ES Journal - 2019/2020

[SPYgrain]

re: retracing or reverting - I count 9 oppty's to enter short after 2761 swing high.

 

[Buy1Sell2]

Intraday shorts should not get too excited here at 2740 as there is plenty of time today yet to have a good ole fashioned short covering rally into closing.

 

[cowf]

2740.00 showing signs of support. Trading above 2745.00 could take us back up to 2756.00 - 2765.00.

 

[SPYgrain]

2740.00 showing signs of support. Trading above 2745.00 could take us back up to 2756.00 - 2765.00.

NQ not showing relative strength however..

 

[cowf]

NQ not showing relative strength however..

It actually is...and a break above of 7026 would be your trigger back to 7070 - 7120. Also, the NQ does not provide any weighted criteria for my entry into ES positions. But glad to analyze NQ as well.

 

[vanzandt]

A drop below 52 here will spell a down afternoon. (54 right now)

Great calls this week Izzy.

 

[cowf]

It actually is...and a break above of 7026 would be your trigger back to 7070 - 7120. Also, the NQ does not provide any weighted criteria for my entry into ES positions. But glad to analyze NQ as well.

If you are playing the short side, at the current price it is exhausted, holding short too long. Yet again, if you go short now, you do have your first trigger to enter short from 7020 -7028, but in this case, your stop will have to be a lot wider, and your risk greater.

 

[Specterx]

It's a mean reverting liquid instrument

Has always been this way since I started trading it in 2006

That's why it's a contrarian traders paradise the majority of the time. It's the sub 10 vix that makes it a pain sometimes but in the end the vol always returns.

I'd add that most index futs movement seems to occur specifically to confound technical traders and systems. And it can't be any other way considering the thousands playing in this arena. Retail wants clean technical patterns, clear breakouts of key bars/levels that run directly and far with only modest retraces allowing a tight trailed stop, trends that move in multiple obvious waves bounded by MAs/oscillators, setups that get you in for big moves with plenty of time left in the day, and good intraday entries for expected higher-timeframe moves. So indices tend to give you none of that, except when big players moving size overwhelms the speculators trying to front-run it.

 

[SPYgrain]

roll to M tonight..

 

[Buy1Sell2]

When I mention that there is no obvious reason for me to be long or short, I am not referring to intraday---Rather, I am talking about outraday.---Talk to you soon--