ES Journal Archive (2006 - 2008)

[vertigo3]

osorico,
bear flag, 2 minute chart.
if you look at 2 min ES on from 10:06ET to 10:30 ET, it mostly looks like a bear flag, but how do you interpret that (hammer) spike lower that recovered, it occurred at 10:12 on my 2 min chart.
I guess my question is, do you look for the overall pattern and disregard the spike? or would you use that low for your ascending trendline of lows?

 

[apex82]

Quote from Pekelo:

Yeah, but which way?

I mean there is a huge downgap for the open, it could trend back and fill....

Thats for you to decide dependant on your plan... Just knowing a probability for a trending day can give you more bank on letting trades go for larger profits. I also stated that 1524-1525 was the key critical zone... a line in the sand if you will.

At a pickle now.. er2, nq and ym all trading at major support while ES had major breakdown and trading in no mans land. I suggest not trying to pick a bottom in ES until at 1518, 1515 or 1510. stick with trend for the day as stated before the open...

 

[osorico]

Quote from vertigo3:

osorico,
bear flag, 2 minute chart.
if you look at 2 min ES on from 10:06ET to 10:30 ET, it mostly looks like a bear flag, but how do you interpret that (hammer) spike lower that recovered, it occurred at 10:12 on my 2 min chart.
I guess my question is, do you look for the overall pattern and disregard the spike? or would you use that low for your ascending trendline of lows?

That spike is the basis for the flag forming. If I was trading that, my flag trendline would have been based off the 10:06 low, keeping the spike just that, a spike. First entry would have been 21.25-21.75, break of TL, stop 22.50 or so, just above TL, second entry 20.50, break of the spike low. 2m charts do not get the luxury of next bar confirmation, as does 15m. 2m move... your in there or your not. Next bar confirm increases risk on 2m, imo

Good trading to you Vertigo
Osorico


EDIT: keep in mind, I need a *minimum* of 5 bars before I "recognize" the pattern as a bear flag.

 

[jficquette]

What's interesting is there is no "real" news to drive this. Everyone is wondering now who knows what that they don't know.

John

 

[Lance Carson]

Long 1519.50 -( 7.14M Volume Spike)

 

[apex82]

Es just hit 1518.50 odds for a coutertrend rally from here tighten up shorts

 

[vertigo3]

thanks for your patience and observations

 

[apex82]

looking for longs in the er2 tight stops going long on next 1 minute breakout bar stop below that low as long as its above 839

 

[apex82]

Long at 840 stop at 839.30

 

[osorico]

Quote from osorico:

Just a downside extension to YM, since we have already tested the lowest levels on the list...

13505
13500 - Psyco level only. Nothing else.
13447* - Note the big air. Nothing of substance between there and here.

Good trades to all
Osorico

Just the downside extensions for ES, since we seem to be testing the lowest levels on the original list...

1514.00
1511.25
1506.75
1503.25

None of them being "significant" (this time around) according to my work.

Osorico