ES Journal Archive (2006 - 2008)

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P.S. I went long at 1527.00 with a 1pt stop and an 11pt profit target. Regardless of whether I'm right or Oscar's right about the direction of the next price move, I sure like my risk/reward ratio better than his. :)
 
I thought I was the only one remaining that knows how to spell PnF. I use them in combo with range bars, also independent of time. Especially useful when volume and/or velocity is absent, such as overnite, as you've shown.

Good trades to all.
Osorico :)
 
Quote from mbusch:

P.S. I went long at 1527.00 with a 1pt stop and an 11pt profit target.
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Just looked after some (but not enough) shuteye, and we're at 1530 and I'm +3pts. I just moved my stop to break-even (to 1527). If we go up another 2 pts, I'll raise my stop again because at this point I can't be sure whether we'll bounce off the 1533 zone or penetrate it and head for 1538. If we fail to penetrate the 1533 zone then I'd like to be short instead of long.
 
Quote from mbusch:

Here's an ES 5x3 P&F chart that shows price action over a longer timeframe (about a year). The most recent column of green X's is the uptrend that has been in effect since May 14th. On this scale, the ES would have to decline below about 1504 to indicate a significant change in direction.
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Great stuff mbusch.... I took that long with ya into the close at 1526.50 but I am getting out almost all of it here at 1530. I use to use pnf charts a lot but eventually got rid of them to narrow down the workload, but they are very valid. I thought I was the only one using them as well heh.

As stated before, I am really starting to switch my bias to the downside as we are getting up to higher level resistance. We were within kissing distance yesterday, but only time will tell if it was close enough. I am watching Minor R from 1530.25-1531.75 to let me know if they want to take it higher to touch the main zone or if they are going to hold it down.

Minor R 1530.25-1531.75 Could be HOD.... any breakout above 1532.25-.50 I would expect the highs to be retested and move up to the main zone

Main R 1538-1539 Looking to get short here with a 2 point stop and expecting 30+point top.

S1 1519-1520

S2 1511-1513

S3 1501-1502( main support and higher level target)
 

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political rumblings about protectionism have been known to pummel markets or have been catalysts in the past.
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News doesn't matter, until it does.

Asia green
Europe green
US historic s&p on tap. no evidence of sustained downside. wait a few minutes. :D

jmho,
Osorico
 
I raised my stop to 1528.75 and just got stopped out there for +1.75. The resistance at 1530.25 was surprisingly firm and Apex did the smart thing by exiting when he did. His tactical instincts are uncanny!

I still think we're headed higher, but it might get exciting at the open and there might be a downward move to 1527.50 to fill the gap. I'm flat now, and will reconsider the possibility of re-entering long after 10am or so.
 
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