ES Journal Archive (2006 - 2008)

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Quote from Spectre2007:

the major uptrend trendline is at 1520.00 currently. A minor trendline is at 1528.00
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The uptrend line that you're calling major is the one I would call sub-minor. My major uptrend line (dating back to July 06) is around 1430. My minor uptrend line (dating back to March 07) is around 1497. Although I'm presently bullish, I think it's important to remember that it's a long, long way down to major support. While I'm comfortable placing long bets with my play money, I'm starting to get defensive about my retirement accounts because the downside risk is high.

My very short-term uptrend line dates to June 8th and is presently at 1509.
 
With regard to SPX options:
"They" usually do a better job of marking the SPX on quarterly expiration near an important strike. Definitely not a lock but it happens enough that you want to pay attention. The only two strikes with significant numbers are the June 1500 strike (about 1515 on futures) has open interest of 328,598 and the 1525 strike (about 1540 on futures) has 396,257. As a comparison the 1515 strike has only 88,465.

As to trendlines:
We did well by bouncing off the bottom trendline on my graph, and are now trying to reenter the channel where we have spent a lot of time. I agree with Apex when he says we just bounced off an important level and will go for new highs if they can hold it.
 

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Quote from apex82:

closing out add on here for 1point profit going to wait for after the beige book. They will most likely stop hunt anyway.

Still long 2 units from this morning at 1507.25 breakeven stop.
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taking profit 2 here at 1535..... major resistance here that could turn the market to new lows so want to bank a nice profit here. I will get back in if the the market can show some strength and break above this level.

+27pts

Still long 3rd unit with a breakeven stop at 1507.... this one is not getting closed until 1598...
 
Looking to go short here, waiting for confirmation...
Trying to get short at 1538.00, not yet filled...
Okay, filled short at 1538.00, stop 1539.25 (1.25 pts)
Scalp trade. Entry based on:
- two big buy volume spikes of 15K to 20K contracts/minute
- Overbought RSI in 1, 3, 5, and 15-minute charts
- Buying tail and confirmation just prior to entry
 
Quote from apex82:

Getting short on ES at 1538.50... 1 pt stop it may not get up there but a nice countertrend play to go for a minimum of 5 pts
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alright now short from 1538.50 moving stop to 1539.75 major countertrend play here

Targets:

1535

1533

1530.50
 
Quote from apex82:

alright now short from 1538.50 moving stop to 1539.75 major countertrend play here

Targets:

1535

1533

1530.50
More...

I was with ya on this one but not liking price action thinking of going long. Closed em out for 1 tick gain.
 
I would caution any longs at this point... great place to take some off the table and tighten up stops. Of course never close your full position just nice place to ring the register.
 
Quote from apex82:

Getting short on ES at 1538.50... 1 pt stop it may not get up there but a nice countertrend play to go for a minimum of 5 pts
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I agree, nice counter-trend play, with little risk.

JJ
 
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