ES Journal - 2017/2018

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Shorted 62 with a stop at 65. Targeting a test of the lows and potentially a sell down to Friday's low.

EDIT: Adjusted stop to 66.

EDIT 2: Stopped and done for the day.
 
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If your stop is 2761, I think it's a good chance it will get hit today, I'm afraid.

It's roughly in the middle of yesterday's close and today's open, so I'm curious why you'd want it there. For a longer term trade - wouldn't it be better below the low on this major leg down?

I still think 2650 is in the cards. Currently consolidating as expected after a 200+ point drop.
 
Laissez Faire said:
If your stop is 2761, I think it's a good chance it will get hit today, I'm afraid.

It's roughly in the middle of yesterday's close and today's open, so I'm curious why you'd want it there. For a longer term trade - wouldn't it be better below the low on this major leg down?

I still think 2650 is in the cards. Currently consolidating as expected after a 200+ point drop.
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I never have a hard stop on an overnight trade ever due to market thinness on the afterhours. I simply have a reflection point where I look at the trade and decide if I want abandon or not. I can do that because on position trades I am at 2 times leverage. ---Intraday trades though have hard stops due to the nature of increased leverage. Specifically 10 times leverage so hard stop is essential. ---Position trading is more like investing but with 2 times leverage. 2761 has already been hit ad nauseum. Right now, I have determined to stay long.
 
Thank you for your input, B1S2.

To summarize 45 minutes prior to the close and using current last traded price of 2803,50:

ES have retraced 40 % of the down move and is up 3,36 % from the lows. We're still down -4,8 % from the highs.

I'd imagine we shouldn't retrace much higher than this for current down move to still be in motion. IMO, what we're seeing isn't looking like anything else than a pullback up so far. Thus, I agree with Mastacoli that this could be a good place for a short swing trade. Not that I'm playing it myself...
 
Laissez Faire said:
Thank you for your input, B1S2.

To summarize 45 minutes prior to the close and using current last traded price of 2803,50:

ES have retraced 40 % of the down move and is up 3,36 % from the lows. We're still down -4,8 % from the highs.

I'd imagine we shouldn't retrace much higher than this for current down move to still be in motion. IMO, what we're seeing isn't looking like anything else than a pullback up so far. Thus, I agree with Mastacoli that this could be a good place for a short swing trade. Not that I'm playing it myself...
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There would likely be another pullback before roaring higher ----yes.
 
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