chart on all, es, spy, spx and look for the lowest common denominator. Most likely with biggest etf of all with $250 billion in assets I have to trust there are a number of eyes on spy.

 

[mbondy]

... 6th straight up Day..

When the Fed releases their balance sheet later today for the last week (weds-weds), it wouldn't surprise me to see that they've been net accumulating.

However, in this environment, every accumulation is just a precursor to the next big sale.

 

[treeman]

I'm noting comments and statements about 'volume' and I'm curious if they're based on actual research or if it's just repeating textbook stuff or stuff one is told from others...

All thinks being equal, I prefer a volume confirmation. Breakouts can occur on low volume too though. Some will even call that bullish. A low volume pullback after this would be confirmation, and then obv. followed by a high volume lift. That is if you subscribe to the Wyckoff method.

 

[speedo]

As a singles hitter, these grinders are not my deal.

 

[Laissez Faire]

That is if you subscribe to the Wyckoff method.

I subscribe to facts, not methods taught by others.

It's not that long ago I actually tested a pattern based on an Outside Day which turned out to have the complete opposite result of that was taught where I read it. Textbooks often cherrypick stuff and/or teach stuff that's simply not up to date (as patterns in markets do change...).

In my opinion, of course...

 

[treeman]

Agreed. You asked, and that's why put the caveat of where the information comes from.

 

[Laissez Faire]

I bet a lot of suckers shorted this trendline break or pullback, but it's a low probability trade, IMO. There's a chance the high is printed for today, but according to my 'read', there's still more upside and we're more likely to make a new high by end of day closing in on 2730.

In my opinion, of course.

Could slide lower, but the chances of doing so are slim...

EDIT: Or maybe I'm the sucker. To clarify, with slide, I'm referring to a significant move, i.e., new lows.

 

[manonfire]

One and two hour pa at inflection point will be difficult to overcome without a much loved pullback if at all.