ES Journal - 2019/2020

NQurious · May 11, 2020

_eug_ said:
@NQurious

Looks like your R 2889 from last week is now support. Magic?

2890 has been a bull above/bear below for two weeks now so not surprising. ES/SPX still in a trading range since 4/9 and we are still closer to the middle than either extreme so price action will be the best guide today ... lower channel trend line should be at or near 2838 today to not oversold 'til there and it doesn't have to get there to turn around.

_eug_ · May 11, 2020

I am thinking if we get above 2900 and hold that as support on a back test, we have a chance of LOD being in.

syswizard · May 11, 2020

vanzandt said:
“What we're seeing right now is the head fake before another surge in CV (crude volume) that pushes storage to maximum capacity & oil prices to new lows,” said a weekend tweet from Art Berman, who has nearly 22,000 followers on Twitter,

Thanks for that Zandty. The Saudi's are trying to "talk" the market up.....LOL:
https://www.marketwatch.com/story/o...ond-wave-of-coronavirus-infections-2020-05-11

theapprentice · May 11, 2020

Possibly 2 masks now. Done for day on MES. Just gonna watch now. Good luck all

Picaso · May 11, 2020

SPYgrain · May 11, 2020

vanzandt said:
Spygrain I thought about this after I logged off, how I was so sure last night. Define my own "intuition".

Technical's don't move the market, they're more like fences. Psychology moves the markets. Where does that psychology come from? Right now, the 24/7 news cycles, and from that you take the temperature of the herd based on years of experience watching said herd move.

I know many here have lots of tools that work for them, and that's all good... but if I may make an analogy, you can have climatologists and meteorologists armed with terra-bytes of data and artificial intelligence.... but in the spring when the weather is iffy, its always the old farmers that nail the right week as to when to plant their corn and not get it washed away or killed by frost. How do they know?
They watch nature.
They know nature.

Appreciate this VZ.!.you were 'putting it all together'.AKA unconscious competence..

schizo · May 11, 2020

I have a nasty feeling they'll push this baby back up to 40. Time to sing kumbaya. :finger:

Laissez Faire · May 11, 2020

Strong market.

Would normally expect the HOD no higher than 2925 today, but it could be one of those rare days.

Several juicy targets above if Friday's HOD is challenged.

Laissez Faire · May 11, 2020

A rare day indeed.

There's an open gap at 2930 ripe for the taking. If we don't reverse there - we can easily see 2950 today at this rate.

schizo · May 11, 2020

Laissez Faire said:
Strong market.

Would normally expect the HOD no higher than 2925 today, but it could be one of those rare days.

Several juicy targets above if Friday's HOD is challenged.

Well, 25 is about to be taken out. The next target will be at 34ish. If that gets breached, and time permitting, the next target will be the overnight high. (We're on the same page it looks like

)

Having said all that, this is typical of buying climax or what VZ calls "mob mentality". Go pied piper!