ES Journal Archive (2006 - 2008)

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Quote from mbusch:

I went long at 1502.75 and am still long. I show that we're now above resistance at 1503.50 and the next resistance is at 1505.00. If we can get above 1505.00, I think we can go to 1509.00.
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So far, support at 1503.50 is holding (just barely), and resistance at 1505.00 is resisting. :) If the ES breaches 1505.00 to the upside, I plan to double down on my long. If it goes below 1503.50, I'll probably bail out of my position for a push and look for another opportunity to go long.
 
Quote from mbusch:

So far, support at 1503.50 is holding (just barely), and resistance at 1505.00 is resisting. :) If the ES breaches 1505.00 to the upside, I plan to double down on my long. If it goes below 1503.50, I'll probably bail out of my position for a push and look for another opportunity to go long.
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Sounds like a plan, although with 3:00pm creeping up on us, the opportunity to enter another position is going to dwindle, because after that we will have less time for the positions to work in our favor.

No prob, tomorrow's another day.

JJ
 
Quote from JimmyJam:

OK JIM,

Thanks for the reference ... we've both been there and done that with the honey coated words, which when when asked to be proven, feel way short of the mark.

I'm not being negative folks, I just approach trading like a scientist, and everything needs to be proven to me before I'm going to accept it as fact.

Good trading,

JJ

P.S. Here's the annotated chart, a 1984 Sugar contract, with an analysis which I am sure was done in hindsight (looks good though).
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Dats cool,

I don't think it's being negative to be suspicious when some one is telling you your dead wrong and he is right, posts an example of what he says is right and then starts posting entries that have nothing to do with the stuff he just endorsed. That little ditty he posted doesn't allow for trades off the rails (he said he shorted and was trailing from the highs). The market brings you into a position and takes you out using market supplied support and resistance points. The day he posted that info the S&P chopped you to pieces and you were buying the top and selling the bottom all day. I thought I'd revisit it, so I watched. If you can avoid taking the 95% of the trades that go bad and only the ones that run away 20 points then you have something. Isn't that what we are all trying to do. Wave obviously doesn't trade that or has through experience become his own overbought-oversold indicator for entries. Either way the post demonstrates a good way to play a trend if you find yourself in one. If I have misconstrued what went on wave let me know where I went wrong. I appreciate all the ideas floating around. If it does nothing more than make me mad and look closer at it, well that helps too. Thanks to all.

See ya!

JIM
 
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