ES Journal - 2017/2018

mastacoli71 · May 9, 2018

Spooz Top 2 said:
I`m right there with you... always 2 ticks before the whole number.... SLD 5c @ 99.50 that I laid out this morning with more to sell up to 2710 scale.... predicated on this set up below that I posted in another thread at 10:20 this morning.

Interesting... still no 5th touch and sym triangle has room to apex...may explain why volume so light.

For the record I remain short overnight...painful!

treeman · May 9, 2018

Same gameplan as last night. Accumulating overnight, getting squeezed into the position.

mbondy · May 9, 2018

mastacoli71 said:
For the record I remain short overnight...painful!

Where's your uncle point on this position? Although I agree with your trade in premise, it looks like you were a bit early to the party.

zenemini · May 9, 2018

Spooz Top 2 said:
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.

I was on the road today and had a buy limit at 2671, 3 point stop, 17 point profit target. That double triple (6 pushes against it) bottom buy at 72 kept me out while I was blissfully unaware. My best ideas are the ones that do not trade lol.

Buy the dip mode for me right now.

mastacoli71 · May 9, 2018

mbondy said:
Where's your uncle point on this position? Although I agree with your trade in premise, it looks like you were a bit early to the party.

You will know when I puke

treeman · May 9, 2018

mbondy said:
Yes. You've averaged in, okay good, now the trade turns around and starts going your way... so why not add a contract at your first target, second target, and dump them all at your third target, kind of thing?

You can always back the add-ons with a stop if it makes you uncomfortable.

Think of it as leaning into your position.

mbondy · May 9, 2018

mastacoli71 said:
You will know when I puke

Well I hope that it doesn't come to that, I was just curious how much risk you were willing to take on a position.

mastacoli71 · May 9, 2018

mbondy said:
Well I hope that it doesn't come to that, I was just curious how much risk you were willing to take on a position.

I am watching the trend line like everybody else. I don’t use hard stops which is a very bad habit. For this trade if we close above 2717.5 cash I am out. Agree I was early.

mastacoli71 · May 9, 2018

mastacoli71 said:
I am watching the trend line like everybody else. I don’t use hard stops which is a very bad habit. For this trade if we close above 2717.5 cash I am out. Agree I was early.

I misread this latest retracement but still see us breaking down big instead of rallying.

MidwesternTrader · May 9, 2018

Question is how far can they squeeze this. RTY is within spitting distance from all time highs and another 5 - 7 trading days of squeeze could see NQ at ATH too. Hard for me to see ES and YM getting close to ATH in this cycle as they are lagging behind the other two in that respect.

I'll be looking to play NQ if/when the rug gets pulled out. As of right now we got 125 ES points of downside ($6K) for it to retest lows, but 600 NQ points downside ($12K) for it to retest lows. If the lows are tested, NQ will see some huge evaporation down days similar to the 2/2 and 2/5 drops.